Estate planning and the larger specialty of elder law go hand in hand and there are people who sometimes lose sight of this. There are those who don’t really recognize the fact that their retirement, twilight years, and ultimate distribution of their assets after they pass away are intimately intertwined until they get serious about the process of estate planning. I mention this because estate planning attorneys can also help you prepare for the broader picture and address all the eventualities that you may be facing during the latter stages of your life.
When you start to think about all the possible expenses that people may face as they get older, health care costs come to mind. People are living longer than ever before and many individuals are shocked when they hear that the oldest old, people who are at least 85 years of age, are the fastest-growing segment of the United States population. Once you and your spouse both reach the age of 65 there’s a 50-50 chance that at least one of you will live beyond the age of 92. This is profound, and depending on your resources it may take some very intelligent planning and precise budgeting to prepare yourself for this type of longevity while meeting your retirement and legacy goals at the same time.
Health care costs are always going to be a concern. With 10,000 people lining up to apply for Medicaid and Social Security each day for the next 20 years, while people are clamoring for budget cuts, it is hard to take anything for granted going forward. Long-term care costs are also skyrocketing, and this too is something to take into consideration.
When you consider all these factors it becomes clear that the wise course of action is to consult with an elder law attorney sooner rather than later. It is important to get a long-term plan in place that prepares you for the eventualities you will be facing when your working years come to a close.