When it comes to planning for retirement, we know this can be a challenging and overwhelming time. Older Americans are living longer now than in recent decades. Many, however, find themselves unprepared, both financially and emotionally, for the next stage of their lives. There are a number of factors to consider and steps to take before you can comfortably retire, particularly when it comes to estate planning and long-term care. To help ease some of your worries,
let us share with you a few estate planning and nursing home planning considerations as you contemplate retirement.
Estate Planning
One of the first questions to consider is whether your estate plan reflects your current needs and goals. It is almost impossible to plan for every possible circumstance that may arise in life. To help ensure you are protected in the event of an unexpected situation, it is crucial to review your current planning documents and take note of any changes that need to be made. If you do not leave clear instructions in your estate plan concerning your long-term and end-of-life care goals, who your decision-maker will be, as well as the distribution of your assets in the event of your passing, your estate may be subject to probate proceedings. Probate is a lengthy and costly process that can typically be avoided with careful and organized planning.
Long-Term Care
Another important plan to consider is your long-term care. Unfortunately, the costs of both living and medical expenses continue to rise, without showing any signs of stopping. As an aging adult, it is important to be proactive and plan ahead for these rising costs. This can be accomplished by researching the current costs of long-term care in your community, talking to your primary care physician about potential medical expenses, and discussing your changing needs with your loved ones.
Above all, you do not have to plan for retirement alone.
We encourage you to discuss your unique circumstances with your experienced elder law attorney. He or she can help you create a plan that meets your needs, and will help you have access to many more planning options that best fit your requirements.
We know that preparing for the next stage of your life can be a stressful time for all involved. Remember, we are here to help guide you through each step and can help you evaluate the best planning options for you and your family. If you are ready to discuss your planning needs, we encourage you to contact our office.