Longevity Requires Better Estate Planning

Old peopleLiving longer changes the dynamics of financial planning. Old age can be very expensive. Everyone is different and there is no way to predict the future. That is the challenge of planning for later years. Challenging to predict your future lifestyle, including where you will live, and challenging to estimate the cost of growing old. The ultimate trade-off of financial planning is whether to spend now or save for a rainy day. How do you really know what is best since the future is unknown?

It’s very useful to look forward and understand the types of medical issues that could happen down the road. Medical issues associated with aging are most apt to be the reason life gets expensive during your later years. That’s the advice from a recent article in the Oakville (ONT) Beaver titled“Living in your later years can be expensive – plan ahead.”Americans, just like our friends to the north, need to better understand how to plan for the future. This article gave some interesting perspectives on the aging process. Here are some facts:

  • People are living longer and many live into their 90s.
  • More than 25% of seniors living at home receive help with day-to-day living activities.
  • More than 10% of seniors older than age of 80 live in a long-term care facility.
  • One of the leading causes of injury to seniors is a result of a fall.

Also, the article points out that as we live longer, dementia can become a real medical reality. Research shows that dementia issues are low at age 65 but increase steadily until age 90 where they affect half of seniors. With adult children living far from their parents with both husband and wife working, there is less time available to be devoted to caring for an elderly family member.

Initially, care can be received from the healthier spouse, but that takes a toll. Also, some seniors are single, so this isn’t an option. Thus, aging seniors will be increasingly dependent on others.  Aging is expensive.

An experienced estate planning and elder law attorney can help devise your financial strategy to ensure there are enough financial resources in the event you have increased medical and living expenses in your later years.   

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.  Why not call us for a complimentary consultation at 757-259-0707.  

Reference: Oakville (ONT) Beaver (April 23, 2015) “Living in your later years can be expensive – plan ahead”

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.