Estate planning is something that everyone needs to consider, and it is not just the domain of the aging and those who have acquired very significant assets. Things like living wills, medical powers of attorney, and statements of guardianship preferences are important for everyone. Additionally, we all have some possessions that hold sentimental value at the very least, making the creation of a will something that is relevant to people from all walks of life and of all ages, because none of us knows what the future holds.
That having been said, in the same manner that we should all be prepared for possible illness and eventual death, it is also important to plan for life as a retired person. Retirement planning should logically be a companion to estate planning, and it has never been more crucial then it is right now. Statistics show that people are enjoying longer lives, and making sure that you have the financial resources that you need may require some very careful planning. People over 85 are the fastest growing age group, so if you retire at 65, you logically have to plan for 25 to 30 years of retirement, and perhaps more.
Elder law attorneys specialize in this area, providing incapacitation planning, disability planning, expertise in Medicaid law, and nursing home expense planning. Many people enjoy good health throughout their golden years and may not need to actualize some of the contingencies that they have in place, but indeed, it is better to be safe than sorry.
Estate planning is inextricably woven into retirement planning, and this is something that we should all recognize early enough in our careers to have the time to build the assets that we need to retire comfortably. Retirement is something that most of us look forward to, and it can indeed be one the most enjoyable chapters of our lives. But to retire with total confidence and peace of mind, you need to set your goals, create a plan and follow through during your working years with your eye on the prize.
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