Getting older means planning for the inevitable.
Aging is a fact of life.
Our parents age.
Our children age.
And, yes, we age.
Aging itself brings with it certain responsibilities.
According to a recent WTOP article titled “Preparing for old age: Long-term care, insurance and estate planning,” you should talk with your parents now about their wishes, preferences and legal planning.
You should also consider your own planning.
What are a couple of key things to consider?
If you or your parents are in your 50s, you should begin the process of securing long-term care insurance.
The older you become, the harder it will become to get this insurance.
Not only do the premiums increase the longer you wait, but the potential for a disqualifying health conditions does as well.
If you have early dementia or need a walker to get around, then you likely will find yourself uninsurable.
That noted, if you are otherwise healthy for your age, will you really need it?
According to the AARP, 52 percent of those turning 65, will develop a condition requiring long-term care.
How expensive is long-term care?
The cost is estimated to be more than $250,000.
This cash call can significantly cut into your retirement nest egg.
Do you have an estate plan in place?
If so, you need to review it and keep it updated.
What if you do not have an estate plan?
Meet with an experienced estate planning attorney now.
You will also need to do some legwork.
- List heirs and charities.
- Calculate your wealth.
- Update beneficiaries for insurance or IRAs.
- Designate guardians, if you have minor children.
Get started now.
These matters are just too important to neglect.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: WTOP (May 3, 2017) “Preparing for old age: Long-term care, insurance and estate planning”