Living longer requires intensive and intentional estate planning.
People are living longer.
For those with fewer assets, this can be a problem.
Outliving your assets is a legitimate fear.
Work with certified financial advisors and an experienced estate planning attorney to create a plan, budget and method to pay your expenses as you age.
If you are wealthy, are you off the hook?
Not according to a recent article in Forbes titled “Estate Planning For The Ultra-Wealthy When Living To 120 Or Beyond.”
This may not be ideal.
An older millionaire means older heirs.
If the millionaire is 100 years old when he or she dies, his or her children may be in their 70s or 80s.
Besides the old age of the beneficiaries, what other problems could arise?
Dementia and age increase the likelihood for a variety of estate issues.
- Family Disputes
- Disappearing assets
Is there hope?
Be specific in your wealth transfer wishes.
Consider transferring some wealth to heirs while you are still live.
Whether you have an abundance of money or little, working with an experienced estate planning attorney is vital.
He or she will be able to create a specific plan for your circumstances.
Reference: Forbes (January 18, 2017) “Estate Planning For The Ultra-Wealthy When Living To 120 Or Beyond”