The average life expectancy in the United States is between 78 and 79 years at the present time. Clearly, most people expect to live for at least this long, but this does not mean that estate planning is strictly for senior citizens.
People take precautions of all kinds. You may have insurance on your car and your home, even if they are paid for, because you want to make sure that you are covered if anything happens. Younger adults who are probably not going to get seriously ill carry health insurance, because you never know what the future can hold. Young people do sometimes contract serious illnesses, and some get injured in accidents.
Sad as it may be, young adults do pass away every day of the week. Though it is unlikely, you should prepare for this possibility in advance, especially if you have people relying on you.
If you are married, or if you have a domestic partner, your income is probably relied upon. If something was to happen, the emotional devastation could be accompanied by a financial hardship.
The stakes are higher when there are minor children involved. When you plan your estate, you make sure that everyone that you love would be provided for if the unthinkable was to take place. Plus, you can nominate a guardian to care for your children if a guardianship was ever to become necessary.
The planning process is not exclusively about the things that will happen after you pass away. You should also look ahead toward your retirement years, and the elder years that will follow. It takes careful planning to have resources to draw from during retirement, and in fact, some people who don’t plan ahead can never retire.
After these active years, there could come a time when you can no longer handle your day-to-day activities on your own. Long-term care is very expensive, and most people cannot comfortably pay out-of-pocket. You won’t be able to look toward Medicare for assistance, because Medicare does not pay for nursing home care.
As you can see, there is a great deal to take into consideration. The earlier you get started, the better. If you learn about the eventualities of aging, and you gain an understanding of the solutions that people typically turn to, you can brace yourself for the future.
On the other hand, if you do nothing, you may find yourself in a very difficult situation as an elder, and your loved ones may pay a price as well.
Our firm can help if you would like to discuss the future with a licensed professional. We offer free consultations, and you can send us a message through our contact page if you would like to connect: Indianapolis IN Estate Planning Lawyers.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- How Do I Know If My Estate Has Enough Liquidity? - July 22, 2019
- Can’t I Just Transfer Assets to My Adult Child If I Need to Qualify for Medicaid? - July 19, 2019
- What Type of Will Is Best for Me? - July 17, 2019