Planning for the future requires more than simply filling out a last will document or otherwise preparing for the eventual transfer of your assets to your loved ones. There are a lot of things to consider with regard to the eventualities of aging, and if you want to be comprehensively prepared you have to cover all of your bases and develop a holistic plan. Everything is connected, and this is a good thing to keep in mind as you go about the process of long-term planning.
When you are evaluating your estate plan, you may have specific things in mind that you would like to be able to do for your loved ones. Depending on your resources, these objectives can impact the budgeting that you do for your retirement years. When your retirement is 20 or 30 years away, are you aiming toward having enough money to last you for the rest of your life? Or would you like to have sufficient resources to pay your own way and then leave behind a significant legacy? The exact nature of your future goals should impact your actions in the present.
When you are contemplating the contingencies that go along with aging you must also keep your twilight years in mind. Dementia is very common among people who reach an advanced age so it is important to include incapacity planning components in your overall plan. Durable powers of attorney and advance health care directives are going to be necessary if you want to be fully prepared. The cost of long-term care is something to consider as well, and depending on your financial profile there are a number of ways you can go about addressing these potential costs.
Without question, there is a lot to sort out when you are trying to make plans for the latter stages of your life. The most efficient and effective way to proceed would be to engage the services of an experienced estate planning attorney who has the expertise that it takes to guide you onto an effective path toward the future.
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.