Far too many people do not plan ahead effectively for retirement, but the good news is that a lot of people are proactive about it and they have very specific ideas about how they want to spend their time eventually.
This is fantastic and goal setting is what it’s all about. When you can get excited about what lies ahead if you stick to an intelligently conceived plan, you have the motivation to stay focused and disciplined.
The above having been stated, a lot of people don’t like to think about contingencies that could be unpleasant. Ignoring things does not make them go away, and along these lines, it is a good idea to consider the second stage of your retirement that will follow the active years.
A high percentage of people will need living assistance at some point in time. Some will receive in-home care and others will reside in assisted living communities or nursing homes. This is a stark reality, and if you want to be truly prepared for the future you should face it head on and make preparations both financially and practically.
There is also the matter of possible incapacity to consider. The appropriate response would be execution of durable Powers of Attorney as well as a Living Will. A trust agreement could also contain incapacity provisions.
Multiple stages of life must be considered when you’re planning for the eventualities of aging. To develop a plan that addresses all contingencies, the wise course of action is to discuss your future with an experienced and savvy Middlesex County Elder Law attorney.
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
- What Is an ILIT? - September 14, 2021
- Estate Planning for the Beginner - September 3, 2021
