Many people look forward anxiously to their retirement years and they plan ahead accordingly so that they have the financial resources that they need to make the most of all their free time. And of course we are all aware of the need for estate planning, and those who have retired or are going to be retiring in the near future are generally going to have an estate plan in place.
This having been stated it is important to remember the fact that there is more to your post-work years than the period when you are active and enjoying all of your favorite pastimes. When you look at the demographic statistics people are living longer than ever, and the oldest among us are actually the group that is growing fastest of all. The fact is that these days there is a very realistic chance that you will live into your mid-to-late 80s and even beyond, and this type of longevity requires calculated planning.
The United States Department of Health and Human Services tells us that 70% of senior citizens will someday require long-term care. This can take some careful financial planning for many people because the average cost for a year in a private room in a nursing home in New Jersey in 2010 exceeded $100,000, and the average length of stay is about 2 1/2 years.
Incapacity planning is something that should be addressed as well. Many people are not aware of the fact that Alzheimer’s disease strikes four out of every 10 people who are at least 85 years of age. Of course Alzheimer’s disease causes dementia which can render its victims unable to make sound financial and medical decisions. The threat of incapacity calls for the execution of durable powers of attorney so that you can select decision-makers of your own choosing to act in your behalf should you become unable to make your own decisions.
If you want to make sure that you are comprehensively prepared for the latter stages of your life the wise course of action would be to consult with experienced elder law attorney. He or she will listen carefully as you explain your objectives and implement a complete plan that leaves nothing to chance.