Why Estate Planning is Important for Seniors
- posted: May 07, 2020
In 1900, life expectancy was 47 years, and only 4 percent of the population was 65 or older. By 2025, about 20 percent of Americans will be 65 or older. Today, life expectancy is 78 years old. This has turned traditional estate planning on its head.
The traditional estate planning designed for the protection of children and young families must be replaced by senior citizens by documents designed for these longer years and planning for grandchildren. In this country 2.4 million grandparents are the primary caregivers for the children in their families. Also more attention has to be given to the care of these aging seniors. One in four households gives the equivalent of a full day a week or more to unpaid care to an aging relative, and more than half say they expect to do so in the next 10 years. We must plan for these realities.
Basic Types of Estate Planning for Seniors In California
- Trust planning—making sure your trust will cover what happens to you if you become ill and incapacitated
- Advance Care Planning—making sure you have an adequate Advance Care Directive.
- Medi Cal Planning—eligibility planning and avoiding asset recovery after death
Contact us today and start safeguarding you and your loved ones
I stand ready to help you and your loved ones make the decisions that are in your best interests. Call me, Joseph E. Deering, at 866.214.7267 or contact my firm online to schedule a consultation.