Baby boomers have a wide range of concerns as it relates to retirement and estate planning, but one of the most important issues to recognize is that as a society, we are living longer. It is estimated by the year 2050, one in every five Americans will be over 65 years old. The biggest issue that baby boomers have to contend with is our ever-increasing longevity.
The fastest growing demographic in the nation are those aged 85 and older. Even with chronic illnesses that typically have a strong connection to shorter lifespan, we are living longer. In fact, 77% of seniors are living with two or more chronic illnesses. This makes it imperative that every estate plan include planning for disability in addition to death, and a simple power of attorney may not be the best answer. If an illness or accident occurs that takes away your ability to make decisions on your own, it is essential to have plan for a trusted family member, friend or advisor to speak on your behalf in both health care and financial decision-making, and legal documents are just one as aspect of a successful plan. Your plan should include instructions to your trusted helpers so they will make the decisions that you would make, if you were able, and avoid later conflicts between your helpers and your beneficiaries.
In addition, many baby boomers are caring for aging parents, and they must address these concerns from both directions, for their children and their parents. The only way to understand your options in dealing with these important issues is to consult with an attorney knowledgeable in both estate planning and elder law. Together, along with your other trusted advisors, we will come up with a plan that will work in the event of your disability and death. Explore these options at our next monthly Client Orientation Meeting on Tuesday, June 14th at 2 pm.