Typical life expectancy is growing. According to the Social Security Administration, if you are a 65 year old man today, you can expect to live until the age of 84.3. Today’s 65 year old woman can hope to see 86.6 years. These are averages. About 25 percent of you will live past 90, and ten percent past 95. With Americans living much longer, estate planning is taking on a new and more important role in the lives of our aging population. The growing need for financial support over a longer time frame, requires careful and more innovative financial planning. Today’s estate plan must embrace this need.
Estate Planning and Retirement
Your estate plan should be structured for more than passing on your assets after you are gone. It needs to help you live comfortably in your later years by protecting your assets and minimizing capital gains, and when properly designed, it can provided income for more than one or two generations. It must also cover your wishes and make provisions for end-of-life care. As a California resident, your access to Death With Dignity care is a consideration in this area.
An effective way of managing your assets while planning for retirement lies in a well-structured estate plan. You and your estate planning lawyer can set up a customized one that works for you. Through meticulous planning, a proper arrangement also provides greater asset protection from lawsuits, creditors and divorce.
There are many considerations to review when designing an estate plan. These are very unique, tailored instruments. An experienced estate planning attorney will walk you through your options with careful attention to your specific needs.