Most people are familiar with the basic tenets of estate planning and understand their benefit. Estate planning, however, is not only about what happens to your assets after you pass away. Instead, it is also about how you plan for your own incapacity as well as any challenges associated with living longer.
Longevity is the number one issue that baby boomers need to be aware of. With more than 3.5 million baby boomers entering retirement every single year, the time to put together your estate planning documents while you are of sound mind is most certainly now.
Demographics in the United States are shifting significantly. By 2050, it is believed that 20% of all Americans will be over the age of 65. At that time, it is expected that the quickest growing demographic in the nation will be individuals aged 85 and above.
Although it is certainly worthwhile to be concerned about long term care and managing chronic diseases, many people are living longer even with chronic diseases that were associated with a higher risk of mortality in the past. For example, more than 90% of seniors today are living with one chronic disease and more than three questers of seniors are living with two or more chronic diseases.
Planning for incapacity is just as important for planning for what happens to your assets after you pass away. Set up a meeting with a Massachusetts estate planning attorney today to make sure you have all of the documents and tools in place to manage your life now and in the future.