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Elder Planning Isn't Just For The Elderly

Are You Ready for the Elder Years? (Part 2)

Continuing from my last post, here are a few additional suggestions to ensure you're adequately prepared for the years ahead:

5.) Create a list of professionals involved in your personal affairs. Organize and list the names, addresses and telephone numbers of all the professionals you currently utilize for your family and/or loved ones. This includes your attorney, CPA, and/or insurance professionals as well as your physicians, therapists, pharmacies and other health care providers. At a time of crisis, having this information in one spot will be invaluable. Additionally, you should advise your loved ones as to the professionals you recommend they contact upon your incapacity or demise.

6.) Review what steps you have taken to protect your life savings from the costs of long-term care. Clearly, no one plans to have a stroke or heart attack, develop Parkinson's, Alzheimer's or dementia. Unfortunately, however, long-term care may be a necessity for you, your spouse or significant other.Planning requires foresight and recognition of the fact that it is possible that you may suffer a debilitating and chronic illness. The purchase of long-term care insurance should be strongly considered. There are many new products available that are a hybrid of life insurance and long-term care insurance. Additionally, utilization of a Medicaid Asset Protection Trust should be high on the list of available planning options especially as you get closer to the age of 65.

7.) Review and assess your retirement goals and plans. Retirement requires an organized plan and strategy. While many of us want to go out with our boots on, doing so without having a plan in place will create significant havoc for your employer or business, your estate and family. Review and assess any pension, social security and annuity benefits you are entitled to. Also review potential IRA and/or qualified annuities and their minimum required distributions.

8.) Handle your burial arrangements. While it may sound morbid, the purchase in advance of a burial plot(s), mausoleum, crypt, etc. will generally alleviate a great deal of stress from your family and loved ones upon your demise.

As we approach the elder years it's important that we set aside time to plan for what's ahead. Empower yourself. As Winston Churchill once said, "Let our advance worrying become advance thinking and planning."

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