When you are engaged in legacy planning you are likely to recognize the fact that the period preceding your death is going to have to be planned for as well. Long-term planning that includes your retirement, your twilight years, and the ultimate distribution of your assets after your death is key if you want to be completely prepared. Mapping out an intelligently conceived path with the assistance of an estate planning attorney is clearly the prudent course of action. People who seem to have all of their ducks in a row as they get older are not lucky; they had the foresight to plan ahead.
One of the things that you need to take into consideration is the high cost of long-term care. According to the United States Department of Health and Human Services seven out of every ten Americans are going to need some form of long-term care eventually. There are a lot of people who don't care about this because they are under the impression that Medicare will take care of all of their health care needs once they reach the age of 65.
This line of thinking can get you into trouble because Medicare does not cover long-term care. Medicaid does cover it as the laws stand today, but many people are going to have to plan very carefully to qualify while still retaining a significant portion of their assets.
Another thing to consider with regard to the eventualities of aging is the possibility of dementia setting in. The oldest old (people 85 years of age and up) are the fastest growing age group in the United States, and upwards of half of people who reach this age are suffering from some degree of dementia. Planning for possible incapacity is important, and this is a matter to discuss with your estate planning attorney.
