A recent article in Forbes, quoting statistics provided by the Harris organization, found that out of 1022 people polled only 35% had executed a last will.  Among younger Americans the figure was even lower as you might expect, with just 24% of the people who participated in the survey, under the age of 35, had executed either a last will or a living will.
Estate planning is an area where procrastination not only puts that person at risk it also puts there loved ones in a difficult position in the event of death or disability.
Most younger families rely on earned income to maintain quality of life. For this reason, it is essential that such families have an income replacement vehicle.  This need is often met through life insurance.  Coverage should be revisited as financial responsibilities increase.  All families are well advised to implement a sound long-term financial plan.  If this sounds like a good idea to you, take the first step and arrange for a consultation with a licensed and experienced Reno financial planning attorney.
 
 

When you are planning for your retirement you're probably envisioning beach scenes, leisure activities, unrestricted travel and a lot of rest and relaxation. To be prepared it is wise to budget for all the eventualities of aging. One of the things to take into consideration is the possibility of paying for long-term care.
Everyone is aware of the fact that some people eventually reside in nursing homes or assisted living communities, but there are those who take the attitude that this is something that happens to other people. There's nothing wrong with being optimistic, and some individuals who feel this way have taken good care of themselves. However, the statistics regarding just how many people do ultimately need this level of care is alarming. The United States Department of Health and Human Services tells us that no less than 70% of people who reach the age of 65 are going to need long-term care of some kind.
The USDHHS goes on to say that the average length of stay for a woman is 3.7 years, and for a man it is 2.2 years. The national average cost for a year in a private room in a nursing home in 2010 was around $83,500 and annual assisted-living community costs neared $40,000 on average.
Many will need assistance to address these costs. With this in mind, wartime veterans would do well to be aware of an often overlooked benefit called the Veterans Aid and Attendance special pension. Single veterans who need assistance with their day-to-day living needs can be eligible to receive as much as $1632 per month. You only need to have served for 90 days with at least one of them taking place during wartime to meet the length of service eligibility requirement. This benefit is something to explore if you have served in the armed forces and find yourself in need of long-term care at some point in time. You can do so by getting in touch with the United States Veterans Benefits Administration.

There are people who think that things will take care of themselves as the years pass, but the reality is that each of us must take responsibility for our own futures. There is more to planning for the latter stages of your life than simply anticipating your Social Security check and drawing up a last will.
You will eventually have to fund your retirement years if you do in fact expect to retire, and Social Security, even if it still exists in its present form by the time you retire, is probably not going to be enough. So if you want to be truly prepared you must anticipate your expenses and devise a plan that enables you to meet them comfortably.
There's also the possibility of incapacity. Approximately four out of every ten people who reach the age of 85 are suffering from Alzheimer's disease according to the Alzheimer's Association. Alzheimer's causes dementia, which can make it impossible for its victims to render sound financial, personal, and medical decisions. If you were to become incapacitated without making any advance plans, the court could appoint a guardian of its choosing to act in your behalf and you would become a ward of the state. This is a possibility that can be circumvented through the execution of the appropriate durable powers of attorney.
Of course there is also the matter of your legacy. Do you have specific things in mind that you would like to be able to do for your family members as your final act of giving? Do you perhaps have the desire to give something back to your favorite charitable organizations? If you do, these intentions will have an impact on your budgeting for the period of time that precedes your passing.
Because of all the different matters that must be addressed, it is a wise idea to tap into the expertise of an experienced estate planning attorney who has a thorough understanding of retirement and estate planning. He or she will advise you appropriately so that you can be sure that all of your bases are covered as you enter the latter portion of your life.
 

You may find yourself with a lot on your plate and when you do, you have to set your priorities. There are some matters that must be revisited every year, or every five or ten years, and there are others that are in your lap every day. When you are managing your investments things are changing by the second, and you are well aware of the need to constantly react to these changing market conditions. If you run your own business, the changes come in rapid-fire fashion as well and priorities can shift radically overnight.

This having been established, estate planning and the long terms plans that you have made for your twilight years are also impacted by the constant ebb and flow of change. When you originally construct your estate plan you have no choice but to work with the various relevant factors as they existed at that time. But things are always in flux, and what made sense in 1990, 2000, or even 2009 may no longer be appropriate in 2011.

This can be due to things that are out of your control like fluctuations in the estate tax rate and exclusion amount, the yield on your retirement investments, property values, and long-term care costs. And the need to review and potentially revise your estate plan can also arise as a result of changing circumstances that are specific to you and your family.

Depending on your age, health, and personal proclivities you may realize that the estate plan that you worked up ten or twenty years ago, or even the one you did last year is indeed outdated, but feel as though you still have plenty of time left to adjust it when you really need to do so. However, it is your loved ones who are in essence being asked to take that risk. Perhaps, it is best to stop procrastinating and have your plan reviewed right away.