The new year is an exciting time for many of us. It is a time to establish new goals, choose what we want for the future, and set intentions that will guide us through, not just this year, but many years to come. As a Florida Baby Boomer who is thinking about what you want for yourself and your loved ones, however, does this include considering how you can best be prepared for the future through estate planning?
When we are making resolutions, many of us do not take the time we need to consider whether or not our estate plan reflects what we need right now. In fact, studies tell us that the majority of Americans do not have any estate planning. If you do not have estate planning as a Florida Baby Boomer, there is never a wrong time to create an estate plan. Remember, from when you turn eighteen years of age in Florida forward, no one has the legal authority to make decisions for you.
Estate plans, however, are not static documents. Your needs, and the needs of your family members, may change significantly over time. For example, you may have named your adult child who resides near you to be the primary decision-maker under your durable power of attorney. As time passed, though, this child who you were relying on to make responsible decisions for you may now face serious issues such as bankruptcy or disability. By contrast, your children may have gotten married and have children of their own, and you may need to change your estate plan to ensure you are leaving a legacy for future generations.
Further, your estate plan may not contemplate the aging process and a potential, future need for long-term care support. Most estate planning does not contemplate this potential issue. As a Florida Baby Boomer, however, you need for your estate plan to be able to work with any potential long-term care needs you may have in the future.
In addition to changes in your life, there may be changes to the estate planning laws as well. The laws that govern your estate plan are subject to change and this is just one of the reasons why you need to stay in communication with your attorney. For example, could new law changes impact the tax structure for your estate plan? Could there be changes that will allow less flexibility for your children to make your decisions, when needed, in the future? Are there significant elder care challenges that you need to plan for now?
These are just a few of the reasons why you want to consider scheduling a meeting with your estate planning attorney at the start of the year. Be sure to discuss with your estate planning attorney what his or her comfort level is when it comes to not only planning for your legacy, but also the long-term care challenges. Unfortunately, as we age, estate planning alone is not enough. We need an elder care plan to address long term care issues and help us plan forward to ensure we are protected. We encourage you to contact us to discuss these questions, and any others that you have, at your earliest convenience.
Every May is both National Elder Law Month and National Older Americans Month. As a firm, we are committed to working with our Florida seniors and their families to ensure that they have a way to find good long-term care, should the need arise, and be able to afford it without losing a lifetime of savings. No month encompasses our goals more than the month of May.
This is a time of year to reflect on and honor the many ways senior adults impact the lives of others. It is also an opportunity to raise awareness about the challenges facing older adults. For example, did you know that 15 million senior adults are formally recognized volunteers, and it is estimated that about half of all aging adults volunteer in some form in their communities? Almost one in five seniors has served in the U.S. Armed Forces, and the overall senior contributions to the economy, education system and families are incalculable.
Both National Elder Law Month and National Older Americans Month are occasions to spotlight the amazing people who make up this often overlooked group.
While recognition is indeed due, so is increased attention to critical senior concerns. Let us share with you in our blog just a few of these concerns together with possible solutions you and your aging loved ones may use.
1. There is a near-epidemic of diabetes among Older Americans.
According to the American Diabetes Association, about half of Americans age 65 and older have pre-diabetes, meaning nearly 25 million seniors are at risk for developing type 2 diabetes. That figure is shocking considering about 25 percent of the nation’s older population already has diabetes. Encourage your loved one’s to be tested and seek a doctor’s guidance.
2. Obesity is a serious related issue in Older Americans.
Obesity rates among older adults has steadily climbed over the past decade, and now stands at an eye-popping 40 percent of 65-to-74-year-olds. The ill effects of these sorts of challenges can often spill over onto others who care about them. Talk to your aging loved ones about your concerns and support their choices for a healthier lifestyle.
3. Long-Term Care for Older Americans.
The U.S. Department of Health and Human Services Administration on Aging estimates that 70 percent of all people 65 and older will need long-term care services in their lifetime, especially as the rate of Alzheimer’s disease and other long term ailments continues to grow. In many situations, long-term care is unpaid, as more than 80 percent of caregiving is performed by family members, friends, and neighbors. An estimated one in four households provides some level of care for an aging loved one. Discuss alternative options for long-term care with your loved ones as soon as possible.
While these are concerns to be aware of, remember that American seniors are a large, diverse, and incredibly valuable group. They continue to make a difference all over the country each and every day in the lives of their loved ones and their communities. We know this article may raise more questions than it answers and encourage you to schedule a meeting with us to discuss them.