The Longevity Problem - Don't Outlive Your Money, Leave Some for the Kids

The Longevity Problem - Don't Outlive Your Money, Leave Some for the Kids (2)

The Longevity Risk – Don’t Outlive Your Money, and Leave Some for the Kids – Part 2

  

What is the Longevity Risk?

 We have discussed what the “Longevity Risk” is in another blog, but it will serve us well to repeat the definition again.  Longevity Risk is the risk of living a long life, but needing so much personal care, such as assisted living or nursing care, that you outlive your money.  When this happens, all of the property and money you were hoping to give to your kids or others may be completely used up and gone. 

 

I Already Have an Estate Plan, Won’t That Protect My Assets?

 Not necessarily.  Many people I’ve run into in San Diego have created some kind of Estate Plan.  Most of the time the Estate Plan will consist of a Pour-Over Will, a Revocable Living Trust, an Advance Healthcare Directive (or ACHD, or AHD), a Durable Power of Attorney (a DPOA or POA), a HIPPA (Health Insurance Portability and Accountability Act) release and some other documents.  That’s great, but that alone doesn’t provide asset protection.  As we get older our needs change.  For most of us our assets also change as we mature.

  

What Can I Do to Protect my kid’s inheritance?

 There are choices available to most of us.  Call me and let’s discuss options and we will see if we can keep the golden years golden.  Please see my Blog for more discussion on the topic of planning for the elderly and asset protection.

 

See lots of estate planning information on my website at: www.myestate-plan.com

 

Call today and let’s discuss your Estate Planning goals.  Thanks for reading my blog.

 

William Daniel Powell

619-980-2297

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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This document is for informational purposes only.  Nothing in this is to be considered legal advice.  Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship.  If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction.  I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information

Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.

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The Longevity Risk – Don’t Outlive Your Money, and Leave Some for the Kids.

What is the Longevity Risk?

God willing you and I will have this “problem” and live to be very old, but without the need for a lot of personal care.  The Longevity Risk is the costs associated with living to be old.  Although old age isn’t as much a prerequisite as is failing health and the need for some – or constant care. 

 

 

Why does the Need for Living Assistance Create a Risk?

Living assistance costs money, plain and simple.  Having a person come into your home and help with some of the tasks depends on the level of care and skill required and a bit on the area you live in.  We here in San Diego know that things tend to be a bit more expensive than other places.  Modestly, however, I think the costs of having someone help with tasks such as bathing, cleaning, dressing, etc. can cost several thousand dollars a month.  That adds up over time.  If you need to go into a full or even a part-time assisted living facility, you can be looking at $5000 to $6000 a month and more if even more care is required.

  

Am I going to be at Risk of Losing all my Kids Inheritance?

Statistics show that the over 65-year-old segment of our population is predicted to grow by about 147% from the year 2000 to 2050, while the rest of the population will only grow by about 49%.  That means the senior-citizen segment of our population is growing, and growing fast.  Moreover, statistically we are all living longer than ever before.  The longer we live, the higher the likelihood that we will need some degree of care in our senior years. 

 

If we end up needing assistance with our day-to-day living, it is quite possible that we will end up using all of our assets, and potentially living our final years in poverty.  Not a very happy ending.  I can help.

  

You Have Choices

There are choices available to most of us.  Call me and let’s discuss options and we will see if we can keep the golden years golden.

 

Please see my Blog for more discussion on the topic of planning for the elderly and asset protection.

 

Please feel free to give me a call and we can establish your Living Revocable Trust, ILIT, or other Estate Planning goals today.  If you have specific estate planning objectives, I can help create solutions to achieve your specific purpose. 

 

See lots of estate planning information on my website at: www.myestate-plan.com 

 

Thanks for reading my blog.

 

William Daniel Powell

619-980-2297

This email address is being protected from spambots. You need JavaScript enabled to view it.

****************

This document is for informational purposes only.  Nothing in this is to be considered legal advice.  Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship.  If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction.  I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information

Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.

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