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.
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.
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
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.