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Life's Stages

Estate Planning When Nearing Retirement in Southwest Missouri

Serving People throughout Southwest Missouri and the Surrounding Areasestate-planning-for-people-nearing-retirement-southwest-mo-ozarks

There are many factors to consider in later-life planning. At this stage, a lot is in flux, and you should prepare yourself for any number of eventualities, including being widowed, the possibility of remarriage, long-term care for elderly parents, and sometimes support for adult children and grandchildren. No one wants to think about these things, preferring to hope the need never arises. However, it is always better to have something you don’t need than need something you don’t have.

For instance, if you do remarry after being widowed, you want to make sure that your children’s inheritance is protected. The legalities of dividing assets can be infinitely more complicated with a later-in-life marriage when one or both parties have adult children.

This is also a good time to select a long-term care insurance policy in the event you needed skilled assistance later in life. Once you reach age 65, your odds of needing long-term care reach 70%. These facilities and arrangements can be incredibly expensive, and despite popular belief, Medicare is not going to foot the bill. Long-term care insurance can help you find the assistance you need without putting that burden on your adult children or relatives.
These are all things your Ozarks lawyers can help you navigate so your loved ones avoid probate and interpersonal disputes, and you to prepare to ensure your sunset years are as pleasant and conflict-free as possible.

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