When an unexpected event occurs that incapacitates a person or causes them to suffer an early death, whether or not they have an estate plan can make a huge difference on the situation. Thus, actually taking action to get an estate plan in place is important for adults in all stages of life. It is always good to be prepared for the unexpected.
Many different kinds of financial decisions can end up coming before an elderly individual. Some examples include decisions regarding investments, bank accounts, real estate, credit cards or debt. These decisions can have major impacts on a senior's life.
Many seniors have a picture in their head of what their elderly years will be like. Sometimes though, unexpected events occur which can completely change the equation. One such event is developing a degenerative disease, such as Parkinson's.
Health care costs, including costs related to long-term care, can easily get rather high. Thus, it is unsurprising that medical costs can be a big source of anxiety. A recent survey indicates that health care expenses are something that many wealthy individuals worry about.
In estate planning, one thing it can be very important to be aware of is if any of your assets raise special estate planning issues. One special estate planning issue some assets raise is unpredictability when it comes to the ability to pass on the asset upon death. One asset that has such unpredictability connected to it are airline miles.