One of the challenges in preparing for one’s retirement years is the great amount of unknowns that are present. One of the big unknowns is health. No one knows for sure what the future will hold for them when it comes to their health.
Among the things this creates for individuals that are nearing retirement is uncertainty regarding what kinds of medical and care costs they will be dealing with as they get older. This ambiguity can be unnerving, given how high such expenses can end up being for retirees.
Now, just because future health care expenses can be uncertain doesn’t mean they can’t be planned for as a person is nearing retirement. In fact, such uncertainty can make planning all the more important. Solid planning could help a person be ready for a range of different health care expense situations in their elderly years. Also, through ongoing planning, a person can adjust their plans as it becomes clearer what the true nature of their medical and care costs in retirement will be.
Estate planning is among the areas where preparations for future medical needs and expenses can be made. Trusts and various other estate planning devices and tactics can be directed toward such preparations. Now, individuals may have many questions about how they can best prepare for their future health care expenses through their estate plan, given their particular situation and goals. Taking such questions to a skilled elder law attorney can help a person get a firm and accurate understanding of their planning options.
Source: Forbes, “The Biggest Wild Card In Retirement And How To Deal With It,” Ashlea Ebeling, Feb. 16, 2017