Do you have an estate plan? Many folks do not think that they need to have one. While it might be tempting to put it off until later or hope that your loved ones or the government will help you when the time comes, it just makes sense to have an estate plan. Here are some reasons why.

Living Longer Lives

Retirement is changing simply because it lasts longer now. As life span increases this means having more funds available for longer into life. While a simple plan can cover a few years, to cover 20 or more years of retirement might require a complex plan with advanced investments. Thinking that you can “wing it” can end up getting you into financial trouble when you are least able to deal with it.

Changing Families

As things like extended families, divorce and step children become more common, the legal hurdles in dealing with them at the end of life can become more complicated. Having a detailed plan as to how all of these things will be addressed can help to head off years of bitter family fighting and struggles.

Long Term Care

As lives get longer, so do the chances of needing long term care. Costly medical bills can drain retirement accounts quickly so a smart plan is needed for dealing with long term care issues.

If you need help with elder law or estate planning issues, contact the experts at Stano Law Group today!