It is true that most people who engage the services of an estate planning attorney have accumulated significant assets over the course of their lives. This leads some pundits to proceed from the standpoint that everyone who is planning an estate has unlimited resources and that their estates will not be impacted in any appreciable manner by latter life expenses. But the fact is that there is a difference between having formidable resources and endless resources, so most people are going to have to plan very carefully to be able to enjoy the fruits of their of their success to the fullest during the latter portions of their lives.
With this in mind we would like to underscore the connection between the three phases of latter life planning. Your active retirement is the first step, and we are all aware of the financial planning that is necessary to create the freedom that you need to make the most of this period in your life. But as you are planning for your retirement there are other things to keep in mind beside funding the good times. If you have specific legacy goals it is likely that they’re going to impact your budget, and you also must prepare for medical contingencies that may or may not emerge.
The point is that retirement planning, planning for the years during which you may need long-term care, and planning your estate are all intimately connected. This is why most estate planning attorneys would describe themselves in the broader field of elder law that encompasses all of the eventualities of aging. Those who want to be fully prepared will keep this in mind and work toward implementation of a comprehensive, holistic plan that allows for the flexibility that is needed to intelligently react as life’s unpredictable twists and turns present themselves.