“…While the risk of dementia is declining, the number of cases is still expected to rise. That's because the population of older adults in this country is increasing. The number of people 65 and older is expected to nearly double by 2050.”
From a recent article by Ina Jaffe
The likelihood of contracting dementia has reduced a bit (the Good News), and many researchers are still interpreting the numbers to determine why the decline in dementia cases is happening. It is likely that positive changes in diet and exercise are working, as are the games we play on our cell phones. We have learned that we can exercise our brains, and if we stay social and engaged, our brains will keep their elasticity longer into our old age.
So this means we can all wait to do our estate planning, right? With the way things are going in medicine, and the way that our lives can be extended with miracle after miracle, we may cure mortality, right? No. Sorry if I am the first to tell you, but, we are all still quite mortal (the Bad News). For anyone who has not yet had their written estate plan prepared, I want you to know that death is only one reason to get it done, and this reason does apply to everyone of us.
If you have any hope of living past the age of 18, and you have any loved ones at all, getting an estate plan completed is an important adult thing to do – no matter how much money you have, and even if you own nothing but the body you live in. Here are some of the reasons you should find a qualified attorney in your area, make an appointment, and be prepared to pay the fee, as soon as you are able.
I suggest making a January appointment with an estate planning attorney to whom you have been referred. Ask your tax preparer for a recommendation. Enjoy the holidays, make note of the people who make you feel happy, and be ready to get your estate plan done in early 2017. Want more guidance on the details of what you deciding about? Take one of our classes at www.EstatePlanning101.org and demonstrate your love and gratitude by getting your plan into writing.
Wishing you and yours the best of everything,
Incapacity: Trust documents often have a provision which details how incapacity is to be determined; letters from two doctors, who are unrelated to the client, is a common method. It is critical for you to consider this possibility, especially if you feel strongly about staying in your home when you might need 24/7 care. This event means your selected trustee and agent are making decisions about your day to day life, and so much more. Informing your “team” about what you enjoy (such as the foods you like, and how you like to spend your time) is important if you want to continue having fun, even if you are no longer the one paying the bills.
Marguerite C. Lorenz, CTFA, CLPF #319: