Estate Planning Needs For Expanding Life Spans
The Human Lifespan Continues to Expand
If the human lifespan is expanding – and scientists say that it is and also that there are no signs of it stopping – then estate and asset planning and protection becomes even more important for everyone. According to researchers the human lifespan is expanding 3 years for every generation. While the current average lifespan is in the mid-80’s in the next 10 to 20 years, that will be 90-93 years of age.
The researchers also say there is no difference in the lifespans of wealthy versus not wealthy. They say the increase applies to all humans regardless of social or financial standing. Mostly expanded lifespans depend on health and the avoidance of fatal accidents.
Even though initially, one of the researchers conducting the study did suspect that factors like wealth could increase the likelihood that someone would live longer, he ultimately discovered that “There was no single factor that allowed some people to live longer than others—at least not one that was showing up after age 65.” He went on to say that, “As someone who would like to be a one-percenter but is not, I’m certainly very happy to know that my odds of getting to live longer are just as good as the millionaire down the street,”
Without A Wise Estate and Asset Protection Plan It’s More Probable That People Will Outlive Their Assets
Outliving one’s assets for regular folks becomes the biggest concern in light of expanding lifespans, if the estate and asset protection plan is not in place.
The thing is though that so many people simply bury their heads in the sand and don’t put a solid plan in place. If you have a financial plan in place and a plan to preserve and protect your assets and to use every avenue available to you, chances are you will be able to outlive your assets, provide for your own long-term healthcare needs and have something to leave to your children and grandchildren.
Longer Lifespans Tough On Heirs Of The Ultra Wealthy
We’ve been seeing the effects of longer lifespans adversely affecting the ultra-wealthy. Take for instance the following article by Amy Feldman posted on barrons.com. in 2014.
“Longevity has a way of upending estate planning. When New York City philanthropist Brooke Astor died in 2007 at age 105 with a $100 million fortune, a bitter dispute followed that saw her then 85-year-old son, Anthony Marshall, convicted and sentenced to prison for stealing from her in her later years.”
“While there were many tangled threads in the litigation over the Astor fortune, the advanced ages of mother and son were a sign of just how much demographics have changed how the wealthy can — and should — pass on their riches. Adult children have historically expected to inherit from their parents while in their 40s or 50s, yet now many aren’t doing so until their 70s or even 80s, as their parents live into their 90s or beyond.”
“Furthermore, according to the article, “Today, a 65-year-old man has a life expectancy of 84 while a 65-year-old woman has a life expectancy of nearly 87, according to the Social Security Administration. That increased longevity has changed all kinds of financial planning, such as retirement calculations and long-term care insurance costs. But its impact on trusts and estates is only just beginning to be seen.”
Whether You Live Longer Than Average Or Shorter
You’re not going to live forever, however you may live well beyond the current average lifespan or you may become ill or have an accident that could end your life unexpectedly. No one knows how long they will live so it makes more sense to have a plan in place that considers your long-term needs, which must include long-term health care. Give us a call and we can help you put a solid legal plan in place that will take into consideration all the possibilities for your care and your loved ones.