Roseville, CA (Law Firm Newswire) November 8, 2016 - The increasing life span for many Americans translates into the need for more financial support as they age. While men live an average of 76 years, women, on average, live for 82 years. This is a significant increase over what it was just a few decades ago.
If people fail to plan for those extra years, this can end up causing great financial stress and pose a threat to the ability of the elderly to continue having a high quality of life. According to a study published by the American Association of Retired Persons (AARP), two-thirds of Americans are more concerned about running out of money than they are about dying.
The fear of many Americans of not having enough money to support their lifestyle is not unfounded. In a recent report by the Wall Street Journal, less than one-third of Americans are financially prepared to live into their 90s. In fact, many seniors are worried about the possibility that they may have to rely on their children for financial support.
Prominent Roseville, California estate planning attorney David Wade states, “It is advisable to consult an estate planning attorney to help determine whether creating an estate plan will safeguard assets of individuals and families so as to ensure that they enjoy a comfortable lifestyle during their retirement.”
It is crucial for parents to communicate with their children about their expectations for the future. According to a study from Fidelity Investments, the majority of families disagree as to what kind of help the children should provide as the parents get older. Such discrepancies can create major emotional and financial problems in later years. It is recommended that families refrain from waiting until the onset of a health issue or other unforeseen event to talk about retirement, long-term care, estate-planning and wills.
Adult children can also help matters by broaching the subject of estate planning and finances with their aging parents. Very often, children lament the fact that they waited to have this conversation with their parents, who may have developed dementia, and cannot recall where their important documents and funds are located. As a result, the children are compelled to employ an attorney, and obtain a court order through a guardianship in order to access their parents’ accounts.
With proper planning and communication about financial and health care matters, families can be better prepared for any crisis that may occur.
Wade Law Offices
2400 Professional Drive
Roseville, CA 95661
Phone: (800) 835-2634
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