Americans are living longer and this new longevity is creating a new host of estate planning issues. Longer life-spans can cause uncertainty about the financial needs that clients will need to make plans for. There is no simple answer for these complex issues. Unexpected health care expenses are a major cost that people will encounter. The cost of long term extended health care can be astronomical and clients should be aware of the potential of these sorts of unplanned for situations. It is important to start putting together a retirement plan as early as possible. People should discuss these issues with a competent financial planner who can walk a client through many different retirement options.
See Paul Hechinger, Longer Lifespans Yield New Paradigm for Estate Planning, Financial Planning, August 12, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
