Planning Now for Later

Everyone hopes that they live a decently long life so many people put off planning for retirement and possible incapacity, reasoning that they have many more years to start that. Fortunately though some entry level jobs have retirement plans for younger workers that will carry with them to advanced careers and into their later years.

The author teaches Estates and Trusts as well as Elder Law, and is a strong advocate for early saving and planning for the twilight years. Proper and efficient planning can take many steps depending on the path that one chooses, and a plan may include many documents after all the steps. This may include a will, a trust, a financial power of attorney, a living trust, making sure there is a designated beneficiary for a life insurance policy, etc. Current times dictate that digital assets must also be accounted for, including online social media accounts and client lists.

One of the most overlooked planning steps for the younger generations may be an advance medical directive, which is a vital step in the entire process. Life is fragile and never promised, so having that document is a necessity for everyone, no matter their age or their health.

See Naomi Cahn, Planning Now for Later, Forbes, June 25, 2018.