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Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

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Do Your Retirement and Estate Plans Address These Four Risks?

December 14, 2011 by Deb Sexton Leave a Comment

There are a new set of challenges for retirement and estate planning:  People are living longer and costs are rising, to name a few.  It is now more important than ever to have a comprehensive plan in place to address the issues that seniors are facing.  An estate planning attorney can help you address the following top four risks that can derail your plans:

Long Term Care and Health Care Expenses

With the average cost of a nursing home topping $70,000, it is  critical to address nursing home and long term care expenses early in the retirement and estate planning process.  One process, known as Medicaid planning, helps position assets to preserve family wealth for seniors who may need to turn to this need-based program to help address care expenses.  However, planning needs to start early.

Outliving Your Assets

According to a recent survey, the average person plans for less than 20 years of post retirement living.  In reality, the average person is living longer and looking for an earlier retirement.   Your retirement plan will need to support you longer, and this should be a critical aspect of retirement planning.

A Rising Cost of Living

Inflation is a fact of life.  While $80,000 annually may allow you a comfortable lifestyle today, what will it get you during retirement?  If retirement is 20 years away, you may need as much as $130,000 annually for a similar lifestyle.

Lack of Contingency Planning

As they say, even the best laid plans….Both retirement and estate planning can change as you age and your life changes, but working with a professional can help you address the ‘what ifs’ such as incapacity, disability and more that can derail your plans.

An estate planning attorney can help you avoid the risks that may come to those who choose to turn to do it yourself planning.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

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Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

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Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

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