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Aging in America: Many people lack facts, financial preparation

The sheer disconnect that is on clear display throughout the United States concerning the realities of care needs for many people in their advancing years and their woeful lack of preparation to face those needs is something to behold.

One writer in a recent Forbes article calls it “depressing,” adding that many people “remain largely clueless” about the financial requirements they will face during the latter stages of life.

That reality -- and, indeed, a wealth of statistics indicate that it is a reality -- spells obviously negative consequences for many people who are aware of it and do little or nothing to prepare for it. On the flip side, there is the potential for glass-half-full news and better relating to the financial picture of many adults who enter their senior years having taken some preliminary action to get ready for them.

With elder law matters, it’s all about preparation, with timely consideration of specialized needs during advanced years and the implementation of tailored legal strategies that address them going far toward ensuring self-reliance and optimal outcomes.

Getting started early is obviously the best course, but even people who turn to the details of a sound estate plan relatively late in life can still do much to protect themselves and promote important objectives.

Those goals often centrally relate to long-term planning needs, with legal assistance from an experience estate planning attorney addressing things such as advanced health directives, Medicaid planning and a host of other age-specific considerations.

As the Forbes article notes, many Americans are in the dark regarding their long-term care needs. Fortunately, clarity on important planning matters can emerge to replace lack of knowledge, with close input from a proven elder law attorney helping to ensure that the supports and assistance needed during advanced years are firmly in place.

Source: Forbes, “Denial ain’t just a river in Egypt: Americans (still) unprepared for care needs in old age,” Howard Gleckman, May 21, 2014

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