As a senior citizen you should be enjoying your retirement years and not fretting endlessly over end of life care and other estate planning issues. However, with over 120 million American seniors not having updated estate plans or, for that matter, any kind of estate plan at all, according to the National Association of Estate Planners & Councils, an awful lot of seniors are jeopardizing their assets and putting the type of end of life health care that they will receive at great risk.
As a senior citizen, you should take proactive steps to protect your assets. At the very least you should have a valid and updated Last Will and Testament, Durable Power of Attorney and Living Will. Make sure that your family and your doctors know where you keep these documents so that they can be easily found and utilized when the time comes. These decisions are difficult and none of us want to dwell on our own mortality, but getting and estate plan in place ahead of time can provide a great deal of comfort and peace of mind to both you and your loved ones
A recent study by the American Society of Clinical Oncology showed the substantial impact of out-of-pocket costs. Close to fifty percent of the patients studied had used up all of their savings on health care and almost that many had to borrow money just to afford the cost of their prescriptions. Sadly, the study also found that almost 30 percent of the patients studied did not even bother to fill their medications or that they decided to take less of their medications than their physicians has advised. Those individuals suffering from a chronic illness should not have to make such choices as doing so will undoubtedly compromise their health, savings and the very quality of their retirement years.
Proper estate planning will allow you to take great steps toward protecting your hard earned assets and lessening the financial burden that might otherwise be placed on your family and loved ones. Don’t wait until your health takes a drastic turn for the worse, speak with an experienced estate planning attorney today to find out what steps you can take to protect yourself and your loved ones.
American Wills & Estates is a locally founded, owned and operated law firm with a practice limited to Estate Planning and Probate Estate Administration law. We are the #1 rated Estate Planning law firm in Pittsburgh and throughout Western Pennsylvania. Contact us today at (412) 381-7370 to speak with a trusted and experienced estate attorney and to schedule your free legal consultation. You’ll be glad you did.