Many in the Baby Boomer generation in Texas and elsewhere around the country are getting ready for their retirement years. With retirement planning, some individuals have also made steps to plan for how life will carry on after they pass away. They put funeral plans in place or make arrangements to care for loved ones after they are gone. However, a recent study showed that these consumers have not given the same consideration to what might happen to them if they live a very long life. Reports show that fewer people have long-term care plans in place.
Study shows that few Baby Boomers have long-term care plans
Estate planning important to everyone
At a certain stage in their lives, Texas residents and others around the country begin thinking of their retirement years and even to the time when they will no longer be around. If they begin the estate planning process, decisions have to be made about who will inherit their assets or, perhaps, who will care for them when they become unable to do so themselves. For individuals who are married or have children, these answers may be more apparent. However, there are many people who are unmarried with no children. Experts contend that having an estate plan is no less crucial for this demographic group.
Financial experts stress importance of long-term care plans
Many residents in Texas and elsewhere around the county have had to care for their aging parents, whether in-home or at some type of facility. They have seen first-hand the difficulties in securing proper long-term care for loved ones as well as the exorbitant costs associated with it. Yet those same individuals quite often have not made long-term plans for themselves, according to financial experts. However, those experts strongly suggest putting a plan in place for the future should this type of care become needed.
Why is estate planning important?
Most Texas residents and others around the country give little thought to how life will be when they are no longer around. This is particularly true of younger generations, who likely have not started families or have not yet amassed much in assets. However, financial experts believe that it is never too early to start the estate planning process, regardless of age or amount of assets.
