A responsible adult in the Ashland or Northern Kentucky area will want to get in touch with an Estate Planning attorney early in life to get an initial estate plan in place. You never know what the future holds, and in fact tens of thousands of adults die before they reach the age of 35 each and every year.
A lot of these individuals have spouses and children, and when you consider where your family may be if your income were to suddenly vanish you can see why estate planning is important for young families. In some ways it may be more important for them than it is for senior citizens because the children of seniors are generally grown, established and self-supporting.
When you are engaged in the process of estate planning it is useful to see a holistic picture. Though some young people do pass away before their time, the majority of individuals will age gradually and it is important to consider the quality of your elder years and the expenses that you may face as a senior citizen.
We all see examples of elder Americans going through health problems, and in addition to the obvious quality-of-life issues medical treatment is extremely expensive. It is useful to understand that you do have a great deal of personal control over your health.
A lot of people think that the only objective is to have the financial resources to pay possible health care bills and of course this is important. But at the same time, you can make positive lifestyle choices that make it less likely that you will go through continual and costly medical treatments over an extended period of time. Plus, a healthy senior can enjoy his or her free time to the fullest.
We suggest that you take control of your future to the extent that you can and make positive lifestyle choices in an effort to keep yourself healthy for the long haul.
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- Estate Tax Exclusion Has Been Increased - January 16, 2020
