Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Friday, May 3, 2024

Living Our Lives – And Planning For The Inevitable

Estate planningAccording to an April 2024 Ameriprise report, over half of those with at least $100,000 in investable assets, who have retired or plan to, haven't yet created an estate plan. It was found there is a lack of preparedness in areas such as advanced medical planning, retirement stability, and estate planning. Half of Americans without a will claim procrastination is the reason for not having their plan secured already.

Concerns about retirement stability persist, with less than a third of respondents in the Ameriprise report feeling confident about their financial longevity. Disagreements on spending for descendants are also common, as about a quarter of respondents aren't on the same page regarding financial support for children and grandchildren. Despite shared goals and trust among couples in financial matters, blended families face unique challenges in navigating the needs of both prior and current family members.

Regardless of income or marital status, everyone should confront the realities of long-term planning. Basic steps involve assessing assets, projecting expenses for retirement, and initiating conversations with family members to ensure wishes for care are known and documented. Seeking professional guidance, such as financial advisors and legal experts, can provide invaluable support in navigating these complex decisions. Educating oneself about the consequences of not planning can be both enlightening and empowering, helping individuals take control of their long-term financial and healthcare futures.

For more information see Naomi Cahn “Living Our Lives – And Planning For The Inevitable”, Forbes, April 28, 2024.


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