Underscores Estate Planning Importance For Parents
According to a report published this month in Health Affairs (Jan/Feb 2004), disability is rising among younger Americans! The report investigates trends in disability in the U.S. population, particularly among people under age fifty. Even as the elderly have become less disabled, reported disability has risen for younger Americans, especially those ages 30–49. There are numerous possible explanations for rising disability levels, such as obesity, technological advances in medicine, and changing disability insurance laws.
Whatever its sources, rising disability among the young is concerning both publicly and privately. From a public policy standpoint, according to the report, rising disability among the young threatens public programs such as disability insurance, Medicare, and Medicaid. Already strained public programs could become overwhelmed by the burden of providing long-term care for such protracted periods of time.
From a private, personal standpoint, the trend presents the elderly with one more increasingly common challenge: caring for a disabled child or grandchild. Moreover, these trends underscore the importance of proper estate planning for younger adults!
Too often, estate planning is put off until retirement is imminent. These trends suggest that younger family members may have a greater need to perform proper estate planning earlier than did their parents, or grandparents. In other words, longer life expectancies do not justify postponing estate planning.
For example, if one of your children becomes disabled, do you know who will be the guardian of your grandchildren? Do you know who will take care of your child? Please consider approaching your younger children and/or grandchildren with this concern and need. The peace of mind that comes with developing a proper estate plan is well worth the effort.
If you would like more information regarding disability planning, please visit “The Estate Planning Information Center.”
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