According to reports, the average age of people acquiring long-term care insurance is on the decline. Roughly a decade ago, the average age of policyholders was 67 years old. Now, that age is 57. This may mean that younger people are realizing that long-term care planning is necessary and that long-term care can be extremely expensive when uninsured. Elderly residents in Massachusetts may want to take note of this information.
People spend a majority of their lives on the job earning a living. That money gets spent here, invested there, saved elsewhere and gifted to so many in the form of purchased goods and cash. In order to ensure that the money that has been saved and invested remains in its fullest possible form after the owner's death, a solid estate plan will need to be present. This is why people in Massachusetts should consider estate planning sooner rather than later.
When elderly adults in Boston think about estate planning and what they will leave behind for their heirs, they are probably less likely to think about assets that are only accessible via the Internet. The elderly were slower to adopt new technology than many people younger, so they need to know what to do to properly protect their digital assets.
Estate planning experts are often in agreement on at least one topic: The earlier a person prepares their estate, the better. This gives people that are aging the time to make healthy, cognizant decisions in regards to the future of their finances and where they want their leftover wealth to be distributed upon their deaths. One of the most important parts of getting an estate in order is tax planning. This has allowed many people in Boston to minimize or avoid paying taxes on their estates.