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Estate planning strategies for older singles

Wisconsin residents and others who are 65 and older have a 70 percent chance of needing long-term care. However, people who live alone may lack the support system needed to help provide that care. In most cases, individuals have a spouse or a child to take care of them after a medical emergency or another health issue. A person who has no immediate family available can benefit from cultivating a circle of friends or acquaintances.

These connections can be made by taking part in social events in town or working a part-time job. Remaining employed can be a key factor in being able to live independently without losing the ability to prepare for future health care costs. This is because some employers may offer long-term care policies for workers, and money earned from a job can be used to bolster an emergency fund or retirement account.

Long-term care insurance policies are generally less expensive for those who are under the age of 50 compared to those who are older than 65. Therefore, it is generally a good idea for a person to purchase or start comparing prices while he or she is as young as possible. Older people who live alone are also advised to create a will, and they should also designate trustworthy individuals or professionals who can make financial or health care decisions on their behalf.

Working with an estate administration attorney may help a person create a plan that meets his or her needs today and in the future. A lawyer may be able to act as a trustee or executor of an estate on a person's behalf if he or she has no friends or family members able to fulfill those roles. Individuals may benefit from having a professional review trusts, wills or powers of attorney on a regular basis.

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