Wealth planning for shortened life expectancies and senior family members

Each year, tens of thousands of Americans are diagnosed with a chronic disease. It’s been estimated that six in 10 adults in the U.S. have a chronic disease and four in 10 adults have two or more.¹ Older adults are disproportionately affected by chronic conditions. 60% of older adults managed two or more chronic conditions.² Not all of these diseases are life-threatening, but, in many cases, these afflictions will have the unfortunate effect of shortening the life spans of these individuals.

If you or a loved one has received unsettling health news, we strongly encourage you to accelerate discussions around your medical care preferences, end-of-life wishes and overall estate plan. Many of these conversations, no doubt, will be difficult and perhaps even argumentative, as they are likely to be emotionally charged. But they can help alleviate the fear and misunderstanding families often experience when dealing with a loved one’s mortality. More importantly, they can provide comfort to the sick individual by ensuring everyone understands his or her wishes regarding his or her person and property.

Sharing your thoughts about your mortality— your hopes and your fears—with friends and loved ones serves many purposes. This process can help you narrow your focus, re-evaluate what’s really important to you, prioritize your goals and illuminate whether you have the right people and mechanisms in place for when the time of need comes. It can provide you and your family with peace of mind that your wishes and needs will be taken care of. It can deepen personal relationships, help mend those that might have gone awry and provide closure and acceptance. 

It can be used to share memories and to pass on wisdom and ethical ideologies. Perhaps most importantly, it can help you take stock of your life and become more purposeful going forward so you can live life to the fullest.

Remember, medical treatment and end-of-life goals that are legal in nature should always be memorialized in written documents and signed and witnessed according to your state’s laws. Most of these documents (for example, last will and testament, revocable trust, powers of attorney) will be “revocable,” meaning they can be changed at any time as long as you have the legal capacity to do so.