Life Planning: Because 60 Is The New 40
I’d like to propose a
lo n g -o v e r due change :
Let’s substitute the phrase
“life planning” for “estate
planning.” Life planning is
a much better description
of the challenges contem-
porary Americans face as
they grow older.
Let me explain: The
term estate planning tends Joseph S. Karp,
to conjure up images of last C.E.L.A.
wills and testaments—in other words,
figuring out who’s going to get what
after you’re gone. Years ago, that was
pretty much all the average Joe had
to concern himself with, since he did-
n’t anticipate being around too many
years after collecting his gold retire-
ment watch. At that time, a simple will
was about all most people needed.
...most of us can look forward to a if you are in an end-stage,
bounty of post-retirement years, far terminal condition or veg-
more than our parents ever imagined. etative state. As we have
Well, that was then, and this is
now—and what a difference a gener-
ation makes! Today, most of us can
look forward to a bounty of post-re-
tirement years, far many more than
our parents ever imagined. You know
the expression: “60 is the new 40.”
So while we still need to plan for death,
and address disposition of assets and
protection of our families, we now
have the additional challenge of plan-
ning for LIFE. That means you must
manage your assets judiciously, to en-
sure they last as long as you do. It
means you must take legal steps so
that if you become disabled and un-
able to manage your own affairs—a
higher risk today precisely because
of longer lifespans—your business,
personal and medical affairs can be
handled by someone you know and
trust, without court interference.
So just how do you plan for life?
Here are the basic documents and le-
gal strategies you should look into:
A Durable Power of Attorney, also
known as a property power of attor-
ney: This gives one or more people
the authority to handle your business
affairs if you cannot. The language in
the durable power of attorney must
be consistent with Florida law and
must clearly indicate whether it gives
the person to whom the power is del-
egated the right to act immediately
or whether it is contingent
upon your incapacity.
A Medical Power of
Attorney, also known as
the medical surrogate,
names one or more persons
to make medical decisions
on your behalf in the event
you cannot make your own
informed decisions. Such
a situation might be as a
result of a chronic condi-
tion, but could also be called into play
for something as simple as if you are
under anesthesia for an operation.
Properly done, it will also permit those
you authorize to receive your privi-
leged medical information under the
federal HIPAA laws.
A Living Will informs physicians
about the kinds of medical treatment
you do, and do not want,
seen from the recent Teri
Schiavo story, this cannot guarantee
the government will stay out of your
personal issues—but it is a good start.
The Do Not Resuscitate Order is
different from a Living Will. It must
be signed by the patient or the pa-
tient’s surrogate and the doctor indi-
cating that CPR not be administered
in the event of the patient’s cardiac or
respiratory arrest.
A Revocable Living Trust has
many benefits. Among them is that it
can allow your chosen co-trustee or
successor trustee to manage your
financial affairs without the interfer-
ence of the court. Thus, the revoca-
ble trust provides valuable legal
backup to your durable power of
attorney.
So, plan for your extra bounty of
years, and enjoy them to the fullest.
See your certified elder law/estate
planning attorney to determine the
best steps for your particular situa-
tion.
Joseph S. Karp is a nationally certified
and Florida Bar-certified elder law attorney
(C.E.L.A.) specializing in the practice of Trusts,
Estates and Elder Law. His offices are locat-
ed at 2500 Quantum Lakes Drive, Boynton
Beach; 2875 PGA Blvd., Palm Beach Gar-
dens; and 1100 SW St. Lucie W. Blvd., Port
St. Lucie. Call him at 561-752-4550 (Boyn-
ton); 561-625-1100 (Palm Beach Gardens);
or 772-343-8411 (Port St. Lucie). Toll-free
from anywhere: 800-893-9911. E-mail: KLF@
Karplaw.com. or website www.karplaw.com