Estate & Asset Protection Attorney, Victoria Collier gives an example of how expanding lifespans affect heirs and cause more people to outlive their assets if they don’t have a solid estate and asset protection plan in place.
DECATUR, GA, September 24, 2019: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “Estate Planning Needs For Expanding Lifespans,” in which Ms. Collier speaks to the importance of planning to have assets that outlive expanding life spans.
As Collier states, “If the human lifespan is expanding – and scientists say that it is and also that there are no signs of it stopping – then estate and asset planning and protection becomes even more important for everyone.” She continues,”According to researchers the human lifespan is expanding 3 years for every generation. While the current average lifespan is in the mid-80’s in the next 10 to 20 years, that will be 90-93 years of age.”
According to Collier, “The researchers also say there is no difference in the lifespans of wealthy versus not wealthy. They say the increase applies to all humans regardless of social or financial standing.” Collier adds, “Mostly expanded lifespans depend on health and the avoidance of fatal accidents.”
Collier writes, “Even though initially, one of the researchers conducting the study did suspect that factors like wealth could increase the likelihood that someone would live longer, he ultimately discovered that “There was no single factor that allowed some people to live longer than others—at least not one that was showing up after age 65.” Collier says, “ He went on to say that, “As someone who would like to be a one-percenter but is not, I’m certainly very happy to know that my odds of getting to live longer are just as good as the millionaire down the street,”
“Outliving one’s assets for regular folks,” says Collier, “becomes the biggest concern in light of expanding lifespans. The thing is though that so many people simply bury their heads in the sand and don’t put a solid plan in place.” She explains, “If you have a financial plan in place and a plan to preserve and protect your assets and to use every avenue available to you, chances are you will be able to outlive your assets, provide for your own long-term healthcare needs and have something to leave to your children and grandchildren.”
Collier goes on to share one example of how expanding lifespans have adversely affected the ultra-wealthy. After the example she says, “You’re not going to live forever, however you may live well beyond the current average lifespan or you may become ill or have an accident that could end your life unexpectedly. No one knows how long they will live so it makes more sense to have a plan in place that considers your long-term needs, which must include long-term health care.:
The entire article can be read at https://www.elderlawgeorgia.com/articles/estate-planning-needs-for-expanding-life-spans/
About Victoria Collier
Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.