Once you get over the shock of turning 70, you may want to start thinking about and planning for changes in your life. The nature of those changes will vary, of course, depending on your situation. Are you single or married? How’s your health (and your spouse’s)? Do you have children (or others) you can rely on if your health situation changes? Are they nearby? The answers to all these questions will affect how you plan for your 70s and beyond. In general, though, here are some things to think about:
- Do you really need all that house? I regularly visit clients in houses filled with bedrooms for children who have moved on, surrounded by yards that still need a lot of maintaining. Do you really need that space? Do you really like all that cleaning and yardwork?
- Is the house still safe? You will not be getting any younger, and neither will the house. Are the washer and dryer still in the basement? How many stairs do you need to climb every day? If you don’t want to sell and downsize, then do you have the resources to adapt the house to your needs as you get older? If you don’t, this may be a good time to consider a reverse mortgage or home equity line of credit (HELOC) to make sure that if the need arises, those resources will be available on short notice.
- If you decide to move, where do you move to? You now have a lot more options than our parents did, if you want to move. You should check those out before the need arises. Look around at the retirement communities, independent living communities, and assisted-living communities in your area. You may even want to talk to a real estate broker, describe what you want, and see what’s available. You may be pleasantly surprised. If you ever thought about moving in with one of your children (or having them move in with you), this may be the time to broach the subject.
- If you’re single, consider some asset protection planning in case you need a nursing home. You’re now at an age when there is more of a chance that a sudden medical problem could land you in a nursing home for a prolonged period. That can be an incredibly big expense unless you can qualify for MassHealth (the Massachusetts Medicaid program) quickly. While that is not a problem if you’re married, if you are single, you probably will not qualify unless you have protected your assets five years ahead of time. If that worries you, you need to deal with it well in advance of an emergency.
If you want to learn more about these issues, you can watch this month’s episode of Elder Law 101. You can find it on MVTV (Comcast 13), or visit Frank and Mary’s YouTube channel, youtube.com/elderlawfrankandmary. If you have any questions, please contact me at 508-860-1470, or abergeron@mirickoconnell.com.
Arthur P. Bergeron is an elder law attorney in the trusts and estates group at Mirick O’Connell.
