Retirement can seem like the end of the rainbow, and the golden years can be quite fruitful when you are married, and you have regular contact with your children and grandchildren. You can get together with your friends from time to time, and you can insert yourself into social situations.
As you get older, your landscape may start to change. The fact that you no longer have to go to work has its benefits, but you no longer interact with your coworkers. There are also social activities that are connected in the workplace, and this is another void.
If you lose your spouse and some friends and extended family members along the way, and you have limited interactions with your children, you may experience loneliness and social isolation.
We all know that loneliness is not a good thing, but it can be quite debilitating to senior citizens.
Serious Health Problems
According to a report that was published by the National Academies of Science, Engineering, and Medicine (NASEM), about 33 percent of people that are 45 years of age and older say that they feel lonely. One-fourth of seniors are socially isolated, and the consequences can be brutal.
The CDC tells us that you are 50 percent more likely to develop dementia if you are socially isolated. Premature death is more prevalent among those that are largely cut off from interactions with others. Researchers suggest that it may be more damaging than smoking and obesity.
Risks of heart disease and stroke are increased, and people that are lonely are more prone to anxiety and depression. These are just some of the increased risks that go along with social isolation and loneliness.
There is no substitute for meaningful human relationships, but many pet owners will tell you that they do not know what they would do without their dogs. They are known as man’s best friend for a reason, and there are many benefits that go along with canine ownership.
The simple companionship is huge in a general sense, and you have a reason to live when you have a pet because a vulnerable being is depending on you for everything. A dog needs to go for walks, and fresh air and sunshine will enhance your mood.
When you are at the park, you may run into many of the same people, and you can enjoy some conversations. A dog can also act as a protector, and small dogs may not be able to do a huge amount of damage, but they can let you know if there are any strange sounds outside the door.
Some people prefer cats, and many of the same benefits are present when you bring a feline friend into your home.
If you are a senior citizen that is considering pet ownership, you are naturally going to have some concerns about your longevity. This is a responsible reflex, but there is a solution in the form of a pet trust.
To implement this strategy, you transfer resources into the trust, and you designate a successor beneficiary to inherit the assets after your pet’s death. In the trust declaration, you name a trustee, and this can be someone you know or a professional fiduciary.
You can record very specific instructions in the trust declaration regarding the way you want the pet to be provided for after you are gone. The trustee would have a fiduciary duty to follow these instructions to the letter.
Your pet would be comfortable for the rest of its life if you predecease the animal, and the remainder would go to the successor after the passing of the pet.
Put a Plan in Place!
If you have been procrastinating about the development of an estate plan, now is the time for action.
Each situation is different, and there is no one-size-fits-all approach that is right for everyone. Personalized attention is key, and this is what you will receive when you choose our firm.
You can schedule a consultation at our Cincinnati estate planning office if you call us at 513-721-1513, and you can use our contact form to send us a message.