When we talk about estate planning, the focus is often on how your assets and property will be distributed after you die. But Michigan residents should realize that it's also important to consider your needs as you become elderly or in need of significant -- and costly -- health care.
Nobody really knows how long they have left to live, but using one or more of the online actuarial calculators could give you some insight into how you should go about setting up your retirement and estate plan. Retirement planning, estate planning and elder care planning can go a long way in ensuring your quality of life does not suffer because you live 10 or 20 years longer than expected. That is why it is not such a good idea to use average life expectancies that are published by the Society of Actuaries when planning for retirement and long-term care issues.