More than half of Americans over 85 will need some form of long-term care, and most of us have no idea what that actually costs, who pays for it, or what documents we need before we get there. In this episode, Amy sits down with Harry Margolis, one of the country's most respected elder law attorneys, to unpack what it really takes to plan for the decades after retirement.

Harry has been practicing elder law since 1987, is the founder of Margolis Bloom & D'Agostino, and has spent nearly 40 years helping families navigate long-term care, blended families, incapacity, and estate planning. He and Amy cover the handful of documents every adult should have (regardless of age or net worth), what happens when families skip them, why "estate planning" is not just for the wealthy, what long-term care really costs, why Medicare doesn't cover it, and how trusts can protect you and your family long before anyone passes away.

If you've been telling yourself "I already planned for retirement, I'm good," this episode is your wake-up call.

In this episode you'll learn:

[03:16] What "estate planning" actually means, and why it's not just for the wealthy

[07:02] The must-have legal documents every adult needs, even in your 40s and 50s

[10:19] What happens (and what it costs) if you don't have a power of attorney in place

[15:26] Blended families and remarriage: protecting your kids' inheritance and avoiding conflict

[21:30] What long-term care really costs, and the number every 65-year-old should know

[23:12] Why Medicare does not cover long-term care, a misconception that catches people off guard

[24:50] How Medicaid planning works, and where to start if you're running out of funds

[26:54] How trusts work for incapacity planning, and why nearly everyone should consider one

[30:41] Harry's advice for starting the "hard conversation" with your family

About Harry Margolis:

Harry Margolis is an elder law attorney and founder of Margolis Bloom & D'Agostino, practicing since 1987. He's the author of Get Your Ducks in a Row and The Baby Boomer's Guide to Trusts, founder of ElderLawAnswers.com and SpecialNeedsAnswers.com, and the voice behind the Substack and podcast Risking Old Age in America. He also advises Harvard Law students in the school's legal services clinic.

Resources Mentioned:

Harry's Firm: https://margolisbloom.com/

Ask Harry (free Q&A): https://askharry.info/

Risking Old Age in America (Substack & podcast): https://okayboomer.substack.com/

Harry's Books: Get Your Ducks in a Row and The Baby Boomer's Guide to Trusts (available wherever books are sold)

This episode is sponsored by Naborforce, connecting older adults with caring, vetted neighbors for rides, company, and everyday help. Learn more at https://www.naborforce.com

Connect with Amy Kaszak:

LinkedIn: https://www.linkedin.com/in/amy-kaszak-6702963/

Instagram: https://www.instagram.com/amykaszak/

How to Age Well Instagram: https://www.instagram.com/howtoagewell_podcast/

Topics: estate planning, elder law, long-term care planning, power of attorney, healthcare proxy, HIPAA release, advance directives, trusts, Medicaid planning, Medicare, blended families, prenuptial agreements, incapacity planning, retirement planning, aging well

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