Florida ranks No.2 for the number of elderly among its population

On Behalf of | Jul 31, 2020 | Estate Planning |

The elderly are not the only ones who should do estate planning. It can be helpful for young people, as well, especially young parents who just had their first child. Anyone can benefit from creating an estate plan, and people should never put it off for later. 

That said, it is certainly more of a focus for many elderly couples. They recognize the needs that their adult children and grandchildren have. They know how their own wealth may meet these needs. They also know that having a plan can make their own passing go more smoothly for their family and lower the odds of a serious estate dispute. 

In that light, Florida is one of the key states where people need to learn as much as they can about estate planning, due to its population demographics. Research shows that about 25% of all elderly individuals in the United States are located in California, Florida and Texas. 

Another way to break this down is to consider the percentage of the population that falls into this category. Doing so does bring some other low-population states into the equation. For instance, Florida ranks second with an elderly population of 20.5%. Right above it is Maine, with a population of 20.6%. However, there are only 276,000 elderly people in Maine, while there are 4,358,000 in Florida. The difference in ranking is just a massively higher overall population of people in general who reside in Florida. 

Have you started thinking about your own estate planning? You have a lot of different options and tactics that you can use. Make sure you take the time to look into them carefully. An experienced advocate can help you better understand your options and get you started.