Investing for the long run produces exceptional results over long periods of time. But by the time you get into your 80s, your time horizon gets shorter. Does it still make sense to think about long-term investing at that age?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, addresses a question from a Fool reader about long-run investing. Dan notes that if you're only caring for yourself and have no other financial obligations, then you can focus more on short-term needs and your own situation, mixing fixed-income investments with conservative dividend-paying stock ETFs SPDR S&P Dividend (NYSEMKT:SDY) and iShares Select Dividend (NASDAQ:DVY). But Dan points out that if you have heirs, things change dramatically, as you want to maximize wealth not just for yourself but for them as well. By considering things like stepped-up tax basis after your death, investing can be much different when you aim to leave a legacy behind.