Baby boomers are known for being the wealthiest generation in our history. This is reason alone for baby boomers to consider drafting their estate plan today. Creating an estate plan will protect boomers and allow them to find peace of mind knowing that their wishes will be honored when they are gone. Estate planning can also ensure that boomers will be able to maintain their lifestyle through the rest of their lives while creating a plan for long-term health care needs, what to do with family keepsakes, and how to handle special needs clauses. Continue reading to discover how to begin the estate planning process and some factors to consider along the way. Reach out to our experienced estate planning attorney today for assistance. You do not need to go through this process alone.
How do I begin the estate planning process?
One of the first steps you can take to begin your estate planning process is to hire an experienced estate planning attorney who will walk you through each step of the process. Next, you might want to organize a family discussion where you and all of your family members will meet at once. This will help you to communicate your estate wishes while you still remain in good health. This will also avoid the issue of your family having to guess what you would like done with your estate when you eventually pass.
Next, you should make a list of what each person in your life wants by drafting an official will or creating a memorandum. If you believe you have assets that some family members might fight over, it is best to give these assets away as a gift sooner rather than later, if you have a specific person in mind.
It is also smart to consider putting relatives who are specifically irresponsible with money in a trust rather than a will.
Estate Planning Considerations for Baby Boomers
It is important to consider long-term health care needs as well as your plans for loved ones with special needs when you pass.
Long-term Health Care Needs: It is important to consider the reality of the eventual need for long-term care. The cost of long-term care can quickly add up and dig into a lifetime of savings. While federal aid can still help, set up an estate plan today so that entitlements to Medicaid benefits are not jeopardized.
Special Needs: It is important to include your child or loved one with a disability or special needs in your estate plan. This will ensure that your family member has proper care after your passing.
Reach Out to an Estate Planning Lawyer
You do not need to go through the estate planning process by yourself. That is where our knowledgeable estate planning firm comes in. Reach out to an experienced estate planning attorney who will walk you through each step of this process to ensure your wishes are met. Contact our firm today to get started.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.