Baby boomers refer to the generation of individuals born following World War II. Baby boomers were born between 1946 and 1964. There was an increased birth rate during this time. Baby boomers typically are left more money than other generations because their parents lived through the Depression. Due to this, they do not spend their money thoughtlessly. However, things may go awry if certain components such as an estate plan, will, or trust are not properly planned. Several considerations must be taken into account when estate planning. It is important to speak with your loved ones beforehand to have things already figured out. This will ensure your loved ones avoid any bumps in the road and ensure a smooth future. If you need help planning for the future to ensure your family is taken care of, contact a dedicated Montgomery County Estate Planning Attorney who can help you through the intricate process. Our firm is committed to your best interest.
What types of considerations should baby boomers take into account when estate planning?
Health care needs
Health care in America can be extremely expensive. The costs of long-term care can quickly drain your bank accounts. Unfortunately, as people age, more health issues arise. To account for this, later on, you will need to create an estate plan that ensures your government benefits are not compromised. It is normal for older adults to be placed in nursing homes to be properly taken care of by trained professionals. You should plan your nursing home expense to protect yourself and your assets.
Children or family members with special needs
If you have a child or a family member with special needs it is crucial to include them in your estate plan. Although a trust can ensure their long-term care is provided, an estate plan will ensure that a specific portion of your estate will pass to them. Therefore, leaving them a large sum of money to make sure they are properly cared for.
Family belongings are extremely important as they are sometimes objects that are passed down through generations. These important keepsakes should be accounted for to ensure they are properly taken care of in the future. Family memorabilia are valuable in different ways than money is. Their value is irreplaceable, so you want to ensure they are properly taken care of after you’ve died. To avoid any fights between families, creating an estate plan can help sort out any issues involving family keepsakes.
There are several other provisions one can take to ensure their assets are properly taken care of in the future and are passed to those they desire. Estate planning can help individuals accomplish their goals for the future. If they want to leave anything for their pets or a beloved charity, they may do so through estate planning.
If you want to make sure your assets are properly taken care of in the future, reach out to one of our trusted and devoted team members. Our exceptional legal assistance can help you ensure you’ve taken all the necessary steps in protecting your loved ones in the future.