What Are Estate Planning Tips for Baby Boomers?

Baby boomers are the generation of people born between 1946 and 1964. If you are a part of this generation and have yet to get started on your estate plan, we strongly encourage you that you do so, sooner rather than later. With that being said, please read on to discover some helpful estate planning tips baby boomers can follow and how one of the seasoned Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can offer our legal services to you.

Why should baby boomers take their estate planning seriously?

With being between the ages of 60 and 78, you may have different concerns surrounding your estate plan than, say, a person from the next generation(i.e., Generation X) between the ages of 44 and 59. For one, your children may be well into adulthood by now, so you may no longer have to worry about appointing a guardian, setting aside funds for their education, etc. Instead, your priorities may shift to your grandchildren, as you may sooner look into establishing trust funds for them to inherit when they become of mature age.

What’s more, with age comes the growing concern of long-term healthcare needs. Therefore, your estate plan may focus on Medicaid planning and asset protection. Also, you may think more about saving enough money to cover your funeral and burial expenses to relieve your family of this financial burden when this most unfortunate day arrives.

What are some helpful estate planning tips for baby boomers?

As you get older, the possibility of soon becoming mentally incapacitated or, sadly, passing away becomes more and more realistic. This is why you must make an estate plan before it is too late. The last thing you likely want is for your family to be left with feeling unsettled over this, especially at a time of mourning when they are emotionally distraught. Without further ado, below are some helpful estate planning tips for baby boomers to start thinking about:

• You should learn the potential strategies for qualifying for Medicaid should you ever need it.
• You should establish trusts for your beneficiaries so these funds are not lost to future, long-term healthcare bills.
• You should appoint a financial power of attorney to manage your financial affairs should you ever become incapacitated.
• You should create an advanced healthcare directive to ensure your wishes for medical care are granted should you ever become incapacitated.
• You should ask a lawyer to help incorporate your digital assets into your existing estate plan, especially if you are not exactly technology savvy.

In conclusion, at Heritage Elder Law & Estate Planning, LLC, we share the same goal as you, which is likely to establish a valid and enforceable estate plan. So please do not hesitate to work with one of the competent Butler County estate planning & probate attorneys from our firm today.