What considerations should baby boomers take into account when estate planning?
There are several considerations baby boomers should think about when estate planning which should include:
Essential healthcare needs
It is not uncommon for older individuals to be put into nursing homes. In an estate plan, you can designate assets for nursing home expenses. Health care is extremely expensive in today’s society. When people get older, more health issues surface. It is important to plan for long-term care needs. Estate planning can help ensure your medical benefits as long-term care can quickly drain your hard-earned savings.
Special needs individuals
If you want to make sure your loved one with a disability or special needs is taken care of after you die, you must include them in your estate plan. If you have a child or a family member with special needs, baby boomers should create a trust with designated funds for their long-term care. This will ensure your loved one’s needs will be accommodated.
Not everything in an estate plan has to have financial value. Many family keepsakes are valuable in different ways. Family keepsakes are beloved memorabilia that may be passed down between generations. It is important to talk to your family members to see what cherished family keepsake they would want after you die.
Any other provisions
Some people consider pets a part of their family, however, after you die you cannot leave anything for your pet to inherit. Instead, you can create trust with a specific sum of money to go toward the pet’s essential needs. You can assign a trustee that will be in charge of those funds and use those funds to take care of the pet. If you have a favorite charity, you may leave additional funds to be donated after you die. These provisions can be achieved through estate planning.
If you are a baby boomer who needs help creating an estate plan to ensure your assets are successfully transferred to your loved ones after you die, reach out to one of our knowledgeable and devoted team members. We can help you plan for the future.