Members of the Baby Boomer generation are currently between the ages of 53 and 71 years of age. If they aren’t retired yet, they will be soon. So, what kind of estate planning should the aging baby boomer be considering?
General Estate Planning Info / Info to Gather
Estate planning is necessary for all adults, though many delay facing the inevitable. As people rapidly approaching retirement, Boomers need to face certain issues:
- Age brings with it a greater likelihood of health care emergency.
- The longer you live, the longer you are likely to live.
- Do you have enough money to fund an active, comfortable retirement?
- Can you afford increased health care costs and long-term care?
Boomers need the same estate planning documents as any other individual. However, their focus will be on retirement and long-term care to a greater degree than post-Boomer generations.
The Last Will and Testament
Simply put, a Will is a legal document that communicates a person’s final wishes pertaining to possessions and dependents. If you pass away without leaving a valid will, then state law will determine how your estate will be distributed. Such distribution probably will not take into account how you want your estate to be handled – because you didn’t put your wishes in writing.
Power of Attorney
A general durable power of attorney grants another person the power to make decisions for you. Spouses often sign powers of attorney naming either other as agent.
Advance Directive for Health Care
Some estate planning documents let you ‘speak’ to your family and medical providers when you no longer can.
- Living Will. This document tells the doctors how to handle end-of-life treatments. For example, you can say what types of life sustaining care you want and the ones you want to avoid.
- Health-care proxy. By preparing and signing this document, you can tell doctors who may make decisions for you or that you do not want anyone to make decisions.
The time to think about potential long-term care is now. Discuss options with your family and your attorney. You may need to consider asset protection, pre-emptive Medicaid planning, and long-term care insurance.
If you’re a business owner, then business succession plans are critical to the future of your company. A qualified Alabama attorney can assess your situation and offer options that are good for you.
In addition to possibly helping fund your retirement and long-term care plans, asset protection can safeguard your estate and protect your life savings from devastating long term care costs. Careful planning may lead to a greater inheritance for your heirs.
Your Pathway to Peace of Mind Starts with a Free Consultation.
The attorneys at Adams Miller, LLP can help you assess your needs and develop the right plan to meet those needs. For a free consultation, contact us at 256 251-2137or use our convenient Contact Form. We have offices in Anniston and Birmingham and we assist clients in the Leeds, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.