Different generations must plan their estates differently. This is in part due to different lifestyles. For example, Millenials may have more digital assets than Baby Boomers. Read on to learn more about estate planning for Baby Boomers.
What Should Baby Boomers Consider?
When it comes to estate planning, you should pay close attention to:
- Items of sentimental value
- Some people care more about their items of sentimental value than items of monetary value. These are assets you may pass down from generation to generation like art, antiques, jewelry, and more. You should speak with your family members to determine which items mean the most to them.
- Long-term health care needs
- Unfortunately, many individuals need long-term care in their old age. This is expensive and can quickly deplete a lifetime of savings. As a result, it is important to plan your estate carefully so that important assets like Medicaid benefits are not in jeopardy. It is important to note that many people also plan for nursing home expenses.
- Special needs
- If you have a child or other loved one with a disability or special needs, it is important to include them in your estate plan in a specific way. For example, including them in your will can mean they lose their government benefits. But, a special needs estate plan can help you provide for your loved one throughout his/her life.
- Additional provisions
- There are a lot of other plans to make. For example, many people create a trust for their pets. This may designate a caretaker and provide money for things like food and veterinary bills. You should speak with an experienced estate planning attorney who can help you create a comprehensive estate plan to cover all your bases.
If you have any questions or concerns about the estate planning process, our firm is here to help. Reach out today to speak with a skilled and dedicated estate planning attorney. We are here to walk you through the process every step of the way.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
