Differentiating different generations can be confusing. However, if you were born between 1946 and 1964, you fall into the baby boomer generation. Individuals part of the baby boomer generation were born following World War II. This means individuals that fit into this category had parents who were raised during the Depression. Because of this baby boomers are typically left with more money as their parents were more frugal. They did not use their money thoughtlessly. Since baby boomers are left with more money, certain considerations should be taken when they are estate planning. If you fall into the baby boomer generation, contact an experienced Woodland Hills, California Estate Planning Attorney who can help you plan for the future.
What special considerations should baby boomers bear in mind when estate planning?
Long-term health care
When baby boomers are estate planning they must take into account the potential need for long-term health care. Unfortunately, certain health issues surface as we age. Some of those health issues may warrant long-term health care. The cost of long-term health care can be extremely expensive and can quickly drain your bank accounts. It is important to plan for this future need to protect your hard-earned assets. Baby boomers should also consider planning their nursing home expenses. Estate planning can help baby boomers ensure their government benefits are not compromised by their future needs.
Special needs family members
If you have a child or a family member that has special needs and requires special accommodations it is important to include them in your estate plan. Baby boomers should create a trust and an estate plan to ensure a designated sum of money will go toward their long-term care. This will ensure your loved ones are taken care of in the future.
Family keepsakes
Family heirlooms are often more valuable than finances. If certain family keepsakes have been passed down through generations, you should talk to your family to plan who will keep them in the future. This will avoid conflict as family members may fight over who gets what. Family mementos should be considered when estate planning.
Charities
If you have a beloved charity that you wish to leave a sum of money, you can achieve this through estate planning.
Pets
Pets are often treated as important members of our families. However, you cannot leave any belongings for your pet to inherit. Nevertheless, you can create a will and trust when estate planning to ensure your pet is provided for in the future. If you create a trust with a designated trustee, you can leave a specific amount of money for your pet’s basic needs.
If you are a baby boomer, don’t hesitate to reach out to one of our dedicated and skilled attorneys who can help you with your estate planning. We are committed to helping our clients successfully plan for the future.
