It is never a bad idea to get ahead in your estate planning. This is especially the case if you recently came into an inheritance that you need to factor into your plan, made a significant life change that prompts modifications to your plan, or otherwise. We encourage baby boomers to get started if they have not done so already. For more information, read on to discover how a seasoned Rockland County wills, trusts & estates attorney at The Lauterbach Law Firm can help you draft, edit, and finalize your plan.
What generation do I fall under?
Below is a list of generations that should definitely be working toward their estate plan:
- The Great Generation: those that were born anywhere between the years 1901 and 1927.
- The Silent Generation: those that were born anywhere between the years 1928 and 1945.
- The Baby Boomers: those that were born anywhere between the years 1946 and 1964.
With that being said, if you fall under the baby boomer generation, you likely have parents that are part of the Great Generation or the Silent Generation. These generations are reputable for their thrifty spending and hefty savings, as they were born and raised in the Depression era. For this reason, you may have received a significant inheritance if you were your parents’ beneficiary.
How should baby boomers handle their estate planning?
With being on the receiving end of an inheritance from your parents, you likely have a better idea of how you would like to take care of your beneficiaries. That is, you will want to do everything in your power to make sure that they are physically, emotionally, and financially secure when you are no longer around. Below are some pieces of your estate plan that you should pay careful attention to:
- Medicaid planning: regardless of the large savings you may have incurred from your parents’ estate plans, this can easily waste away due to any potential, future, long-term healthcare needs you may have. You will want to create a Medicaid plan that will relieve the burden of care from your loved ones but that will also not drain your savings account.
- Trusts: this is a great tool to use to ensure that your savings are preserved after you have passed on. In addition, you can make a special needs trust for your beneficiaries with special needs or a pet trust for any pets you may leave behind.
- Family keepsakes: on top of large savings, you may have incurred some family keepsakes from your parents’ estates. You will want to talk to your beneficiaries about which keepsakes hold sentimental meaning to them and include them in your estate plan accordingly.
There are many more aspects of the estate plan that you should take advantage of. To learn more about them, contact one of the competent Rockland County attorneys today.