Every generation has its own special considerations to make when crafting an estate plan. Baby boomers are no different. If you are ready to make a plan of your own and do everything that you can to protect your assets and leave something for the next generation, a Rockland County estate planning attorney is ready to help you.
What Kinds of Estate Planning Issues Do Baby Boomers Face?
Everyone’s situation is different, but we can identify a few issues that most baby boomers will have to consider when making their estate plans. Many will have to think about:
Adult children: When you are younger and have minor children, you need to be concerned about guardianship and who will care for your kids if you pass away. Many baby boomers have adult children who can take care of themselves now, but you still have to think about what you will pass on to them and how to keep things as fair as possible.
Long-term care: Elder care is expensive. You should start planning how you are going to pay for it now, and it can help to meet with a lawyer to discuss all of your potential options.
How to handle digital assets: While baby boomers are not thought of as the most tech-savvy generation, they are likely to have online banking accounts and other digital accounts and assets that need to be accounted for in any estate plan.
How Can Baby Boomers Address These Issues With an Estate Plan?
Fortunately, there are a few ways that your estate plan can address those above issues. Your lawyer can help you find ways to:
Protect assets: If you have adult children, you still probably want to pass on your assets to them even if they are financially stable and doing well all by themselves. We can help you figure out if a trust or another arrangement is the best way to protect and pass on assets to your loved ones.
Plan for your future: Long-term care can be expensive, but there are ways to reduce its impact on your finances. There is long-term care insurance available. There are also ways to use estate planning tools and potentially qualify for Medicaid by the time you need elder care. We can walk you through all of your options.
Allow access to your digital life: Your estate plan can also include instructions on how to handle your online accounts after you have passed. Include user names and passwords for bank or investment accounts, account for investments like cryptocurrency, and just be sure that any information that only exists online is available to your executor and your heirs.
Is the Help of a Lawyer Necessary?
We do recommend working with a lawyer to make sure that your estate plan properly addresses all of these issues. You don’t want to miss something and cause complications for your family later on.
Schedule Your Estate Planning Consultation
So if you are ready to make an estate plan, don’t go it alone. Contact the Lauterbach Law Firm to schedule a consultation with our team. We know that every estate is different, so we’re ready to help you make a unique plan that works for you and your family.
