Terms like “Baby Boomer,” “Millennial,” and “Gen-Z” are thrown around often, but who do they really refer to? Baby Boomers are those who were born between the years 1946 and 1964. If you fall into this group, there are certain provisions you should take when it comes to estate planning. Read on to learn more.
Estate Planning for Baby Boomers
If you are a Baby Boomer, you should plan for the following:
- Sentimental items: As you go through life, you collect items that hold important meaning. This makes these items valuable to you and your family. You should plan for these items accordingly. For example, you may want to list these items in a personal property memorandum rather than a will.
- Long-term health care needs: It can be difficult to consider, but, many individuals will need long-term care. This is expensive, and the cost of it can quickly deplete your savings. You will need to plan carefully to ensure that you still have access to your government benefits in the future. Additionally, you may want to plan for nursing home expenses.
- Special needs loved ones: If you care for a loved one with special needs, such as a child or other relative, you will have to plan carefully. This is because including your loved one in your will can make them ineligible when it comes to things like Medicare and other government benefits. In order to avoid this, you should create a special needs trust with the help of an estate planning attorney.
- Other provisions: You may also need to consider creating a trust for your pets. This will allow you to determine a caretaker for your pets. It will also allow you to put money aside for things like pet food and veterinarian bills. An estate planning attorney can help you determine other important provisions.
If you have any questions or concerns about the estate planning process, our firm is here to help. We will work to create a cohesive and comprehensive plan that meets the needs of you and your loved ones. Reach out today to speak with an experienced attorney.
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.