The Baby Boom generation is swelling the ranks of middle and older aged adults.
According to the Administration on Aging (AOA), there will be more than 72 million Americans age 65 and older by 2030, roughly twice present rate. Estate planning is a different exercise when children are grown and may have children of their own. While once you may have planned for the safety and guardianship of your children, their needs, and yours, have changed. Consider these thoughts:
If your estate plan consists only of a will, your end-of-life wishes are processed through probate court. In addition to saving the expense and time of a court proceeding, an estate plan involving trusts allows you to keep knowledge of the ownership and distribution of property and assets private.
Financial planning and tax considerations are different at age 70 than 50. Lifetime gifts to children or relatives can be appreciated while you are living, while helping you spend down the value of your estate. Trusts can protect and deliver assets to beneficiaries without intrusion of creditors or others who may have a claim against your estate.
Succession planning is essential for the well-being of an ongoing business. Discussions had and decisions made now could literally save your business when you are deceased.
No one wants to consider death — especially not your survivors. A well-crafted estate plan eases fear and helps loved ones move forward.
If you do not yet have an estate plan, now is the time. If you are still without an advanced medical directive, take action soon.