Estate Planning Over 50: Four Reasons


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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fox, Shjeflo, Hartley & Babu LLP | Attorney Advertising

Written by:


Fox, Shjeflo, Hartley & Babu LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.