01/23/2025
Baby Boomers, Elder Law and Estate Planning. We have experienced the largest group of people (Baby Boomers)
joining the ranks of "older adults” or “seniors."
This trend signals a dynamic change for estate planning and estate dispositions. Why? At first, Baby Boomers found themselves seeking professional assistance to get their elder parents’ affairs
in order. Now they are beginning to comprehend their need for engaging in estate planning for themselves. Moreover, they are beginning to recognize and appreciate the value of advance
planning for the rest of one’s life, which includes old age related disabilities, and distribution of assets upon death.
Boomers now understand the importance of
appraising personal property, downsizing, and appropriately disposing of their property though a carefully thought out estate plan.
As Baby Boomers have fewer children, they cannot rely on family support systems similar to the ones that their parents enjoyed. Also due to the wonders of modern medicine, Baby Boomers
will live longer than their predecessors by approximately ten years. Accordingly, Baby Boomers realize the importance of making proactive life-changing decisions for themselves so that they
will live comfortably throughout their “Golden Years.”
Our society places great value on qualities such as safety, preparation, and good performance. Yet when it comes to preparing an estate plan, historically. these concepts have many times been thrown to the wind allowing the pieces to fall randomly. Today Boomers are approaching planning from a different perspective as they realize that they need to structure their estates in order to achieve their hopes and dreams while minimizing the risk of depleting their assets. In order to avoid making decisions while in crisis mode, Boomers are also aware that they must be prepared for any catastrophic event(s) such as a serious accident, heart attack, or cancer. For many Boomers it is important that their estates not only reduce the costs, delays and public nature of the probate process, but also the Federal and State Estate Tax.
Lastly, Boomers are beginning to recognize that the worst plan is no plan at all!!
The essential lesson here is to not procrastinate! By putting a thoughtful and comprehensive estate plan in place, you will ensure your affairs are handled in the manner you wish while
creating comfort for loved ones and peace of mind for yourself. The trick is to live for today and be prepared for tomorrow. In so doing you will experience less worry, and benefit from more
personal fulfillment. Rather than worrying about tomorrow, people should form more thoughtful plans today that address the issues surrounding their estate, finances, lifestyle issues, potential future disability and anticipated future needs. This will enable them to go about the business of enjoying their lives, each and every day.
They have worked hard to build their assets. It only makes sense that they devote the same amount of energy into protecting them, in the event of death or age related disability.
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