Baby Boomers Should Make Estate Planning a Priority
Recent studies indicate that far too many baby boomers are neglecting their estate plans as they plan for retirement and beyond.
Nobody likes to spend much time thinking about their own mortality. But baby boomers are entering senior citizenship at a rapid pace, and while estate planning is important for people of all ages, it is especially imperative for those who have entered retirement.
Some experts say baby boomers have had a keen focus on their retirement and cash flow and whether they’ll be able to afford to keep certain property in retirement, but not necessarily on their death and transferring their estate to their beneficiaries. A lack of a sense of urgency for estate planning is a problem for all generations, but it is especially worrisome among people who are reaching their golden years.
The following are some issues baby boomers should consider along with their retirement planning:
- Working with a financial planner and an estate planning attorney to ensure they are covered in all aspects of their estate into the future and after their passing
- Establishing a living will, power of attorney, healthcare proxy and other important estate planning initiatives to protect oneself in the event of a severe illness
- Having discussions with family members about their wishes, including how they will pass along certain assets, how they will transfer a family business and what their end-of-life wishes are
- Updating beneficiaries on life insurance and retirement accounts
- Analyzing how taxes could potentially affect their estates
To learn more about what you should consider as you plan for the years ahead, contact a knowledgeable Florida estate planning lawyer with The Charles Law Offices.