Baby Boomers are those who were born between the years 1946 to 1964. Each generation leads a different lifestyle, and therefore, must plan for their estates differently. Read on to learn more about estate planning for Baby Boomers.
Considerations for Baby Boomers
If you are a Baby Boomer, you should be sure to consider the following when planning for your estate:
- Planning for your sentimental assets: Some assets do not have large monetary value, but instead have sentimental value. It can be beneficial to put these assets in a personal property memorandum. A personal property memorandum provides instructions to an executor of an estate regarding the distribution of tangible personal property that is not listed in a will or trust.
- Planning for your long-term healthcare needs: An estate plan should include how your assets should be protected from the cost of long-term care. If you are in a situation where you need in-home care or to live in a nursing home, your assets could cover the cost of this care. Be sure to detail how you want to protect these assets.
- Planning for your special needs loved ones: If you have a loved one with special needs, they likely benefit from government assistance. Some of these benefits may include SSI or Medicaid. In many cases, an individual needs to have a certain amount of assets in order to receive assistance. If you leave your loved one assets in your will or in a trust, they may no longer qualify for government assistance. You will have to plan accordingly to ensure this does not occur.
- Planning for your pets: By using a pet trust, you are able to designate the wishes you have for your pet as well as allocate certain funds for their care. This can be done in a will, as part of a revocable living trust, or a stand-alone trust. In doing so, it is important to be specific regarding what is included. This may be the pet’s healthcare, the veterinarians they have, your plans for their future burial, and how leftover funds should be distributed in the event of your pet’s death.
- Planning for your digital assets: Just as you must plan ahead for your tangible assets, you must also make sure you have a plan for your digital assets. Talk to an attorney to learn more about digital estate planning.
If you have any questions or concerns, our firm is here to help. Reach out today to speak with an experienced attorney.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.