If you were a beneficiary of your parents’ estates, and they have unfortunately passed on, you may be wondering what your next step is. If you are a baby boomer, follow along to find out what to do with your inheritance and how a proficient Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC, can guide you throughout.
Who is considered a baby boomer?
Put simply, you are considered part of the baby boomer generation if you were born between the years 1946 and 1964. This likely means that your parents were part of the Great Generation or the Silent Generation. And since they were born and raised in the Depression era, they were likely economical with their money and have a significant amount of savings to pass on to their beneficiaries.
As a baby boomer, how should I handle my inheritance?
If you came into a significant inheritance from your parents, you may be wondering how to best incorporate it into your own estate plan. Rest assured, there are many estate planning tools at your disposal that can be curated around your unique wants and needs.
For one, you should look into Medicaid planning. You may have experienced first-hand from your parents just how pricey long-term healthcare can amount to. You will want to make sure that this is taken care of in advance, so that your savings do not get drained and so that your loved ones do not have to deal with this financial burden.
Secondly, you should look into a trust. Notably, there are different types of trusts that you can opt into depending on what you are looking for. If you have a child or dependent with special needs, then you should set up a special needs trust. And if you have a pet or pets, then you should set up a pet trust. You will want to make sure this is settled in advance so that your loved ones are physically and financially taken care of when you have passed on.
How else should I handle my inheritance?
You may have also inherited family keepsakes from your parents. While these may not hold any financial value, they may hold a significant sentimental value.
Importantly, these items can be incorporated into your estate plan. You will want to make sure that you have conversations with your loved ones about which family keepsakes they cherish the most so that you can ensure that they are given to them when you have passed on.
All in all, there are so many more estate planning tools that you can use. It is never too late, or too early, to get started. If you are ready, reach out to a talented Putnam County estate planning attorney today. We look forward to your phone call.