If you categorize yourself as part of the baby boomer generation, you must be between the ages of 60 and 78. As you get older, you may grow more concerned with your more demanding healthcare needs. In short, this is to say that healthcare planning may be at the top of your list of things to take care of in your estate plan. With that being said, please continue reading to learn what baby boomers should prioritize in their estate plans and how an experienced Putnam County estate planning attorney at the Law Office of Andres D. Gil, PLLC can help you incorporate these things.

What things should baby boomers prioritize in their estate plans?

As a baby boomer, the first thing you should do is learn the potential strategies you can adopt to qualify for Medicaid. This may be of particular interest to you as you age, as Medicaid is set to cover the costs of assisted living facilities, home health aides, and other long-term healthcare expenses. Specifically, it may be in your best interest to restructure your assets by creating an irrevocable trust; transferring the title of your home to your beneficiaries; prepaying your funeral and burial expenses; etc.

On the topic of healthcare concerns, you should also look into establishing an advanced healthcare directive. This is a legal document that allows you to appoint a trusted individual to serve as your agent to make decisions regarding your healthcare. This individual would assume this role if there were ever a time that you were, sadly, incapable of making these critical decisions on your own. For example, if you were to ever enter a coma, you may advise your agent on whether or not you wish to receive life-sustaining treatment.

Why should baby boomers establish their estate plans sooner rather than later?

Going back to the Medicaid planning mentioned above, your eligibility may be determined by the look-back period. Essentially, this is a five-year review of your financial history. And if you participated in asset restructuring within these five years, you may be barred from utilizing this government program. This is because they may view it as you simply giving away assets in an attempt to qualify. Therefore, you must start strategizing well before you should ever need Medicaid.

As for your advanced healthcare directive, you may only legally establish this document if you are mentally sound. This is because, otherwise, you may be considered unable to comprehend the nature and consequences of your healthcare instructions. So, you do not want it to be too late, and for your healthcare to in turn be handled in a way that is not what you would have wanted.

In conclusion, at the Law Office of Andres D. Gil, PLLC, we share the same goal as you, which is likely to establish a valid and enforceable estate plan. So please do not hesitate to work with a skilled Putnam County estate planning attorney from our firm today.