As we age, our priorities change. In our younger days, our priorities and worries normally centered around our children and our jobs. As baby boomers mature, so do their fears and concerns. The top three that we see time and time again for baby boomers and senior citizens are…
1. Outliving their retirement money;
2. Being financially ruined by illness or bad health; and
3. Losing their nest egg in investments
I can’t say I blame anyone for having these concerns, but there is a way to ease them. Estate planning not only eases the burden of your passing on your loved ones, but a more holistic and comprehensive approach now encompasses situations, both financial and health, that may come up later in life.
For example – having a plan in place to address the possibility of a disability or having long term care insurance can help ease the concern of being financially ruined by illness or health issues. A sound retirement plan with diversification tailor-made to your specific situation and goals while coordinating with your estate plan can ease the fear of losing your retirement money.
Estate planning, retirement planning and financial planning are all best done sooner rather than later. It is important to meet your fears head on to ensure that goals can be met. If the concern is that your estate is not enough to warrant estate planning, please be aware that it is often the more modest estates that can benefit from having a plan in place.
An estate planning attorney can work with you to provide a comprehensive plan that can not only ensure a smooth distribution of your property when you die, but one that addresses your needs, and your fears, later in life.
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- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018