Many Baby Boomers are just now reaching the point where they are thinking about retiring and leaving inheritances for their children. Unfortunately, they are often finding it difficult to make plans because they have to care for their parents. The parents of Boomers did not expect to live as long as they are, and as a consequence they did not plan for it. When they run out of money, they often look to their Boomer children for help.
The need to take care of their parents leaves many Boomers in a bind. They simply do not know how much they will have to retire on and how much they will be able to leave to their own children. The problem gets worse because these same Boomers will not receive inheritances from their impoverished parents. In the face of these issues, many Boomers have decided that estate planning is not important and they do not do any. That is a big mistake and it can often cost their children.
In the face of uncertainty estate plans need to be flexible, not non-existent. There are ways that Baby Boomers can use estate plans to protect their assets, take care of their parents needs, take care of their own needs and leave inheritances to their children. Talk to an attorney about how.
Stephen A. Mendel, Estate Planning Attorney
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