The group of individuals considered baby boomers were born between 1946 and 1964. This group began reaching retirement age in 2011 and studies show that many of these individuals may not have established estate-planning documents. It is important for baby boomers to look into establishing certain legal documents to protect them during retirement time. Studies also show that the rise of dementia in America will rise with the rise of people entering retirement, so establishing an estate plan is important to protect against fraud or being taken advantage of during a vulnerable time (To read the full article click here).
Things to consider in regards to estate planning:
Diminishing capacity is something baby boomers may start to experience. Creating a plan for your care if something occurs to you like injury or dementia is crucial. Naming a person to make decisions in regards to your health is helpful for the future of your well-being. The combination of both a revocable living trust and a durable power of attorney for financial matters will be better than either of the two individual documents separately and will help you create an incapacity plan.
Asset Protection Planning
The creation of a Will is very important to protect the assets accumulated over a life span. If you were to become incapacitated in any way or die, creating a Will is the best way to assure that the proper individuals receive all the assets you wish for them to inherit. Creating a good life insurance policy is another way to ensure that the proper individuals receive the money you saved and accumulated over your life span. Naming a beneficiary in a Will and for a life insurance policy is important to protect assets.
As baby boomers start to reach retirement age they must start to consider income options when they report their final two weeks notice of their lifetime and start to enjoy the golden years. Educating yourself on how to maximize social security benefits is important. Qualified Retirement Accounts like 401(k) and IRA’s are important accounts to understand when to take money out on for retirement. Annuities are another retirement planning option for individuals to consider for retirement funding.
Estrada Legal is available to help baby boomers protect their retirement years and create a plan to optimize funding. Our established lawyers are available to help create asset protection and estate planning to ensure the money accumulated over a lifetime is placed in the right hands. We are also available to create incapacity plans to ensure the proper people are placed in charge of your health care plan.