According to USA Today, Baby Boomers have an estate planning problem: they aren’t doing it.
Most of today’s Baby Boomers understand the importance of financial planning, retirement savings, and sometimes even long-term care insurance. But as USA Today reports, they’ve shown less interest in wills, trusts, and healthcare directives.
The reason for that might be simple morbidity: planning for death feels uncomfortably macabre for some, especially as they get older.
“Baby Boomers… are looking at what their cash flow will be in retirement,” the Today piece explains. “Can they do the things they want to do? Can they retire? Can they keep the house? They are not focused on death… Often, it doesn’t have a sense of urgency around it. People say, ‘We’ll deal with it later.’”
But procrastination never pays. “Later” only lasts so long. Crisis, tragedy, and poor health strike without warning.
There’s simply no way to divorce financial planning from estate planning. They go hand in hand, especially for aging Baby Boomers. As one attorney told Today, “It’s important not to look at financial planning in a vacuum.”
As Sacramento estate planning lawyers, we work closely with a number of Baby Boomers who’ve realized that these conversations might be uncomfortable, but they’re important nevertheless. We know, though, that there are many more Baby Boomers who’ve yet to reach the same realization.
If that’s you, we hope you’ll consider coming in for a chat about the future. Chances are it won’t be nearly as uncomfortable as you fear! we look at financial planning and estate planning as two complementary parts of the same whole. Our goal is to put your affairs in the best possible position — both during life and in the future.
Find out more about what we can do for you. Contact us to set up a consultation today.