Estate Planning Considerations for Baby Boomers

For baby boomers, estate planning is about much more than just getting financial affairs in order and providing for the care of loved ones. Many boomers also hope to leave their unique legacy, and make some kind of difference in the world after their death. A recent article discusses how boomers can reduce the complexity of ‘traditional’ estate planning in order to allow them more time to focus on their legacy.

The first thing a person should do when planning his or her estate is to determine, roughly, the value of his or her entire estate. When figuring this value, individuals should be sure to take into account the entirety of their assets. This includes obvious assets such as houses and bank accounts, as well as often overlooked assets such as life insurance and retirement accounts.

The next step is to determine how you would like your assets to be distributed among your beneficiaries. Consider whether it would be wise to leave any assets in a trust. Importantly, a trust is the best way to leave a financial legacy that spans more than one generation. Trusts are also a great estate planning tool to use when an individual anticipates liability from creditors or lawsuits in the future.

After an individual has calculated the value of his or her assets and determined how they should be distributed, he or she can take the time to pass on his or her legacy. This is often done through sharing stories, values, and memories with family members. Some individuals also choose to write letters and put together photo albums that share the essence of who they are with their loved ones.

For assistance in creating an estate plan and passing on your legacy, contact us at (626) 696-3145.

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