Baby Boomers are at the center of the focus of legal needs and aging these days. Not only are they becoming caregivers of aging parents, but they are learning to plan ahead for their own estate planning needs. So what is on the mind of baby boomers when it comes to estate planning?
Financing Long Term Care
As the Boomers see the cost of long term care and nursing home expenses top $70,000 annually, they are taking a good, long look at their own finances and making decisions on their future long term care needs. Many are considering long term care insurance or putting away more money to handle this need in later years.
Avoiding Conservatorship and Guardianship
With proper estate planning, Boomers are finding that there are choices in the event they lose their capacity to handle their finances or personal affairs or both. But these choices must be made before the need arises. Using documents such as advance medical directives or a durable power of attorney, or even creating a living trust can be powerful alternatives to the court proceedings involved in conservatorships and guardianships.
As Baby Boomers deal with elderly parents and are faced with care-giving crises, they are looking into alternatives for their care in their later years.
In a recent survey of Baby Boomers by the Associated Press, it was found that:
- Only 11 percent say they are strongly convinced they will be able to live in comfort.
- A total of 55 percent said they were either somewhat or very certain they could retire with financial security.
- another 44 percent express little or no faith they’ll have enough money when their careers end.
- 1 in 4 boomers still working say they’ll never retire.
Baby Boomers are beginning to turn 65, and most of them are still working, but with a keen eye toward retirement. Many of them also can be referred to as the “Sandwich Generation” — caught in the middle — caring for aging parents while still providing support for their young adult children. They have specific estate planning needs, and an estate planning attorney can help them take care of those needs.