Many studies focus on the experiences of baby boomers – their motivations, how they’ve planned for retirement, and how their large numbers impact healthcare. But as baby boomers continue to get older, it’s been estimated that more than $30 trillion in wealth will be transferred from them to future generations or organizations. So what if a good portion of these boomers don’t even have a will or basic estate planning in place?
This massive asset transfer is largely due to the fact that baby boomers are the wealthiest generation in U.S. history. The first consideration for a boomer who is new to the estate planning process is whether enough steps have been taken to protect that wealth.
Baby boomers should consider that long term care costs have been on the rise and have caught many couples and singles by surprise. Just one long term care event could wipe out a big portion of someone’s savings and wealth without some advanced planning.
For those baby boomers who have already begun incorporating long term care costs in their planning, perhaps through a long term care insurance policy, the next step is to think about protection and privacy. This is where a tool like an asset protection trust is a valuable resource for outlining how assets will be passed down to others in a manner and process only visible to you, your trustee, and beneficiaries in the future. Without the right trust, your estate could become a matter of public record and subject to claims by your creditors, your beneficiaries’ creditors or even an ex-son-in-law or ex-daughter-in-law.
Stuck on how to prepare? Contact Rutkowski Law Firm today.