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The #1 Estate Planning Tip for Baby Boomers

May 16, 2016

Filed under: Estate Planning,Healthcare Power of Attorney — Neel Shah @ 9:15 am

We’ve had the opportunity to cover many different and important estate planning topics on the blog, but it can overwhelming to determine what actually needs your attention. Most individuals need at the very minimum a basic estate plan.

Gone are the days, however, when that basic estate plan covers all of your needs. For years, the primary focus of estate planning has been about how to handle your assets after you pass away. Definitely a worthy cause, it’s not the only thing that should draw your attention in the estate planning process.

Baby boomers in particular, who are entering retirement to the tune of 3.5 million people every single year, must consider life planning too. This is because longevity is on the rise. In the year 2050, it is estimated that one out of every five people will be over age 65. During that same time period, the fastest- growing demographic in the country will be those 85 and over.

This increase in longevity is coupled with the fact that more elderly people are living with one or more chronic diseases, too. In the past, these chronic diseases increased a senior’s mortality risk, but many people today are not just living but often thriving with one or more chronic conditions. Did you know, for example, that 92% of seniors are living with one chronic condition? incapacity planning attorney new jersey

Although you might be of sound mind now as you first enter retirement, it is in your best interests to put together estate planning documents associated with incapacity. This helps you to avoid fights among family members and confusion related to your wishes if something were to happen to you in the future.

Thankfully, many of these documents, like a healthcare power of attorney, can be put together by an experienced and knowledgeable estate planning attorney. If something happens to you, having these documents in line can go a long way towards helping your appointed agent make the necessary decisions. Ready to schedule your appointment? Set up a meeting with us to talk today!

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