With the passing of your parents, you may be left to deal with the different facets of their estate plan. More specifically, you may be wondering what to do with the investments, properties, and other assets that they have passed onto you, along with how you can incorporate them into your own estate plan. If you are a baby boomer who has recently received a significant inheritance, continue reading to learn how an experienced Nassau County estate planning lawyer at Barrows Levy PLLC, can guide you through different estate planning considerations.
Am I considered a baby boomer?
Put simply, you are considered part of the baby boomer generation if you were born anywhere between 1946 and 1964. With that, your parents were likely considered part of the Greatest Generation or the Silent Generation, so long as they were born anywhere between 1900 and 1945.
While most individuals are expected to leave an average of $175,000 to their heirs, those individuals of the Greatest Generation or the Silent Generation are expected to leave much more. This is because, being raised in the Depression era, these generations tend to be more frugal with their money. So, studies have reported that baby boomers are expected to inherit more than $8 trillion in total.
What estate planning considerations should baby boomers have?
After receiving an inheritance from your parents, you may be thinking about what you want to mimic and what you want to do differently with your estate planning.
For example, if you inherited family keepsakes, you may now understand just how important these possessions are. This is because, even though they may not hold great financial value, they may hold irreplaceable sentimental value. So, you should have a conversation with your children and any other descendants about what family keepsakes mean the most to them so that you can include them in your estate plan accordingly.
Also, you may have had to witness firsthand just how extensive and expensive your parents’ healthcare needs were towards the end of their life. With such long-term healthcare, you can easily give up a great deal of your savings. So, you must plan out how to cover any necessary, future healthcare expenses and how to also protect your life savings.
If you have a child or any other descendant with special needs who requires special care, then you should set up a special needs trust to ensure that there is enough money available for them to access the care they need. You may also want to include a pet clause in your living will and trust to ensure that there is enough money available for their veterinary needs and someone to take of them in the future.
With all these things to consider, you should seek the legal advice of a skilled attorney from our firm.
