Studies have shown that baby boomers, otherwise known as the generation born between 1946 and 1964, may come across more of an inheritance than the average. This is because they are likely receiving their inheritances from those born in the Depression era, who are well known for being more frugal with their money than the average. With a significant inheritance, you may be wondering how to handle this and how this fits into your own estate plan. Read on to discover what the important estate planning tools are for a baby boomer and how one of the seasoned New York City wills, trusts & estates attorneys at Zimmer Law Group, P.C., can walk you through this.
What are important estate planning tools that should I have as a baby boomer?
If your parents have, unfortunately, passed on and you received a large inheritance as a result, it may be an overwhelming concept. For one, you may still be dealing with the emotional distress from your loss. Or, you may even be arguing with your siblings or other heirs about the inheritance distribution. But regardless, you must maximize your use of the estate planning tools at your disposal.
First, you must work on your Medicaid planning. You have to assume that you will require long-term healthcare down the line and determine how that will impact your savings. With a plan in place, you will be able to map out how to cover your future healthcare expenses while simultaneously protecting your life savings.
Additionally, trusts are one of the most important tools that you can take advantage of. If you have a child with special needs, you should set up a special needs trust. And if you have a pet, you should set up a pet trust. The purpose of this is to ensure that your loved ones are taken care of physically, emotionally, and financially when you can no longer do so yourself.
What are other important tools of estate planning?
Besides your high-value assets, your family keepsakes may be equally important to include in your estate plan. If you received such keepsakes in your inheritance, you likely understand just how meaningful they are to possess. So, have a conversation with your loved ones and figure out which family keepsakes mean the most to them so that you can write the proper directions in your estate plan.
For more information, you should look no further than one of the competent New York City wills, trusts & estates attorneys. We understand that everyone’s situation is different, and we will help you handle your inheritance in the best way possible. Pick up the phone and give us a call today.