5 Estate Planning Basics for Boomers

9:15 pm Estate Planning

baby boomer healthy couple e1381439637144 5 Estate Planning Basics for BoomersIt is important for boomers to do their estate planning prior to the occurrence of a life-changing event.  Without an estate plan, you put your health and your assets at risk.  Making a plan while you are still healthy ensures you will be able to get the care you need when you need it most, and still reap the rewards of all your years of hard work.

Here is a list of estate planning basics for boomers:

Last Will and Testament – to distribute assets and establish guardianship for minor children;

Durable Powers of Attorney – to designate an agent to make healthcare and financial decisions if you should become incapacitated;

Advance Health Care Directives — these critical documents appoint someone to make health care decisions for you if you are unable to do so, and can include a living will which details the medical treatment you wish to receive if you are terminally ill or in a vegetative state.

Beneficiary Designations — If you do not name a beneficiary for your retirement accounts, distribution of those assets will be determined by state or federal law, which could have adverse tax consequences for beneficiaries.

Trusts – there are a number of options for you to protect assets and provide for family as well as for pets.

Whether your estate planning needs are basic or advanced, contact our Newport Beach law firm for professional guidance.

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