In 2019, the youngest members of the baby boom generation in Charlotte will turn 55, an age when many think more about planning for their future. This can include making detailed plans for retirement as well as considering the eventual distribution of assets to loved ones. Indeed, baby boomers are the single wealthiest generation recorded in American history, with over $30 trillion in assets that will be spent or passed down in the several decades to come. Despite their wealth, however, many baby boomers do not have estate plans in place. According to one survey, 42 percent of people in this generation do not even have a basic will.
While some people do have a will or other estate planning documents, they could be outdated or otherwise incorrect. These documents might not include later personal developments like marriage, divorce or the birth of children. In addition, they may not fully reflect changes to the law such as the widely expanded exemption from federal estate taxes. Trusts, wills and powers of attorney all have an important role to play in distributing assets and providing for a person’s loved ones. Another tool that many may wish to consider while developing a plan is life insurance.
Since it pays out on death before an estate will emerge from probate, life insurance may provide beneficiaries with much-needed access to liquid cash. These funds can help them cover medical bills and funeral expenses or even accountant and attorney fees that may arise while dealing with the estate.
When people plan for the future, there are many actions they can take. An estate planning attorney can help a client develop a plan and execute key documents to bring their vision into reality.