As a baby boomer, you should already be thinking about finalizing your estate plan, if you have not done so already. But if you also received an inheritance from your parents’ estates, you may be considering how this plays into your own plan. Or, you may be considering actions that your parents took in their plan that you also want to add to your own plan. Regardless, if you are a baby boomer, continue reading to learn how one of the experienced Washtenaw County asset preservation attorneys at Collis, Griffor & Hendra can help you understand what you should do with your inheritance.
Am I considered a baby boomer?
Simply put, below are the different generations that you and your parents may have fallen under:
- The Great Generation: individuals born anywhere between the years 1901 and 1927.
- The Silent Generation: individuals born anywhere between the years 1928 and 1945.
- The Baby Boomers: individuals born anywhere between the years 1946 and 1964.
So, if your parents were a part of the Great Generation or the Silent Generation, they were born and raised in the Depression era and were likely thrifty with their money and had a significant savings account. This means that if you are a baby boomer, you may have come into a great inheritance.
How should I handle my inheritance as a baby boomer?
With a great inheritance comes a great responsibility to ensure that it is handled properly. Plus, being the beneficiary of your parents, you may have learned some things that you want to mimic or improve upon for your own beneficiaries. With all that being said, below are some estate planning tools that can help with managing your inheritance:
- Medicaid planning: you must prepare in the event that you need long-term healthcare. You will want to create a plan that does not drain out your savings and that does not place any type of burden on your loved ones.
- Trusts: you must prepare a trust that will preserve your assets. If you have a child with special needs, create a special needs trust. If you have a pet, create a pet trust. And if you have a favorite charity, create a charitable trust.
- Family keepsakes: while these may not hold any financial value, they may hold a certain sentimental value to your loved ones. So, figure out which keepsakes your loved ones cherish and assign them to your estate plan accordingly.
Overall, the purpose of these estate planning tools is to ensure that your assets are distributed to your liking and that your savings do not go to waste. There are many other tools at your disposal than the ones listed above. For more information, you must retain the services of a skilled Washtenaw County estate planning attorney at your earliest possible convenience.