Estate planning can be stressful, but going into the process prepared can make all the difference. Read on to learn more about estate planning for Baby Boomers in Michigan.
Who are Baby Boomers?
The term “Baby Boomer” refers to those who were born between 1946 to 1964.
Why Do Baby Boomers Have to Plan a Certain Way?
Each generation has to plan for their futures differently. This is because they are all at different places in their lives. For example, Baby Boomers may have to plan for their children, whereas Millenials may not. Additionally, Millenials may have more digital assets to plan for. Below, you will find some of the considerations you should take if you are a Baby Boomer:
Sentimental assets- Over the course of your life, you will acquire sentimental items. This may be a souvenir from a trip, a gift passed down from a parent, and so on. While these assets may not have a large monetary value, they can be extremely meaningful to you and your family, making them valuable in that sense. When it comes to estate planning, you should talk to your family members about their favorite sentimental items.
Special needs planning- If you care for a loved one with special needs, you will have to make certain arrangements. This is because including your loved one in your will can actually disqualify them from receiving important government benefits. To avoid this, you can create a special needs trust.
Planning for your pets- If you have pets, you may need to create a trust for them. This would allow you to choose a caretaker for your pets. Additionally, you can put money aside to be used for things like food and veterinarian bills.
If you have any questions or concerns about estate planning, our firm is here to help. We will walk you through the process every step of the way. Reach out today to begin estate planning with the help of a skilled attorney.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.