The Baby Boomer generation is one of the greatest generations in modern times. The impact that generation has on the world is incredible and paved the way for many great generations after them. Born between 1946 and 1964, the Baby Boomer generation has reached retirement age and should be looking into estate planning, or updating their estate plans now that their children have flown the nest.
Baby Boomers in the estate planning process may have many questions and could easily overlook modern assets like digital assets, photos, e-documents, and more. If you or someone you know needs estate planning for Baby Boomers in Ohio, consider these three things and then contact The Obenour Legal Group for estate planning services.
1. Retirement Plans
Baby Boomers are one of the first generations that are reaching and achieving retirement without the safety net of a defined pension plan. Some are even pushing back their retirement dates to keep working and saving more money. But there are options for Baby Boomers in estate planning to assess their assets and make a better plan for their estate.
2. Nursing Homes and Long-Term Care
One of the modern challenges that Baby Boomers face is that their children and grandchildren are less likely to become care givers. Some families don’t have the time or resources to provide housing and care their aging elders. Baby Boomers working through estate planning must plan for the possibility of nursing homes or contracting in-home care. Planning for long-term care is an important part of Baby Boomers’ estate planning needs.
3. Medical Decisions
Unfortunately, our bodies and minds can fail us later in life. When you are medically incapacitated and no longer able to make decisions toward your healthcare, it’s important to have someone you trust to step in and make those decisions. Many Baby Boomers may think, “It’s OK, my family will make those decisions together,” but with too many people have opposing viewpoints on the best course of action, your medical care could be delayed and the choices could have a lasting, negative impact on the relationships in your family. Estate planning for Baby Boomers in Ohio needs to include powers of attorney in order to appoint a single person to make those medical and healthcare decisions.
If you’re a Baby Boomer that has put off estate planning, then now is the time to make a plan. Contacting Abbie Obenour at the Obenour Legal Group for competent and caring estate planning services. Without a plan in place for your assets, medical care, or long-term care needs, it’s even more difficult to make decisions when the time comes. Contact Obenour Legal Group to schedule a consultation with an experienced and knowledgeable estate planning attorney in Ohio.