Baby Boomers Estate Planning – How You Inherit, How Your Family Inherits

According to an article in the Wall Street Journal, “baby boomers—those 78 million people born from 1946 through 1964—are expected to inherit some $8.4 trillion during their lifetimes, according to the Center for Retirement Research at Boston College.”

Yes, there’s a good chance you’ll receive an inheritance.  And I know you may not like to talk about it, you’ll likely leave one behind as well.

This is one of the largest transfers of wealth from one generation to the next and, chances are, you’re part of it. You’re either inheriting something or will be passing something on to the next generation.

I all-too-frequently hear people say, “I know I need a Will, but I just can’t find the time.” Dealing with our own mortality…not fun, I get that. Working with and paying a lawyer…ugh, I hear you. Just know that it doesn’t have to be as painful or as expensive as you might think.

So, if I could make one suggestion it would be this, as you plan for the coming years, in addition to analyzing your retirement needs, income requirements, investment returns and expenses, please also plan for (1) who will make your health care decisions if you cant, and (2) what happens with your assets upon death.

Don’t be without a plan for your family.