“Boomer” Retirement Planning: Legal and Financial Issues

“Boomer” Retirement Planning: Legal and Financial Issues

If you are a baby boomer that is approaching 55 years of age or older, the following list contains some of the issues that are important for you to begin to consider as you approach retirement:

  1. Have your estate plan reviewed. The estate tax laws have changed. Furthermore, old wills or trusts will probably not cut it for you anymore. You should review your will every two to five years, and following major life events, consider how jointly titled assets will pass. Make sure you have named beneficiaries on retirement accounts, life insurance policies, and annuity contracts, and that they don’t contradict the provisions of your will and trust.
  2. You would probably benefit from the creation of Durable Powers of Attorney for financial matters and healthcare issues. It would be helpful for you to have some advice in disability planning.
  3. A review of your existing financial resources, including life insurance and investments, would be beneficial, and it would be useful to obtain advice from someone who is not going to obtain a commission from selling you anything.
  4. You should inquire about what it will take to provide your possibly needy parents with care. A discussion of Medicare, Medicaid, and asset protection planning for aging parents is important.
  5. Discussing the benefits of long term care insurance is essential. Discussing what you should look for in a policy would again be helpful from someone who will not obtain a commission from selling you such a policy. A discussion of Medicaid spend down planning is useful for some.
  6. Developing a relationship with an estate and trust lawyer who can give you advice on all of the above-referenced issues is important. Developing this kind of relationship now will assist not only you in meeting your needs, but also your aging parents and your growing children.

Yes, retirement planning consists of all of the above issues. As the baby boomers continue to mature, demand for advice regarding the above issues will grow. You should obtain advice now.

Please call our offices to set your appointment, if our firm can be of assistance.

By: Anthony B. Ferraro
Attorney – CPA
The Law Offices of Anthony B. Ferraro, LLC
5600 N River Road, Suite 764
Rosemont, IL

**This document is for discussion purposes only and is not intended to be construed as legal advice. You should never attempt estate planning without the advice of competent legal counsel. Please feel free to contact our offices if we may assist you.**

Any tax advice contained in this communication was not intended to be used, and cannot be used, by you (Or any other taxpayer) to avoid penalties under the Internal Revenue Code.

Copyright 2006 THE LAW OFFICES OF ANTHONY B. FERRARO, Rosemont, Il.