5 Reasons Baby Boomers Must Update Their Estate Plans
Many baby boomers were wise to create estate plans early, but not everyone has updated them as times changed. Craig Hersch reviews why your estate plan likely needs a refresh, and you can read his full thoughts on our blog at FloridaEstatePlanning.com. The oldest baby boomers are retiring, but we’re all prone to believing in the mirage of never-ending youth. It’s what traps those who haven’t looked at their estate plan in quite some time. When baby boomers arrive at my office, they generally pull out existing wills that call for guardianships for their children (now grown adults) and name long-deceased parents as executors and trustees. This brings me to today’s topic: the top five reasons that baby boomers MUST update their estate plans. RELATIONSHIPS CHANGING Trusts and power of attorney documents might name people no longer close to you. Further, you may be in a different relationship or marriage than when you first prepared your estate plan. Blended families typical of second marriages require a thoughtful, detailed plan to prevent problems between a surviving spouse and step-relations. CHILDREN GROWING UP Your will drawn 20 years or more ago may have contemplated making distributions for your young children who are now fully grown with their own kids. You may also want to protect the inheritance you leave them from adult issues, such as divorce or lawsuits.
YOUR HEALTH While none of us like to admit it, age usually presents more health issues. You want to ensure that your healthcare surrogate documents are up to date as well as your living will that designates what you want to happen should you end up on life support with no hope of recovery. YOUR STUFF As the types and amounts of assets that we own change, it is important that our estate plan change with them. An estate plan built around a young family should look drastically different than an estate plan for someone in the prime of their working career or nearing retirement. YOUR LEGACY Many of us like to consider what kind of legacy we leave behind. It might include a charitable gift to institutions or causes near and dear to our hearts, or it might mean how we want our progeny to carry on with the wealth that we’ve accumulated. Make it a priority to dust off the will or trust that you’ve neglected
for so long and use these five points to write down what concerns you the most about your own planning. Then, take it to your attorney to provide a framework for your discussions and plans.
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TAKE A BREAK!
INGREDIENTS
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1 1/2 cups plain yogurt or fat-free sour cream
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4 celery stalks, finely chopped 1 large white onion, finely chopped
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1/4 cup Dijon mustard
4 large eggs, beaten
6 sprigs fresh dill, chopped 2 14.75-oz cans salmon packed in water
1/2 tbsp salt 1 tbsp pepper 2 tbsp olive oil
DIRECTIONS 1. In a small bowl, whisk together yogurt, Dijon mustard, and dill to make the dill sauce. Set aside. 2. Drain the salmon, then remove and discard the bones and skin. In a large bowl, mix the salmon, celery, onion, eggs, salt, and pepper. Form the mixture into 8 patties. Coat a medium skillet with olive oil and heat it over medium-high heat. Cook the
patties until browned on both sides, about 5 minutes per side. 3. Put a dollop of the dill sauce on top of each patty and serve.
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