I’m sure we all heard this joke running around online for a while. It’s often tacked onto the end of a complaint about someone older struggling with a new app on their phone, or talking about the way “things used to be.”
But for all the grief our society gives Baby Boomers, we actually have a lot to thank them for! Much of the modern growth we experience today is due to their innovation. Just think about how different the world would be today without Bill Gates or Steve Jobs!
Born between 1946 and 1964, Baby Boomers were born into a world of black and white TV, and now live in the age of WiFi and smartphones. They experienced previously considered “luxury items” like a private washing machine, refrigerator, and the telephone becoming mass produced for the average American.
Their experience of prosperity and optimism certainly shaped this generation’s belief that hard work is all you need to make a difference and build a good life. And this has served them well in creating a secure future for their loved ones.
As Baby Boomers get more comfortable in their retirement, they may wonder what action they need to take to keep their hard-earned savings protected.
The first step? Baby Boomers should ensure they have an estate plan in place that covers all their needs and is personalized to what’s best for their family. At Alles Law, we’ll work through various considerations, like:
- Giving money to grandkids, kids, and charities after you’re gone
- Protecting what you’ve earned from the high (and rising!) costs of long-term care
- Avoiding tax burdens associated with gifting real estate to family
- Changing your plan when family dynamics shift
While there are a lot of traits Baby Boomers share (it’s okay to admit, we all have trouble fixing the printer), every family is unique. And every family should have an estate plan that’s personalized to what’s important to them.
Schedule a free consultation with Alles Law to review your estate plan, or create one for the first time.