A recent business article in a national publication focuses upon smart estate administration moves, especially for the many millions of baby boomers who should now be thinking about steps to proactively take to promote their best interests in estate planning.
As has been commonly noted by industry commentators, including one in the above-cited publication, effective estate planning can cover a lot of territory and encompass tools and ideas that a would-be planner has never considered or anticipated.
A notable word frequently emerges quite early in any meaningful discussion on planning, namely, the word "or."
Here's why. As many people already duly appreciate, solid estate planning focuses upon obviously important financial variables. A planner in Ohio or elsewhere logically wants to preserve assets to the fullest extent possible and ensure that they are passed along to heirs at death. He or she (or they) also, and understandably, has an eye on tax avoidance while pursuing that goal.
Those aims, though, are from the sum total of what many people seek from an effective plan, which is where the "or" comes into play. Many planners want confidence regarding the implementation of their wishes if death occurs or in the event that they become incapacitated and need support and care during life.
That long-term care aspect of estate administration is critically important to many Americans, given that we are living longer and that the costs of health care are consistently rising.
In fact, estate planning and long-term care planning go hand in hand for many boomers, who comprise a large and progressively aging demographic.
An experienced estate administration attorney with proven acumen in long-term care planning can answer planning-related questions and help a client craft a strong and well-tailored estate plan.
Source: Fox Business, "Estate planning mistakes every boomer should avoid," Casey Dowd, Aug. 21, 2014