As the American population continues to age, individuals from the Baby Boomer generation are nearing or entering retirement. Boomers may have specific estate planning needs that are going unnoticed. A recent article takes a look at the unique scenario facing millions of aging Americans, both in Philadelphia and across the nation.
As Boomers age, many are taking on responsibility for their own aging parents. This means they are setting aside their own needs and desires to ensure that their parents are cared for in loving environments. This is a wonderful thing for an adult child to do, but it also creates a set of risks. Should the Boomer child predecease his or her parent or parents, which provisions will be made to address the parents' continuing care needs?
This is an issue that should be addressed in estate planning. Anytime that an individual has assumed responsibility for the care of another person, a measure of protection should be put into place to make sure that such care can be continued in the event of the caretaker's death. A number of options are available.
Some Philadelphia families will choose to purchase life insurance to provide for the needs of loved ones, including aging parents. Others will turn to trusts to set up continuing financial support. Each family is unique, but there are a wide range of options from which to choose. With the proper estate planning, Boomers can rest assured that their loved ones will receive the care they need, even in the event that a child predeceases a parent.
Source: valdostatoday.com, "The Necessity Of Estate Planning Is Growing", Robert Lambert, March 3, 2016