As the baby boomer generation enters the realm of retirement, there are other needs that may be left unchecked. An estate plan and what to do in the event of incapacitation may be one area where baby boomers in Michigan have failed to be proactive. If one has not been put in place as of yet, anyone of this particular generation may want to get started with the basics.
Retirement cash flow is a must, but not the only must. The retirement plan and estate plan should go hand in hand so as to provide a retirement income and funds for any unexpected long-term care needs. Health care needs should be considered in the short term and long term. A health care proxy is an excellent way to plan for medical care and financial needs simultaneously. The direction a health care proxy gives to a loved one can save time, money and worry by all parties.
For those with a family business, retirement and an estate plan certainly need to be handled effectively. If one heir helps handle the business and another doesn’t, there may be distinct instructions outlined for the succession of that business after retirement and after a loved one passes. Once the move is made to secure retirement and estate plan specifics, beneficiaries need to be aware of the plans, and updates need to be made accordingly.
When a person has worked hard to secure a happy retirement and a legacy for heirs, there needs to be great care and consideration when an estate plan and retirement plans are made. Simply amassing wealth or telling loved ones what the plan is will not suffice. Legal professionals can peruse the data and help devise the best plan for Michigan families as baby boomers move forward into the next stage of life.
Source: USA Today, “Big retirement mistake: Boomers with no estate plan“, Rodney Brooks, April 8, 2015
