Between 1945 and 1964, approximately 79 million babies were born in the United States. Those born during this era are referred to as “Baby Boomers”. The dramatic increase in births during the Baby Boom led to rises in demand for consumer products, suburban homes, automobiles and roads. The demands of the baby boomers has now changed, as many baby boomers are reaching a point in life where they are retiring, focusing on protecting their assets, and planning for their loved ones.
Since many baby boomers are retiring at the same time, the demand to protect assets is extremely high. After a lifetime of hard work, it is important to take the necessary precautions so that your loved ones don’t endure unnecessary suffering at your passing. Regardless of your estate size, no one wants their families to suffer if it can be avoided.
Part of thorough estate planning includes a strategy for long-term care. According to one prominent insurance company, long-term care is at the top of the list of retirement concerns. More than 70% of baby boomers will need some sort of long-term care. The costs are high and most people do not think to plan until they are faced with an immediate long-term care problem. However, the right plan can create a situation where you receive the care you need while still protecting your assets.
According to Eva Moor, author for babyboomers.com, most people find it difficult to deal with financial issues that relate to their death. It is easier to procrastinate or ignore it entirely, Moor says. That is never a good idea and without a plan, there is no peaceful retirement. Baby boomers have spent a lifetime accumulating wealth. Take an afternoon with AlerStallings and learn how to protect it.
