Planning for the future is not always an easy task and may have you confused and worried about whether you covered everything.
An estate planning lawyer can walk you through the entire process and help you plan for your future and the future of those in your will too.A study conducted in 2013 by HSBC found that US retirees expect to leave a sizable inheritance to their loved ones.
The study found that the average inheritance was about $175,000.While money is usually part of an inheritance, it is not the only thing that can be passed down to loved ones. Below, our estate planning lawyer in NYC will discuss some of the considerations baby boomers should keep in mind as they plan.
Health care needs
It should come as no surprise that the cost of health care continues to rise. With that said, it is wise to plan NOW for your health care future.
As you write your will, you can include long-term care costs that will help you reap Medicaid benefits and take care of assisted living or nursing home costs without completely dwindling your bank account.
Family Heirlooms
Everyone loves family heirlooms and you would be surprised to find out that most individuals would rather have keepsakes than money.
With that in mind, you want to make sure that personal keepsakes and your heirlooms are distributed the way you want them.
Often, estate attorneys will recommend that you speak with your children or family members and find out which items mean the most to them to help give you an idea of what they would cherish.
Special needs care
If you have a dependent who is special needs or disabled, it is important to have it spelled out clearly in your will what you want to happen such as their future care and assets.
One way to ensure your loved one will be well cared for when you are gone is to setup a special needs trust for them
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