Estate Planning for Baby Boomers

Fink Rosner Ershow-Levenberg LLC is committed to providing appropriate estate planning and asset preservation planning advice to clients of all ages. That especially includes those “Sandwich Generation” couples and individuals who are so wrapped up in caring for their parents and children that they don’t take a breath to take stock of their own estate and financial planning. If you are between the ages of 55-70, call on us.

Estate Planning

As a young parent, you probably signed Wills that emphasized trusts for minor children and that named guardians for them in the event of catastrophic death. Now, these children are grown and can probably handle some more responsibility.

You also might have accumulated more wealth over time than when you were younger, and need to focus more on tax planning issues to minimize taxation of your estate. It is important to revisit your estate planning documents to consider these changes and to put in place surrogate decision-makers, in the same way it is important for your elderly parents to do so.

Social Security Planning

How much you receive from Social Security depends on three primary factors:

  1. your Social Security earnings record,
  2. when you choose to elect,
  3. and how long you will live.

Since you can’t go back and change your earnings record, and you have minimal control over how long you live, calculating an expected lifetime benefit largely hinges on when and how you elect benefits.

In theory, if you elect early, you will get a smaller benefit for a longer period of time. If you elect later, you will get a larger benefit for a shorter period of time. Single people can do a simple “break-even” analysis to determine whether to take early or wait. But for married couples, the decision is much more complex.

Fink Rosner Ershow-Levenberg utilizes Social Security Timing® software to consider various scenarios that may maximize a couples’ Social Security benefits over time, we counsel clients on how to articulate these strategies to the Social Security office that you deal with, and we work with financial planners on which scenario works best with your overall financial plan.

Disabled Adult Children

Planning for your disabled adult children who became disabled as children is also important. Proof that disability began before the age of 22 could lead to higher benefits under a parent’s work record when that parent retires. Special Needs Trust planning will also assist to create a life care plan for children aging out of existing programs and ensure eligibility for all means-tested programs.

Medicare and The Affordable Care Act

Baby Boomers (those born between 1946 and 1964) may be preparing for the transition from group health insurance, subsidized or non-subsidized insurance through the Affordable Care Act Marketplace, or Medicaid to Medicare and Supplemental Insurance at age 65. We can provide assistance and explanations to guide you through this transition.

Long Term Care Insurance and Life Insurance Options

We will work with your financial planner to explore options as to funding Long-Term Care insurance or life insurance with long-term care riders that fit in your budget and may act to preserve assets later on if Medicaid planning is needed.


Estate Planning - Baby Boomers and the Sandwich Generation

If you’re a member of the Baby Boomer Generation, it’s time to re-evaluate and update your retirement and estate plans.

Estate Planning Insights From Our Attorneys