The new year is an exciting time for many of us. It is a time to establish new goals, choose what we want for the future, and set intentions that will guide us through, not just this year, but many years to come. As a Florida Baby Boomer who is thinking about what you want for yourself and your loved ones, however, does this include considering how you can best be prepared for the future through estate planning?
When we are making resolutions, many of us do not take the time we need to consider whether or not our estate plan reflects what we need right now. In fact, studies tell us that the majority of Americans do not have any estate planning. If you do not have estate planning as a Florida Baby Boomer, there is never a wrong time to create an estate plan. Remember, from when you turn eighteen years of age in Florida forward, no one has the legal authority to make decisions for you.
Estate plans, however, are not static documents. Your needs, and the needs of your family members, may change significantly over time. For example, you may have named your adult child who resides near you to be the primary decision-maker under your durable power of attorney. As time passed, though, this child who you were relying on to make responsible decisions for you may now face serious issues such as bankruptcy or disability. By contrast, your children may have gotten married and have children of their own, and you may need to change your estate plan to ensure you are leaving a legacy for future generations.
Further, your estate plan may not contemplate the aging process and a potential, future need for long-term care support. Most estate planning does not contemplate this potential issue. As a Florida Baby Boomer, however, you need for your estate plan to be able to work with any potential long-term care needs you may have in the future.
In addition to changes in your life, there may be changes to the estate planning laws as well. The laws that govern your estate plan are subject to change and this is just one of the reasons why you need to stay in communication with your attorney. For example, could new law changes impact the tax structure for your estate plan? Could there be changes that will allow less flexibility for your children to make your decisions, when needed, in the future? Are there significant elder care challenges that you need to plan for now?
These are just a few of the reasons why you want to consider scheduling a meeting with your estate planning attorney at the start of the year. Be sure to discuss with your estate planning attorney what his or her comfort level is when it comes to not only planning for your legacy, but also the long-term care challenges. Unfortunately, as we age, estate planning alone is not enough. We need an elder care plan to address long term care issues and help us plan forward to ensure we are protected. We encourage you to contact us to discuss these questions, and any others that you have, at your earliest convenience.