Monday, October 21, 2013

Aging Boomers Checklist Helps Plan for Life's "What Ifs"


Lynn A. Dean
Estate Planning Attorney

As noted on the American Association of Retired Persons (AARP) website, Seventy-six million American children were born between 1945 and 1964.  Over the last few years these baby boomers have been hitting their mid sixties.  The Aging Boomers continue making record milestones. Now they are known as the fastest growth population bracket.  According to the U.S. Census Bureau projections, the population age 65 and older is expected to more than double between now and 2060, from 43.1 million to 92.0 million!  That said, whether you are one of the millions, or part of the next generation with aging parents and responsibilities of your own, we continue to learn more about how to take control of important matters when life’s eventualities hit.   
 
Here are some of the important items you can do now so that people can assist you or you are better equipped to assist your loved ones:
 
1.      Create the following Estate Planning Documents

a.      Revocable Living Trust

b.      Last Will & Testament

c.       General Power of Attorney for Financial & Real Estate Matters

d.      Advanced Health Care Directive

2.      Designate an Agent or choose an advocate (who’s in charge if you cannot be):

a.      Family Member(s)

b.      Financial advisor or attorney

c.       Doctor

3.      Make your Wishes Known as to the following details

a.      Do you want to be placed on Life Support?

b.      Do you wish to be provided Pain Relief?

c.       How do you feel about donation of organs?

d.      What about the disposition of your remains? i.e., funeral / burial arrangements

Equally important is keeping an inventory of your medical insurance carrier, phone numbers, doctor names, medications and contact information of your immediate friends and relatives.  Where are your important documents located? 

For a detailed inventory checklist of your own, visit our web page and Download our complimentary toolkit for the sandwich generation. 

Life is complicated, at the Law office of Lynn A. Dean, we make it easy!

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