A great deal has been written and debated concerning the impact that the Baby Boomer generation has had on American society and the economy. As this generation nears or begins retirement, Boomers in Tennessee and across the nation are turning their attention toward estate planning measures. If you are a member of this generation, protecting your family may be the central focus of your estate planning, and you may have a unique set of needs in that regard.
Often, Boomers assume responsibility for the care of their aging parents. Some will bring their elderly parents into their homes to provide daily care. Others choose to find a residential care facilities that can better meet their parents' needs. Both options can place strains on family finances.
In addition, families who are caring for older relatives also face the risk that the caretakers may predecease their parents. In such cases, finding the funding needed to continue the same level of care can be a challenge. No children want to consider having their loved ones placed into state-run care facilities, but that is the outcome for some families who have not made alternate plans.
One way to provide for ongoing care needs is to purchase life insurance that can cover the associated costs. Another option is to create a trust that can be tapped into if the need should arise. Tennessee residents should understand that when it comes to protecting your family, there are a range of available options, but it is important to put a plan into place well in advance of needing those protections.
Source: valdostatoday.com, "The Necessity Of Estate Planning Is Growing", Robert Lambert, March 3, 2016