News Briefs and Emerging Trends with Golden Boomers

Every day my in box fills with information from many sources. Some is from mainstream media, trade journals, special reports and various reviews and findings from the legal and wealth advisory community. Often, while reading an article or report, many people come to mind that I think might also share an interest in the information. For example, earlier this year I read through a Special Survey Report published by WealthCounsel and Trusts & Estates magazine. I read it again this week. Even though the survey was directed to estate planning attorneys about emerging industry trends within our profession, there were some items that were of interest to me because they addressed those of us who are moving in 2011 from the "Baby Boomer" and "Generation Jones" generations to being "Golden Boomers". Yes, the truth of the matter is, we are maturing into "Golden Boomers" and as "we" begin to approach and enter into retirement age our spending habits and where and how we spend - or not spend - our money will have an affect on the economy. Planning as "Golden Boomers" Another key finding from the survey dealt with the concern that most Americans don't have an estate plan or even a basic will. It's believed that most people fail to plan because they aren't aware of the benefits of creating an estate plan nor are they aware of the negative consequences of not having an estate plan. Estate planning is not just for the wealthy Another assumption revealed from the survey is that many people think estate planning is only for the wealthy, and because of that they fail to realize the legal limitations of joint tenancy and beneficiary designations. Why you should plan It doesn't matter how old you are, whether you're a "Baby Boomer," "Golden Boomer," or even a member of "Generation X," without a trust-oriented estate plan your heirs will undoubtedly find themselves walking through the doors of a probate court system. Even though it's easy to understand the need to plan, the urgency to plan often gets overlooked. Life doesn't wait Many think they can do their estate planning next quarter, or even next year, but reality has proven many times that life doesn't wait for your estate plan. There are many benefits to having an estate plan, and many consequences to not having one. If you want to minimize estate taxes, prevent family disharmony after death and avoid having your estate tied up in probate, plan to begin planning now. Control is prime motivator for planning With planning you can preserve and manage your wealth effectively and you can make sure your assets are distributed as you direct. If you have questions about creating your estate plan give me a call so we can begin planning now to care for your financial well being and personal legal health. Dan A. Penning