Many Baby Boomers find themselves between a rock and a hard place when making their estate plans. The parents of Baby Boomers are often living longer than they planned to because of the advancement of medicine. That means that they have less to leave Baby Boomers in their estates. It also means that Baby Boomers might have to spend some of their own assets to take care of their elderly parents and that Boomers might have less to leave to their own children.
When you are uncertain about how much money you will have, how much you will need and how much you will receive from your parents, it is often difficult to come up with fixed estate plans. However, you can still make plans. Your plans will just need to be flexible. Instead of using a Will to state that your children should receive a fixed amount of assets, use a Revocable Living Trust. That way, you can use the assets now for your parents care and for yourself. Whatever is left over can go to your children.
Advances in medical technology have numerous benefits, but they do make estate planning more difficult. Talk to an attorney about how you can make plans that you can adapt to your changing needs.
Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.