ESTATE PLAN CHECKUPS FOR BABY BOOMERS

The time has come for baby boomers in Florida to think about their estate plans. If a boomer already has an estate plan, then checking up on it is a good idea to ensure that it is current with the needs of the heirs and the estate owner.

One thing is clear: when people neglect to draft end-of-life documents such as wills and trusts, the estate automatically passes through probate, which can be a long and costly process. An ironclad will or a trust can mitigate the consequences of probate or even make it unnecessary. These documents can also prevent future probate-related headaches for family members.

Setting up a solid trust typically requires help from an estate planning attorney, and many people put off drafting a trust until it is too late. However, the money and time saved in the long run is worth establishing the trust now.

Another issue that baby boomers without an up-to-date estate plan will face is the death tax, if the estate is large. Though not all instances of the death tax can be avoided, baby boomers can protect up to twice the amount, which can also be obtained by consulting with an attorney familiar with estate planning instruments and the various ways of preserving assets.

Cynthia Rignanese of Rignanese & Associates is available to work with clients on their tax and estate planning strategies. Please reach out to us at 863.294.1114.

On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, P.L.L.C; J. Kelly Kennedy, Attorney/CPA, P.L.L.C. has merged with Rignanese & Associates, PLLC. Source: Fox Business, "What Boomers Need to Know About Estate Planning," Casey Dowd, Sept. 13, 2012