There is an estimated 78 million boomers that have or will reach the age of retirement in the next few decades. In fact there is one person reaching the age of 65 every 10 seconds, so this begs the question, what do boomers need to do in advance of reaching retirement age? In a society where healthcare costs are rising and the cost of living is increasing, it’s crucial to be prepared long before you may think it is necessary. Below is a list of tips that baby boomers should consider: - Legal documents: We are concerned with “What happens…
There is a tendency to view elder law estate planning as a static process i.e. once done don’t need to do anything more. However,estate planning is rarely a one-time event. Besides accounting for legal changes, the plan must be modified to account for life changes — birth, death, divorce, finances and health. Even the best of plans may be obsolete by the time they are needed, sometimes many years later. At a minimum, an estate plan should be reviewed every three years to see if any life or law changes affect it. Over time, clients may want to change their…
A trust in lieu of a will – may be better if you have a complex estate, require asset protection from the nursing home, a beneficiary who must meet certain conditions before receiving assets or a special-needs loved one who requires care after you are gone.
Frederick, MD 
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