Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the upcoming decades.
Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan With Your Children.” Having this conversation with your adult children, especially if they are members of Generation X, could have a profound impact on the quality of your relationship and your legacy.
Are You or Your Parents at Risk?
It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
Many scientific studies have established that there is a wide range of benefits that flow from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, try resisting the pull of negativity and embrace the beneficial results of positivity.
You can increase not only your own well-being but also that of your children or other beneficiaries, by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives.
The current pandemic is causing many Americans to seriously contemplate their finances and retirement plans more closely. Those approaching retirement are wondering if this is still a good time to retire, what this will mean for their future, and if it will greatly impact their retirement investments.
They are also worried about their estate plan, and if the retirement savings they have in place will still be enough.
It’s not a bad idea to take this time to contemplate all of these things, and Bob Michaels is here to help. Bob is working with clients every day as they navigate these challenging times, and we highly recommend you reach out. Having a strong estate plan in place will help you know that your retirement will be protected, regardless of what life brings. Bob is available for free consultations by phone, virtually, or in person.
Securing Your Investments
While most of the country is focusing on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, includes many Americans who are nearing retirement. The recent stock market volatility has, in many cases, significantly impacted their portfolios. Many are concerned that their retirement savings will no longer be enough and what that might mean.
Here at Tacoma Elder Care our number one priority is to help you prepare for the kind of retirement you’ve always dreamed of having. We encourage you to take this time to make sure you have all your important documents and a solid estate plan in place. Bob Michaels is available for phone or email consultations and has a system in place to manage all your necessary documents.
We are available by phone, email, or via online conferencing on platforms such as Skype or Zoom. Contact us HERE.
The stock market over recent weeks has taken the whole country on a wild roller coaster ride, and with all the turmoil it’s hard to know what the average investor should do. With that in mind, as part of our series on helping you deal with the impact of the coronavirus, we’d like to bring your attention to a recent article from Forbes in which contributing reporter Juan Carlos Medina introduces the idea of what he calls “a pandemic financial survival kit.”
People are living longer and are having children later in life. Due to this combination of demographic factors, many more people are in the “Sandwich Generation.” Someone in the Sandwich Generation has elderly parents while they still have minor children. All too often, they are torn between their caregiving responsibilities for their children and for their parents. Here is an article regarding the Sandwich Generation which may be of interest.
If you’re part of the Sandwich Generation, how do you alleviate some of your stress?
Planning is one of the best tools.