If you’re over 55, you probably know you need an estate plan, says lawyer and author Harry Margolis. A new book on Baby Boomers and estate planning could help you get your estate plan in order! Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning by elder law and estate planning Attorney Harry S. Margolis, who has been in practice for over 30 years in Massachusetts. Originally released in 2019, the guide on estate planning for Baby Boomers has been updated with a description of the new SECURE Act governing retirement plan distributions and how those changes affect estate planning, especially with respect to 401(k) and IRA accounts payable to trusts. “The purpose of this book is to empower its readers to take control of their lives and the legacy they leave their families,” said Margolis.
Your estate planning needs change as your situation needs. What you need to protect your family at 35 may be very different at 55. If you are in a 2nd marriage you likely have a more complex family situation than during a 1st marriage. And if you own a business, stocks and bonds and other assets you may have generational wealth to protect.
A few quotes from author Harry Margolis:
Are you over 55 and need to get your life in order? Here are a few quotes from Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning author Harry Margolis says:
On Blended Families:
“They may have spent decades working and saving to accumulate whatever they own and they may have done so with a partner who, if deceased, in effect has a claim on that property. They may roll over in their grave if it goes to a new paramour and his or her children rather than to her own children.”
“Not only would they be unhappy if their anticipated inheritance went to this new person in their parent’s life, but if that new person is much younger than their parent, they might not be so happy about waiting many more years or decades”
On Incapacity Planning:
“Often in these situations communication becomes difficult, leading to misunderstandings and conflict. At least some of this can be avoided if partners plan ahead and discuss what they would want to happen in the event of incapacity.”
If you are a Baby Boomer who’s planning how to best protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your unique situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-864-5835.