Aligning Your Estate Plan with The Great Wealth Transfer

As baby boomers get older, many of them will have substantial assets left over after paying for their own lifestyle in retirement. Those who have planned ahead for health care needs, such as by purchasing long term care insurance, may have even more. This makes it extremely important for this generation to think carefully about how the great wealth transfer impacts them.wealth

At the end of the first quarter in 2021, Americans aged 70 and above had a total net worth of approximately $35 trillion. Without appropriate estate planning, a good chunk of that money could go to legal fees and unnecessary probate costs. In fact, research shows that it could be anywhere from between 3% and 8% of your estate.

Since only 46% of Americans have a will, it’s one of the most important documents to create as part of your estate plan. consulting with an experienced and dedicated estate planning lawyer makes it easy to understand all of the legal issues involved in this process, as well as state and federal considerations where necessary.

But planning ahead for your future isn’t just about passing on assets. It’s thinking about the best way to pass on those assets, both for your advantages over the golden years in your life, and to provide maximum tax reduction strategies for the people and organizations that you choose to support. Contact a dedicated estate planning attorney today to learn more about how to structure this best for you. Our Michigan estate planning office has aided many other people through the process of establishing an estate plan and making adjustments throughout your life as needed.


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