Aging Gracefully: Consulting an Estate Plan or Probate Attorney

 Posted on February 18, 2015 in Estate Planning

Entering the golden years gracefully takes planning. In fact, data derived from the Associated Press-NORC Center for Public Affairs Research at the University of Chicago, an independent global research organization, indicates that the Baby Boomer generation is in denial when it comes to addressing estate planning issues.

Per NORC survey results, NBC News reported that boomers, age 40 and over, admit to doing very little to prepare for late-life events. Two-thirds of the study participants revealed they have not scheduled a consultation with an experienced estate plan attorney. Even more alarmingly, one-quarter have opted out of considering a consult all together.

Moreover, many baby boomers are coming to age as active members of the sandwich generation, where little thought has been given to their own estate planning needs because more pressing needs of dealing with daily responsibilities are often compounded by their role of primary caregiver to an elderly parent or extended family member.

Additionally, of those polled by NORC, several participants cited hectic schedules and responsibilities preventing them from scheduling a consult to discuss their options regarding the following:

• Trusts and Wills;
• Power of Attorney;
• Probate Directives; and
• Estate Tax Planning.

The study results further revealed that for those entering the golden years, the thought of and preparation for long-term care had not even crossed their minds. However, it is estimated that nearly seven in 10 baby boomers will require some implement of long-term care after celebrating their 65th birthday.

As the "it will not happen to me" consensus was echoed across the survey, those polled by NORC were unaware that government statistics place the cost of long-term care at a skilled or assisted nursing facilities at nearly $6,700 per month. When broaching Medicare, 37 percent of the survey participants believed that program benefits would completely cover the costs associated with long-term care.

To address your long-term estate planning directives today, contact the experienced Wheaton estate planning attorneys of Stock, Carlson & Asso. LLC at 630-665-2500 to get your consultation on the schedule today.