An estate planning checklist can help the elderly baby boomer learn about inheritance tax laws, protect their home against loss due to long-term care costs, and save thousands of money by simply implementing a few documents. Many people believe that trusts and estate planning are only for the wealthy. This is not true. No matter your net worth, estate planning can help you save money that can be used for other things you might need.
We do not know what the future will bring. Baby boomers have expressed that they want to remain in their home and in the community that they are most familiar. Many own their own homes, and will live longer and utilize community health services than past aging generations did not need. Home care, adult day care, assisted living, respite care retirement communities are growing in every community. You will need to pay privately for them. These services are not covered by Medicare.
Many people are frustrated, angry, and sometimes even shocked to learn that they will have to pay for these services out of pocket because of poor planning and lack of education. These services are not covered by Medicaid. I now have Medicaid asset protection. The government has laws in place that can reduce your assets, inheritance taxes, and transfer those savings to your family members. These tax laws are not used by the majority of middle-class workers.