Estate Planning and Trusts are methods for determining how you want your assets handled if you are incapacitated or deceased as well as protecting your assets from unnecessary taxation upon your death. It incorporates the use of many legal devices such as trusts, wills and various Powers of Attorney. Proper estate planning can make things go much smoother for your surviving spouse/children.
Now the Ol' Boomer is not an attorney, therefore the information in this section is merely for informational purposes only and not advice. You should most definitely use a competent legal source before you take any action! What I'll do here is provide you with some links to more knowledgeable sources that should be of help to you regarding estate planning and trusts.
The first link is to a pamphlet from the California Bar Association that has a good overview of this topic. (Note: Laws can vary from state to state.)
The second link is about the "3 Legal Papers You Shouldn't Live Without" from MSN Money.
The next link is to an article from CNN's Money 101 course and lists the "Top Things to Know" about Estate Planning.
While this article from About.com serves as a warning to all of us about making sure you understand everything your Estate Planning resource is talking about before you make a final decision.
And last link of all is to The American Bar Association's webpage for Estate Planning.
But there's one more thing you really need to look into and that's
Long Term Health Care Insurance
in order to protect your assets at least for your surviving spouse! Do
read about it as it's virtually a necessity for we Baby Boomers.
If you have professional expertise/experience in Estate Planning, then PLEASE Share Your Thoughts with us! We boomers will take all the help we can get.
Do you have knowledge or experience with this subject that may be of help to others? Please, Share Your Thoughts with all of us.
Thank you, the Ol' Boomer.
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All of the contents of this website is for informational purposes only. Should you chose to act on any information contained on this website or websites we link to without first consulting the appropriate counsel whether financial, legal, medical or otherwise; you will be acting on your own. Neither IT-BGC Information Services LLC nor any of it's members can be held responsible for any such action(s) on your part.
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