Book Review: Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning
Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning is a practical book by elder law and estate planning attorney Harry S. Margolis, who has been in practice for over 30 years in Massachusetts. Your estate plan needs to change as your situation changes. 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. The best-selling book was originally released in 2019, and was updated in 2020 to take into account 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.
When it comes to protecting your future and the future of your loved ones, there are a number of things Baby Boomers should be thinking about. And unfortunately, far too many people put off making those plans until it is too late. Estate planning is planning how to protect your family and your legacy - deciding what you want to happen to your assets when you are no longer around or able to protect your loved ones.
Tips on Estate Planning for Baby Boomers
A few tips and quotes from The Baby Boomers Guide to Estate Planning:
If you’re an older adult who is divorced but seriously contemplating remarriage, consider a prenuptial agreement.
“A prenuptial agreement in the event of marriage or a cohabitation agreement when there’s no marriage can help avoid later difficulties,” said Margolis.
“Anyone entering into a prenuptial or cohabitation agreement should understand that it can always be modified,” said Margolis. “If it’s put in place when two people are moving in together, but they stay together for a long time, what was appropriate at the beginning may no longer make sense 15 years later. They should review their agreement periodically and adjust it as appropriate.”
“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,” said Margolis. “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.”
Blended families can be complicated and face many challenges - new relationships and rules, changed holidays and traditions. When a parent dies and their family includes ex-spouses, adult or minor children from 1st and 2nd marriages, stepchildren, an updated estate plan for blended families can ensure your family is protected, and your wishes are respected.
“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.”
Plan for potential incapacity and the need for caregiving with a healthcare proxy.
You need a legally binding document to explain who you want to make your healthcare decisions in the event you become ill or incapacitated; this document is called an advance healthcare directive. Every situation is unique, and you may give your healthcare proxy to an adult child, a domestic partner, a parent or a close friend.
“People in their 70s, 80s and 90s have a good chance of suffering physical or cognitive incapacity,” Margolis said. “When that happens, what’s already complicated can get even more complicated.”
“Often in these situations communication becomes difficult, leading to misunderstandings and conflict,” said Margolis. “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.”
The guidebook provides practical information with easy to understand examples on estate planning issues for Baby Boomers, including:
Answers to the most common estate planning questions
Common estate planning terms, demystified
The Five (or Six or Seven) Essential Documents everyone over 55 needs (and how to fill them out)
An overview of more complex estate planning scenarios
Help deciding when it’s time to consult an attorney
Are You A Baby Boomer Who Needs to Update Your Estate Plan?
Contact Your Trusted Legal Partner In Georgia
If you need help updating your estate plan after your remarriage and to protect your loved ones after you are gone, contact your trusted legal partner, Jammie Taire and the team at SmithTaire Legal.
Schedule an appointment with us today at 678-253-8133 to discuss your situation.