Baby Boomers and Living Trusts

The living trust revolution is something that we touched on earlier this week, but I wanted to come back to the Baby Boomer living trust revolution and how it’s changing the lives of our parents and our futures.

According to a recent article in the Los Angeles Times, baby boomers are caught between the desire to enjoy their long-awaited golden years and the pressure of various financial concerns, such as fear of outliving their savings and the need to help parents, children or siblings who have their own money struggles.

When it comes to creating a living trust, the greatest concern for many baby boomers are their assets; the house, the cars, the vacation timeshares, the piece of land up north, and more. The money is always a concern, especially as the economy takes its toll on baby boomers and they are forced to reach deeper into their pockets to get through the day-to-day. However, leaving a large sum of money is not as much of a concern as it used to be. Today, the living trust revolution is about securing assets so that family members do not end up in probate court, losing everything to the system.

Estate Planning Living Trusts

Today, baby boomers more than ever understand the importance of securing their assets for future generations. With the economy the way that it is, a living trust may enable you and your family to reduce or avoid may of the taxes and fees that will be imposed upon your death. Taxes and fees that inevitably your family will have to pay for it a living trust is not in order.

When you put a living trust in place, there is no probate at death, no court fees or legal fees, your assets can be immediately distributed, per your written instructions, Your family will have access to your funds, your children will not need to be placed in the care of the state, and everything will run smoothly.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.