Following the Great Depression and World War II, there was an influx of Americans getting married and having children. This increase in the population started in 1946 with 3.4 million babies born and these record-breaking birth statistics carried on well into 1964.
Today, the result of this past population spike is the Baby Boomer generation. According to Pew Research Center’s demographics study, “On January 1, 2011, the oldest Baby Boomers will turn 65. Every day for the next 19 years, about 10,000 more will cross that threshold. By 2030, when all Baby Boomers will have turned 65, fully 18% of the nation’s population will be at least that age…”
Are you a Baby Boomer? Baby Boomers need to engage in estate planning so they may plan for their future right now. Even if you aren’t a member of this generation yourself, chances are you know someone who is and need to help them plan proactively to secure their future. Estate planning and elder law planning can ensure that a Boomer’s wishes are honored with regard to decision-making, healthcare choices and the legacy they want to leave to their families when they are gone.
Unfortunately today, only half of all Americans have taken the time to create an estate plan. As we celebrate National Elder Law Month this May, it is important that we not only share our love for our grandparents and the Baby Boomers around us, but verify that they have planned ahead for their future with California estate planning. It is critical that Baby Boomers who are now 65 ensure that their estate planning is up-to-date and in place as benefits such as Medicare, Medi-Cal and Veteran Affairs Improved Pension with Aid and Attendance are now available to them.
Whether you are a Baby Boomer turning 65 next week or at the end of the generational spike in 2030, do not wait to talk to your attorney. Take the time to plan your estate sooner rather than later! For those of you who have planning in place, be sure to set aside time at least once a year to read over your estate plan and set an appointment with your attorney should you need to add, take away or update any portion of your documents.
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Kevin Snyder is a husband, father, and an attorney at Snyder Law, PC in Irvine, California. He is all about family and has a passion for educating his community about estate planning and how to protect what matters most.