Baby Boomers: Will They Be Able to Afford Their Parents?

Tue, 19 Dec 2006 00:00:00 -0500

Do you worry about whether your aging parents have their "affairs in order?" You should. After all, you're the one who will have to pay unnecessary taxes and endure time-consuming court procedures if your parents don't have an effective estate plan. Without some forethought on their part and your part, you could be facing a lot of wasted time and money in addition to a lot of frustration. All of the waste and frustration can easily be avoided. Experts predict $10 trillion will be transferred in the next two decades from parents to baby boomers. The average inheritance will be $200,000. The parents have spent all of their lives saving to leave something to their family. For most boomers, their inheritance will be the largest single financial transaction most they will ever handle. Depending upon the planning done today, the amount actually transferred could be doubled. During the final years of a parent's life, the family can lose a lot of the estate in rest home expenses or legal fees. Too often the family has to get a court order to have a parent declared incompetent and get permission to manage their affairs. **End Summary** Topics: estate planning]]> asset protection]]> insurance]]>]]> About the Author: ]]> Attorney Lee R. Phillips is a nationally recognized expert in the field of finance, estate planning , and asset protection . Lee is licensed to practice law before the United States Supreme Court & also holds licenses in insurance and securities. Lee is a dynamic speaker & has spoken to over a half million people throughout United States, Canada & the Pacific Rim helping them understand the law.

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Baby Boomers: Will They Be Able to Afford Their Parents?