• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100

Attend an Education Program-OK
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • An Overview of Estate and Gift Taxes
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Alzheimer’s FAQs
      • Asset Protection Planning
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Inheritance Planning for Minors
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Asset Protection
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Edmond
    • Midwest City
    • Moore
    • Norman
    • Oklahoma City
    • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Uncategorized » Baby Boomer Estate Planning Issues

Baby Boomer Estate Planning Issues

May 5, 2015 by Larry Parman, Attorney at Law

Baby Boomer Estate Planning IssuesAs the baby boomer generation continues to age, and as 10,000 of them reached the age of 65 every day, the importance for members of this generation to have a complete estate plan increases by the minute.  As we age, our needs, desires, and abilities change, sometimes drastically. Having an estate plan that addresses boomer-specific issues is absolutely essential if you are a member of this generation. Moreover, if you created an estate plan long ago but have yet to update it, or have not started the estate planning process, knowing what issues you will need to address when you create or modify your plan will help you more easily get through the process.

Inheritance Plans

Baby boomers are at the age where they have spent a lifetime acquiring property, wealth, and assets. Understanding what options you have when it comes to distributing those assets to your beneficiaries is essential when you craft an inheritance and estate plan.

For example, while the issue of estate taxes has diminished significantly in recent years, there is still a possibility that your estate might have to pay a portion of its value as a federal estate tax. A good inheritance plan will allow you to minimize any potential taxes your estate might have to pay, and can, in some instances, prevent your estate from having to pay any of its value as an estate tax.

Incapacity Plans

Even though none of us like to think about it, the possibility that we might one day become incapacitated or otherwise unable to make our own decisions is a very real issue that baby boomer estate plans have to address. When you craft an estate plan you will make decisions that will allow others to represent your interests in the event you lose your capacity.

Now that you are older, and perhaps have children or even grandchildren, you might reconsider the incapacity planning choices you once made. Specifically, for example, you might need to choose someone other than your spouse or sibling as your medical representative. This is primarily because as you and your peers age, your peers might similarly be unable to represent your wishes because they too have lost capacity.

Medicaid Plans

Along with the loss of capacity comes a change in how and where you might need to live in the future. Specifically, we are talking about the possibility that you might have to move to a nursing home, assisted living center, or other type of elder care facility. Should you require such care, and if you do not have long-term health care insurance, you might need to have a plan in place that qualifies you to use Medicaid to pay for the long-term care costs associated with such transitions. Failing to have a Medicaid plan in place could mean that you’re forced to use your personal assets to pay for these potentially exorbitant costs.  Recent studies revealed the median price for a nursing home is in excess of $90,000 per year, and rising fast.  At that level it wouldn’t take long to destroy the inheritance of even a modest estate.

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Did You Know There Are Different Types of Wills? - June 23, 2022
  • Does Medicaid Count Assets in a Living Trust? - June 21, 2022
  • Medicaid Waiver Can Facilitate In-Home Care - June 14, 2022

Filed Under: Uncategorized Tagged With: Postmortem Planning

Other Articles You May Find Useful

Will Your Estate Plan Still Work If You Move?
Parman & Easterday
Priceless Lesson from a 43-Year-Old Index Card
Overland Park estate planning attorney
Making Use of a Letter of Instruction
Larry Parman’s Brother, A Medical Doctor, Survives COVID-19 and Shares Important Lessons Learned in This Interview
Estate Planning 101: Founding Attorney, Larry Parman, Explains What Stuff Your Estate Consists of Exactly
Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below)

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

SUBSCRIBE TO OUR BLOG

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018

MAP

parman_sidbr_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 12:00 PM

Footer

footer-logo

The information on this Oklahoma Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2022 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube