Let’s face it. People are living longer. We’re more active and healthier than we’ve ever been. We’ve also had the benefit of more choices, choices as to where we live, what we do and how we live.
Many boomers choose to live single – without a spouse or partner and without children or children who live nearby. Some are solo agers as a result of life’s circumstances.
E.A. Goodman Law, LLC, conveniently located in the Morristown area, is a premier estate planning and elder law practice, serving clients throughout New Jersey. If you’re a solo boomer, choose us to provide you with objective insights and guidance so that you can enjoy your golden years with peace of mind. With medical advances leading to healthier and more active lifestyles in retirement, we understand the financial, legal and healthcare concerns of solo boomers as they age.
When you work with us, we will take the time to get to know you, understand your circumstances, and help you chart a course for your future. Above all, we are committed to helping you preserve your welfare and independence and making sure all of your financial and healthcare needs are addressed.
Estate Planning Gives Solo Boomers Peace of Mind
Creating an estate plan is essential for solo boomers. No doubt confronting your own mortality is never easy, however, an estate plan will give you peace of mind knowing that your assets will be distributed in the way you want. Additionally, a comprehensive estate plan will enable you to retain control of your healthcare decisions for those “what ifs” situations.
At E.A. Goodman Law, LLC, we believe there is no “one size fits all estate plan,” especially for those who age solo. The life you live is unique to you; your estate plan should be as well. Nonetheless, every estate plan should address the following:
· Last Will and Testament – A will is the most basic estate planning document that establishes how your assets will be managed and distributed after your pass away. Without a will, the court will intervene to distribute your assets as the state of New Jersey requires under the state’s intestacy laws.
· Durable Power of Attorney – This document allows you to name a trusted person to manage your personal and business affairs in the event an illness or injury leaves you incapacitated.
· Advance Medical Directive – Also known as healthcare proxy, an advance medical directive document designates an agent to coordinate your preferred medical care with your doctor if you are unable to make or communicate decisions yourself.
While this seems straightforward, solo boomers have special considerations. In a will for example, people often designate a spouse or adult child to serve as executor of the estate. As a solo boomer, consider naming a sibling or a trusted friend to serve as executor. Alternatively, an estate planning attorney can serve in this role.
Likewise, it is important to name your beneficiaries – individuals who will receive your estate’s assets after you pass away. Solo boomers may consider naming nieces and nephews, siblings and friends as beneficiaries, however, another option is to select a favorite charity, in which case a will is not enough. Our estate planning attorneys can help you establish a charitable trust that provides for a combination of family, friends and charitable allotments, avoiding roadblocks and minimizing any inheritance tax due.
Are you the only one that knows what you have? Identify your assets, what you own, and how you own it. Is it in your name alone? With someone else? Do you own vacation property out of your home state or a timeshare? Putting a plan in place helps ensure the orderly disposition of your property when are no longer here.
Finally, it is important to remember that certain assets, such as retirement plans and insurance policies, pass outside your estate. Therefore, it is crucial to make sure that beneficiary designations on these assets are in alignment with your estate plan.
Planning for Incapacity
Let’s face it: anyone can suffer a disabling injury or illness at any time, but the risks are greater as we age. This is why it is critically important to have a durable power of attorney and an advance medical directive in place. While many people often designate a spouse or adult child to serve as their agent, a solo boomer needs to designate another trusted person to serve in this role.
A living will is another important document that informs your doctors of the type of medical care you prefer to receive or have withheld if you become terminally ill and cannot communicate your decisions about end of life treatment. You provide in advance your medical directive about your what type of treatment you want to receive. There is always the real possibility of becoming ill and not being able to communicate. Most of us would prefer not to think of these “what ifs” but putting in place an advance medical directive is an important way to give you the peace of mind of knowing that your wishes will be carried out.
Estate Planning Attorney for Solo Boomers in New Jersey
Whether you are a solo ager by choice or by circumstance, it is crucial to plan ahead for your retirement years so that your legal, financial and medical needs will be met. At. E. A. Goodman Law our elder law attorneys can help you in planning for retirement – we will work with you to address your healthcare, Medicaid and Medicare coverage and possible long-term care needs. When you become our client, you will be provided with knowledge, compassion and a supportive environment in which you can make the best decisions about your future. Please contact our office today to speak with our attorneys.