A Message to – and from – the Baby Boomers
The Baby Boomer Generation may be the most remarkable demographic phenomenon to ever affect America. Our generation, born between 1946 and 1964, over 75 million strong (including me!), has driven the course of our economy during its lifetime and will continue to do so for the foreseeable future. The most important economic issue facing America today is how the aging of our generation will affect the well-being of its members – and of our nation.
As we Boomers age, the number of senior citizens (those age 65 or older) in America will increase to over 54 million by 2020. Here in Pennsylvania there are already nearly two million senior citizens - the third highest percentage of population in a U.S. state. If York County follows our state’s trends, our population of seniors will increase from its current 14 percent, to over 20 percent in 2020, to as high as 25% by 2030.
The aging of our generation is working two remarkable changes on our nation. First, the wealth of our generation – estimated at over 40 trillion dollars – will change hands within the next twenty-five years. To assure that our assets and fortunes are not dissipated through bad (or no) planning, it is essential that Baby Boomers not ignore their need for estate planning.
For no generation has it ever been so vital to have a Will, power of attorney, and other sound estate planning documents in place.
More importantly, our generation desires to assure that we have enough financial resources to care for ourselves for the rest of our lives, with comfort and dignity, before we turn that wealth over to our children. That all-important question – do I have enough to care for myself and my family for the rest of my life? – is the primary issue on the minds of our generation today.
In today’s climate of increasing regulations it is more important than ever to have the sound counsel of a legal professional who can advise you on the use of trusts and gifting to protect your assets. An attorney with experience in providing advice on the latest annuity and long-term care insurance products, and can help guide you through planning for the incapacity of a loved one in the future.
At CGA Law Firm, our attorneys are experienced in and familiar with the latest changes in legislation affecting asset protection, estate planning, and elder law. If you have questions or are in need of updating your estate plan, please contact your attorney at CGA Law Firm.
Attorney Timothy J. Bupp is the chair of CGA Law Firm’s Estate Planning Section. Tim is an Accredited Estate Planner (AEP®) as certified by the National Association of Estate Planning Councils, and a member of the National Academy of Elder Law Attorneys (NAELA). He attended the 2014 NAELA Annual Conference held from May 15 through 17 in Scottsdale, Arizona. Tim received his AARP application on May 6, 2014.