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3 estate planning tips to help Boomers prepare for retirement

Retirement is quickly approaching or already beginning for most Baby Boomers. This innovative and independent generation has many things to look forward to, potentially including travel to exotic locations, road trips across the country and taking the time to learn new things.

Whatever adventures await, this generation also has a hurdle to overcome that most previous generations did not: a long life expectancy.

This isn’t exactly a bad hurdle, but it is one that requires proper planning. This is especially true when it comes to finances. Without planning wisely, retirees could find themselves living long, healthy lives without the financial backing to enjoy it.

Take proactive steps to prepare for retirement

Some may have come to this realization and met with a financial planner, but there are other steps that can help to better ensure future financial stability. Three steps that you can take with your estate plan include:

  • Gifting wisely. Individuals are generally allowed to gift up to $14,000 annually without having to pay a gift tax. A plan can be designed to meet two goals regarding gifts. First, it can be designed to reduce the value of the estate to allow the giftor to qualify for public programs or reduce the tax obligations of the estate. Second, the estate plan could be designed to allow a certain amount of gifting without infringing on the giftor’s lifestyle.
  • Choose a state to call home. Where you live matters. Each state has different tax rules. Know the rules in your state and plan accordingly.
  • Get a trust. Trusts are legal instruments that have a third party managing funds for beneficiaries. Various benefits are available depending on the structure of the trust. These benefits can include credit sheltering and tax savings.

Take these steps and prepare for a retirement full of adventure and short on money worries – you’ve earned it.

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