Estate Planning Strategies for the Single Boomer
According to the U.S. Census Bureau, the number of singles aged 50 to 64 increased significantly from 2000 to 2010, due to the increase in late life divorces as well as an increase in the number of people who never marry or remarry. An Irvine estate planning attorney notes that financial and estate planning strategies differ for single people in middle age, and provides these tips:
· Stay on the job as long as you can, which will allow you to increase both your Social Security benefits and your retirement savings.
· Purchase disability and long-term care insurance.
· Invest and save more for emergencies and retirement.
· Talk to an Irvine estate planning lawyer about creating a revocable living trust to hold assets that can be used in case of your incapacitation or disability, and create a durable power of attorney for non-trust assets.
· Create an advance medical directive that includes a durable power of attorney for health care and a HIPAA authorization to release medical records.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.