In the coming years, experts predict that the demand for estate planning services and expertise will be greater than ever. As a recent article points out, the nation’s aging baby boomers are currently entering the retirement phase of their life. This “silver tsunami” is increasing the need for retirement and estate planning.
American’s senior citizens will require a wide range of services that are most commonly provided by estate-planning professionals. These services include the drafting and revision of estate-planning professionals, as well as planning for incapacity, asset protection, insurance, and retirement income.
It is important for baby boomers to create and review their estate plan. Currently, less than half of all Americans have a will in place. An even smaller percentage of the population has a comprehensive set of estate planning documents in place. As individuals age, the importance of having an estate plan grows, as older individuals have a greater chance of suffering a cognitive or physical illness.
Incapacity planning is also important for baby boomers. As a recent study reports, the amount of individuals who will suffer from dementia will reach 9 million by the year 2040. It is important that baby boomers plan for this now.