Tuesday, March 29, 2011

Using an Ending to Inspire New Beginnings: Helping Boomers Face Some Difficult Subjects

I didn't anticipate that my uncle’s unexpected passing would inspire a blog article. But the truth is, many Baby Boomers are facing the same reality that I am: an era is ending. Our parents’ generation—many of whom are now in their mid- to late- 80's, 90's, or older—is passing on, despite the fact that these days, people are living longer.

Some remain healthy and independent up to the end; others require lots of care. Thankfully my uncle was in the former category. Sure, his health wasn’t perfect, but he remained extremely independent, living on his own, still feeling that he had "lots to do". All of this made his passing something of a surprise, as well as a sadness.

Because my uncle and aunt had no children of their own, my sister and I were often involved in their care. My uncle was my aunt's primary caregiver as she was the first to become ill; then pass away. As I’ve gone through the process of losing first one, then the other, I’ve had a number of revelations that I hope will be helpful to all those Baby Boomers out there who are facing similar situations. I know, we really don't like to think about this stuff, let alone talk about it. But this really is important.

1) Health care proxies: When my aunt became seriously ill and was near death the first time, (she amazed all of us as she bounced back more than once,) both my aunt and uncle finally drew up their health care proxies. We had no idea what their wishes were, so having these documents to guide us was really a blessing, particularly as my uncle fell ill and we were faced with difficult decisions about his care. No matter how young you are, or feel, it’s a good idea to have one in place. I’m talking about you, Boomers, not just your parents. And while you're at it, discuss organ donation, too.

2) Pre-paid/planned funerals: I am very grateful that my uncle had a pre-paid/pre-planned funeral. As close family members, this responsibility might have otherwise fallen on my sister and me. Because of my uncle’s forethought, the arrangements were pretty much set, aside from a few minor details,

Since Baby Boomers don't like to think about getting old, let alone dying, I'm sure that few of us have made any plans for ourselves or even told other family members what our wishes are. It can be quite a burden, both emotionally and financially for loved ones left behind to have to figure things out in a moment of grief. Perhaps if we think of it as one last gift, we'd be a little more attentive to this matter.

3) Wills/estate planning: Thankfully, my uncle had drawn up a will after my aunt passed. Unfortunately, I’m not as lucky with my own family. Every time I try to bring up the discussion of a will with my husband, he doesn't want to talk about it. With no children of our own, it's even more important to have this taken care of before hand. In my business, I’ve talked to several estate attorneys who are looking for ways to reach out to Baby Boomers and get them to take action. I always suggest that the best way to help Boomers push beyond their denial, is to frame the matter in a positive way, i.e., having an estate plan enables one to make a difference by leaving a legacy.That's a much better motivator than the guilt trip, as Baby Boomers are one of the most philanthropic groups of people on the planet.

4) Experts predict that many Baby Boomers may be inheriting property or assets. According to a MetLife Study the number is estimated to be about $6 Trillion dollars nationwide. Realtors, estate attorneys, financial planners/advisers, and CPA's should take note of this. As most Boomers really haven't thought about this stuff, there’s an opportunity to provide good helpful information and assistance. How should real estate be evaluated? Are there people who can help with cleanouts? With staging and preparing a property to sell? What's the probate process like? What are tax implications of inheritances? What should be done with additional financial assets? Whether it’s for their elders or themselves, Boomers need help with these questions and more, and there are real opportunities out there for businesses that can provide answers.

That said, I’ve decided this this is a good time for me to begin the process of filling out my own "What-If Workbook" a handy tool that a business associate of mine, Gwen Morgan, developed. I’d given one to my uncle a while back, but we haven't found it yet. I remember him telling me he’d been using it to gather everything together. I look forward to finding it, as one more memento of him. But I suspect that since he had so much else in place, we won't really need it.

-posted by Laura Willis

Labels: Baby Boomers and Inheritances, Baby Boomers and realtors, estate attorneys, financial planners, financial advisers, CPA's

{NOCACHE_COMMENT_FORM=""}{/NOCACHE_FORM}

---