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Published byMarcelo Vowles Modified over 10 years ago
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The MidLife Generation Ages 40 through 62 Children –Some independent, others not Several decades in workplace, job proficient and in peak earning years Conscious of need to save for retirement
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Concerns of The MidLife Generation They are the “Sandwich Generation” Retirement consists of an IRA,401(k) or pension plan, if they are lucky Replace old “hugs & kisses” Wills Health still good, but various “aches & pains” noted Experience suggests concern for long term care
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The “Sandwich” Generation “ I brought her home and began the painful process of learning to mother my own mother... These days I dress her, plan her activities and take her on short walks – just as she did for me when I was young...I have begun to call my role “extreme mothering” – the care and feeding of people on opposite sides of the life arc.” “ The Life and Times of an Extreme Mom,” by Elizabeth Cohen (originally published in Newsweek magazine, March 4, 2002)
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MidLife Planning Solutions Revocable Living Trusts for Probate Avoidance Maximize Retirement Savings Long Term Care Insurance Health Care Powers of Attorney Gifting to Threshold Generation
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Revocable Living Trusts May be single or joint Husband and wife as individuals Joint Trust Successor Trustee(s) Probate Plan of Distribution
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Phase I Both grantors have management Phase II Survivor has management Phase III Beneficiaries receive property Living Trust, Cont’d.
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Funding the Trust Real Estate Bank Accounts Stocks BondsPlan of Distribution All property
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Benefits of Trusts Management of assets Protection of minor children Privacy Minimizes possibility of will contest Avoids probate in all states Can reduce or eliminate estate tax
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