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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.

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Presentation on theme: "The MidLife Generation Ages 40 through 62 Children –Some independent, others not Several decades in workplace, job proficient and in peak earning years."— Presentation transcript:

1 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

2 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

3 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)

4 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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6 Revocable Living Trusts  May be single or joint Husband and wife as individuals Joint Trust Successor Trustee(s) Probate Plan of Distribution

7 Phase I Both grantors have management Phase II Survivor has management Phase III Beneficiaries receive property Living Trust, Cont’d.

8 Funding the Trust Real Estate Bank Accounts Stocks BondsPlan of Distribution All property

9 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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