Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves

Connor Law Firm, PLC

Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical retirement mistakes.

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves.

Mistake #1: Believing Estate Planning is Only for the Wealthy

While baby boomers are not the only ones guilty of this mistake, the common misconception is that only the ultra-rich need to have an estate plan prepared. By some reports, about half of Americans between the ages of 55 and 64 do not even have a will. Because estate planning encompasses not only protection of your assets (regardless of how much you’ve accumulated), but also your healthcare choices, the lack of planning can leave you in a dire situation should any medical issues arise.

Mistake #2: Checklist Mentality

For many, estate planning is just the preparation of legal documents. Once the documents are signed, the client crosses off the item from his or her to-do list and moves on. But, your circumstances may (and usually will) change. And the likelihood of this happening increases the longer time goes by. To ensure your estate planning objectives are carried out, you should update your estate plan every time a major (or minor) life change happens, such as retirement.

Mistake #3: Not Completing Your Estate Planning Homework

Just because the estate planning documents have been signed does not necessarily mean that the planning is complete. It is important that any assets that need to be retitled are done so as soon as possible, before you forget. If the ownership or designations on financial accounts and property do not align with your estate planning strategy, there can be major problems in the future. Improper titling of financial accounts or property can result in an unexpected or undesirable distribution. This can happen because you may make one plan through your will or trust, but the ultimate determination of who inherits will rely on the ownership or beneficiary designation of those assets upon your death.

Mistake #4: Leaving Out Little (And Not So Little) Things

It is important to consider all forms of property, not just the high-value assets when putting together an estate plan. Some of the most commonly overlooked assets include digital assets and family pets. If not expressly addressed in your estate plan, your family may end up fighting over valuable assets, abandoning those they deem worthless, or not even realizing certain assets existed.

Mistake #5: Not Preparing for Life Events & Emergencies

No one has a crystal ball. However, with proper estate planning, you may be able to weather the storm brought on by some of life’s unexpected events or emergencies. With long term care costs increasing year after year, planning for the future possibility of a nursing home can save you money and reduce worry if the time comes.

Estate Planning Help

Although many baby boomers have made these mistakes, you do not have to be one of them. Consult with us to learn about estate planning options and to make sure you and your family are protected from these common mistakes.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)
480-296-2069 (local)
St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)
Ben@ConnorLegal.com
www.ConnorLegal.com

Client Reviews

Outstanding Professionalism with Clear Communication. We were introduced to Ben Connor and his Law Firm over 20 years ago and quickly became comfortable with Ben’s knowledge, experience, reputation, plus fair...

K and D

He was Kind, Patient, and Took all the Time We Needed. Ben created an excellent Living Trust for Laurie and me. He has been a personal friend for many years and finally I asked his advice after leaving the...

DOJ

We Trust Ben Completely. We met Ben through a mutual friend, and when we decided to set up a living trust, he was the only one we felt could provide us with the expertise, sound advice and personal service we...

S J

Truly Cares about his Clients. Ben is an excellent attorney who also truly cares about his clients. He created a wonderful Living Trust for me and my late husband, as well as an LLC for our business. He was...

JP

Excellent Attorney. Excellent Attorney who is wonderful to work with and create the perfect trust!! Ben Created a living trust for my partner and I. Prior to Ben, the thought of creating a trust intimidated me...

Amy

Trusted Advisor. Trust is very important when working with an Estate Planner, and after working with Ben Connor on our estate planning we highly recommend him without reservation. Ben walked us through our...

SJ

Excellent Living Trust. Ben created an excellent Living Trust for Tug and I. He explained our options from A to Z so that we could actually decide for ourselves what we wanted done. He answered all our...

Bonnie

Contact Us

Fill out the contact form or call us at (435) 359-1414 or (800) 679-6709 to schedule your free consultation.
  • Let Us Help, Call Today
  • 29 Years of Estate Planning Experience
  • 100% Estate Planning Focus

Leave Us a Message

Our Offices

St. George, UT Office (Main Office)
20 N Main St
#301

St. George, UT 84770

Scottsdale, AZ Office
9777 N 91st St
#C-103

Scottsdale, AZ 85258