As boomers live longer, spend more in retirement, and hold onto their homes, many younger adults are discovering that the inheritance they hoped would help level the playing field isn’t coming, or will be far smaller and far later than expected. This widening intergenerational homeownership gap has consequences for Americans on both ends of the spectrum.
A durable power of attorney is an extremely important estate planning tool, but many people delay completing this vital estate planning step until it’s too late and they no longer are legally capable of doing it.
The ‘affordability crisis’ is fueling a surge in financial elder abuse, including ‘inheritance impatience’ and ‘inheritance preservation’ schemes. Pushed to their financial limits, adult children are asking parents to hand over their wealth early, or to stop spending it.
A durable power of attorney and a health care proxy are two very important estate planning documents. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along.
Learn whether it is practical to pay off debt before creating a will or trust. Understand how debt affects inheritance, probate, and your family’s financial security.
