The U.S. Census Bureau reports that the number of Baby Boomers who are unmarried has risen dramatically the past 10 years, attributing the rise to late-life divorces and an increasing number of Americans who never marry or remarry.? A Maryland estate planning attorney notes that financial and estate planning strategies differ for single people as they age, and provides these tips from a recent Financial Planning article:
- Staying employed as long as possible allows you to increase your retirement savings as well as your Social Security benefits.
- Purchase long-term care and disability insurance.
- Have a healthy emergency fund established for unanticipated expenses.
- Talk to a Maryland estate planning lawyer about creating a revocable living trust to hold assets that can be used in case of your incapacitation or disability, and create a durable power of attorney for non-trust assets.
- Create an advance medical directive that includes a durable power of attorney for health care and a HIPAA authorization to release medical records.
An experienced Maryland estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorneys Linda T. Cox and Seth B. Zirkle can discuss all your options and create a plan with you.? Call Ms Cox or Mr. Zirkle at Hyatt & Weber, P.A. today at 410-266-0626.
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