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The MidLife Generation

The MidLife Generation. Age s 4 0 throug h 62 Childre n –Som e independent , others not Severa l decade s i n workplace , job proficient and in peak earning years Consciou s o f nee d t o sav e for retirement. Concerns of The MidLife Generation.

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The MidLife Generation

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  1. The MidLife Generation • Ages40through62 • Children –Some independent, others not • Several decades in workplace, job proficientandinpeakearningyears • Conscious of need to save for retirement

  2. ConcernsofTheMidLife Generation • Theyarethe“SandwichGeneration” • Retirement consistsof an IRA,401(k)or pension plan, if they are lucky • Replaceold“hugs&kisses”Wills • Healthstillgood,butvarious“aches& pains”noted • Experiencesuggests 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 activitiesand takeher on short walks– just as she didfor me whenI was young... I have begun to call my role “extreme mothering”– the careand feeding of people on opposite sides of the life arc.” “TheLifeandTimesofanExtremeMom,”byElizabethCohen (originallypublishedinNewsweekmagazine,March4,2002)

  4. MidLife Planning Solutions • RevocableLivingTrustsfor ProbateAvoidance • Maximize Retirement Savings • Long Term Care Insurance • HealthCarePowersofAttorney • Gifting to Threshold Generation

  5. RevocableLivingTrusts • May be single or joint Husband and wife as individuals JointTrust SuccessorTrustee(s) Probate PlanofDistribution

  6. LivingTrust,Cont’d. PhaseI Bothgrantorshave management PhaseII Survivorhasmanagement PhaseIII Beneficiariesreceiveproperty

  7. Funding the Trust Real Estate Stocks BankAccounts All property Bonds PlanofDistribution

  8. BenefitsofTrusts • Management of assets • Protection of minor children • Privacy • Minimizespossibilityofwillcontest • Avoidsprobateinallstates • Canreduceoreliminateestatetax

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