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Estate planning for New Jersey baby boomers

Many baby boomers have spent the past 25 years working hard to earn a living and build a strong portfolio of assets. Unfortunately, only 11 percent of those individuals say they're confident they'll be able to retire in financial security. In total, about 55 percent said they were somewhat certain they could retire with financial security, and 44 percent said they had little to no faith they would have enough money when their careers ended.

The lack of financial security for New Jersey individuals raises a number of concerns. At the forefront, individuals who do not have money in savings may be worried about meeting day-to-day expenses. Others may be worried about what will happen if they need any medical treatment, or how they will pay for a nursing home stay, if it is needed.

Most people who are reaching retirement age are considering whether Medicaid or Medicare will be available to help fund long-term health care. If you have money in savings but do not think it will be enough to cover the health care you need, an attorney may be able to help you protect your assets, working to ensure you have the financial and medical protection you need.

Of the baby boomers that were surveyed, about 25 percent of the people who are still working do not think they will ever be able to retire. Regardless, many professionals emphasize that even individuals who are not cash-rich can benefit from an estate plan. Although those individuals may not need to make plans to divide retirement accounts or life insurance, they likely have other assets in their estate, including their homes, cars and family heirlooms.

Source: The Breaking Story, "The Associated Press: Poll reveals baby boomers' retirement fears," 21 April 2011

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