Happy New Year! Spring is on the horizon; work and life are busy. It seems this industry of estate planning, trust administration, and probate is on the rise. We have so many wonderful clients with interesting issues and get more calls every day. We see young families protecting their children on a regular basis, but more often we see successful working people on the verge or retiring now looking to protect the assets they worked hard for and pass on their nest egg to their children and grandchildren in a way that makes the most sense, if they can't find fun ways to spend it first. By the year 2030, all of the Baby Boomer generation is said to be over 65 with 10,000 people now reaching that mark every day. 1. Many of these people are still caring for their own parents, while helping with their children and grandchildren. It is common to let other issues take priority over estate planning until we feel it's "necessary" or until we see and feel limiting physical or mental conditions. We anticipate finding an experienced estate planning attorney will be easy, but don't expect to find that many of the attorneys in the industry are retiring as well, that new attorneys don't have much experience or that those in the middle will have full practices.
Plans should be put into place well before problems arise, since it's too late if we wait until incapacity creeps up on us. The alternative often requires much more time and expense using the court system to gain guardianship over a person. It is also important to not only have a plan in place, but to understand the plan and educate the future decision makers (fiduciaries) about the plan and your expectations for executing that plan. At Megan Lewis Law, we spend time educating our clients about the general workings of wills, trusts, powers of attorney, probate court, and other issues they just don't face every day. We discuss assets, family dynamics, desires for a legacy, and potential income and estate tax issues affecting both clients and their children or grandchildren. Our practice is busy and we can't take all the potential new clients coming to us, but we do our best to help as many people as possible. We also let our potential clients know how we approach our practice, what kinds of cases we focus on and if we can't help them, we try to give them referral resources. For assistance with Spokane area wills, powers of attorney, revocable living trusts, irrevocable trusts, trust administration, and probate, please call our office at (509) 557-7797 or send us a message. We can also take clients from across Washington and work by phone and email.
1. 2020 Census Will Help Policymakers Prepare for the Income Wave of Aging Boomers, Census.gov.
Megan M. Lewis