As your parents age, you and your siblings will face issues of how to take care of your aging parents. As uncomfortable as it is to think about, your parents will likely need extra help in their golden years. Some folks will suffer from dementia, or they may become incapacitated in other ways. Forming a care plan with your siblings will help you find solutions for your parents that work for the whole family.
If you're a millennial, making an estate plan may not be the first thing on your mind. For one thing, you may have more student loans than any sort of estate to speak of. You may also be busy establishing yourself in a career, buying a first home or starting a family. But despite having other more immediate preoccupations, it's important not to neglect creating an estate plan. You needn't be a certain age to have an estate plan, nor do you have to have a certain amount of money. For the reasons outlined below, having an estate plan is important for everybody, including millennials.
Have you filed your taxes yet? If not, this can be a good time to review your charitable donation strategy and make sure it aligns with your estate planning goals. Without a clear plan for your donations, you could lose out on money that you could have saved while still contributing to nonprofits and causes you believe in. Here are some things to consider as you complete your 2016 tax returns: