It only seems natural for Washington, DC residents to want to leave a legacy for their heirs. However, without a well thought out and executed estate plan, that legacy could end up more of a burden for heirs. Changes in the Tax Code, regulatory issues and erratic financial markets can all significantly affect estate planning.
Time can easily sneak up on Washington, DC residents. The need for long-term care could present itself in what seems like "overnight," even though the signs have been there for some time. Because it is nearly impossible to predict when aging family members will need it, long-term care planning is essential.
People nowadays are working longer than their grandparents and great grandparents did before retiring. As such, more time may exist to build a retirement account. Opening a retirement account and funding it may be the easiest part of the process. Choosing a beneficiary for the account in the event of death could seem more difficult. Washington residents may not realize many retirement accounts can be left to trusts.
Washington, DC residents may not realize that nearly 40 percent of the country's baby boomers believe they will never be able to retire and will die working. The traditional idea of retirement seems to no longer exist, which could make estate planning even more essential. Even at retirement age, options may still exist.