Updated August 18, 2025
Baby Boomers (born 1946–1964) control more than half of America’s wealth. Without a clear plan, years of hard work can be eroded by taxes, court disputes, or unintended heirs. Estate planning isn’t just about passing down money—it’s about protecting your family, preserving your legacy, and making sure your wishes are carried out.
1) Know Your State’s Tax Laws
Most Baby Boomers won’t face federal estate tax; the exemption is $13.99 million for 2025 (subject to change in future years). But several states set far lower thresholds. For example, Massachusetts taxes estates over $2 million, and Oregon’s threshold is just $1 million. Without proper planning, your estate could be hit with unnecessary taxes.
👉 Safeguard your hard-earned wealth by understanding both federal and state rules before it’s too late.
2) Keep Wills and Beneficiary Designations Updated
A will is the foundation of any estate plan, but wills don’t control everything. Beneficiary designations on retirement accounts, insurance policies, and bank accounts override your will. If they’re outdated—say, still listing an ex-spouse—assets may end up with the wrong person. Review your will and beneficiary forms after major life events and at least every few years.
3) Use Trusts to Protect and Control Assets
Trusts can do what wills cannot: protect assets from creditors, reduce taxes, preserve privacy, and help avoid the delays and costs of probate. They also allow you to control how and when heirs receive money. For Boomers with real estate, business interests, or blended families, trusts are often indispensable.
👉 Learn more about asset protection strategies.
4) Plan for Incapacity—not Just Death
Estate planning isn’t only about what happens when you pass. Powers of attorney and healthcare directives ensure that if you become incapacitated, someone you trust is making financial and medical decisions for you. Without these documents, your family may face costly, stressful court proceedings.
👉 See why estate planning is essential.
5) Address Blended and Non-Traditional Families
Many Boomers have remarried, divorced, or built long-term partnerships without marriage. Others want to provide for stepchildren and grandchildren in non-traditional households. A one-size-fits-all will won’t handle these complexities. Tailored estate plans help ensure fairness, prevent disputes, and honor your real intentions.
6) Don’t Forget Digital Assets
From online bank accounts to cryptocurrency wallets and social media, digital assets are now part of your estate. If they’re not documented, they can be lost forever or fall into the wrong hands. Maintain an updated inventory (stored securely) and provide clear access and instructions for your executor.
👉 Here’s why it’s important to include digital assets in your plan.
7) Leave a Charitable Legacy
Many Boomers want their values to live on through giving. Options include simple bequests, charitable trusts, or donor-advised funds. Strategic giving can support causes you care about and reduce taxes on larger estates.
👉 Explore how to make charitable giving part of your estate plan.
Final Thoughts
Estate planning isn’t a one-time event. Laws change, families evolve, and your wishes may shift. Review your plan every 3–5 years or after major life events, coordinate it with your financial plan, and communicate openly with loved ones. With the right planning, Boomers can pass down not just wealth, but security, clarity, and a lasting legacy.
