Legal Brief: 5 Reasons Baby Boomers Need to Pay Attention to Estate Plans Now

Baby Boomers – the biggest generation now on the verge of being the biggest group of inheritance recipients — must answer the call to make prudent decisions on a staggering amount of inherited wealth.

Boomers who have not yet made an estate plan will have an added impetus for doing so. And Boomers who have an estate plan that may be several years old need to review that plan to ensure it aligns with changes in their lives.

Here are five reasons why Boomers need to make and review estate plans now:

Changing relationships. Your beneficiary list needs to be reviewed in light of your current status and any changes in family structure or relationships.

Adult children. The minor children you may have provided for in an earlier estate plan have now grown and flown the nest – do they still need the protections you had in place for them? Have they matured into financially responsible adults, or do you need to add new protections in a trust for them?

Your health. As you age, you learn a lot more about your own health. Do you have a health care directive in place to protect yourself in case of incapacity? Are you going to live longer than you thought you would when you drafted your first estate plan?

Your property. Any sales, loss or acquisition of property needs to be properly accounted for in your estate plan. As we age, we tend to accumulate more. What plans do you have for it?

Your legacy. It may now be financially feasible — and wise — to give while you are still living.

If you’d like to learn more about creating a personal estate plan, call our office today to schedule a time to sit down and talk Claudia Bingham, your neighborhood Personal Family Lawyer®. Call today at (919) 256-3643.

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A Baby Boomer Lesson in Diversity

This past Saturday my grandson was invited to the birthday/halloween party of one of his classmates. Since I had never met Julianna’s parents I wasn’t sure what to expect.

What I discovered was Julianna’s mother is black and her father is of Latin descent. The children who came to the party were from different racial and ethnic backgrounds and it was a beautiful sight to see.

For a three-hour period, the adults watched as their children played and shared without prejudice. For that moment in time no one saw race as an issue. Even the parents were laughing and joking with each other.

By the time children get to elementary school, they are aware of differences and some have already developed prejudices against people who are different because of the adults around them.

There are simple ways that parents and baby boomer grandparents can help their children and grandchildren understand differences in people and be tolerant of these differences:

Show that you value diversity through your friendships and business relationships. What you do is as important as what you say.

Make and enforce a firm rule that a person’s ethnic background is never an acceptable reason for teasing or rejecting someone.

Provide opportunities for your children to interact with others who are racially or culturally different and with people who have disabilities. Look for opportunities in the neighborhood, school, after-school and weekend programs, church, camps, concerts, and other community events.

Respectfully listen to and answer your child’s questions about people’s differences. If you ignore questions, change the subject, sidestep, or scold your child for asking, you may suggest that the subject is bad or inappropriate.

Teach you child ways to think objectively about bias and discrimination and to witness against these injustices. Set an example by your own actions.

I will be having my own party on November 2 and have invited a diverse group of people to attend. I wonder if they will choose to show up or allow their own prejudices to hold them back.

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Survey Says Baby Boomer Women are Burned Out and Frustrated

According to the findings of the Gallup-Healthways Well-Being Index, the toll on emotional health for women in the core group of Boomers — now in their mid-40s to mid-50s — has a significant effect on our economy and the health of the country. An increasing number of women who still have jobs are feeling increasingly dissatisfied with their work environment. These women are reporting increases in sadness, stress, worry and lost sleep. Furthermore, the average family caregiver is a woman in her late 40s who still has at least one child at home and works outside the home while providing an average of 20 hours a week of hands-on care for a loved one.

And if that isn’t enough to depress you—the data also indicates nearly 70 percent of baby boomers are providing some sort of financial support to their adult children and grandchildren. They are picking up the pieces as their sons and daughters lose jobs and bail out of over-mortgaged homes. Add onto that the cost of long-term health care for their parents who are living into their 80s and 90s with multiple chronic illnesses and you begin to clearly understand why some women are so burned out and frustrated at midlife.

I am no psychologist but the are some things I do understand at midlife:

1) I can’t be all things to all people
2) I am not Bank of America

3) Grown Children don’t need hand-outs if they’re making NO effort on their own

3) I am no longer going to bite off more than I can chew

4) I must take time for ME

5) Life is a short runway and I am the captain of my plane.

These are among the issues we’ll be addressing at this year’s Women’s Reinvention Summit. We invite you to join us.

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I’m a Baby Boomer Blogger for the Huffington Post and Here’s Why

Recently I became a blogger for The Huffington Post. The story behind how I was chosen is a LONG ONE and I won’t bore you here but I will tell you that when you are looking to create greater visibility for yourself you have to be willing to do a few things:

1) Advertise your brand and market yourself: People need to know who you are and you must be willing to self-promote who you are and what you do. The tricky part is determining how much is too much or too little. That, of course, depends on the social platform you use to self promote.

2) Collect and encourage positive endorsements: You are the chief marketing officer for the brand called YOU, but what others say about YOU often has more impact than what you say about yourself.

3) Find the right connections: There are “friends” and then there are “connections.” Friends can be connections but connections may not always be friends. By identifying good connections, you open the door to possible partnerships and other collaborations. I always say: You don’t know who knows who so when you connect with someone and you work on building a relationship, it could turn into something so much more valuable to the both of you.

Finally, you should always be self aware of your strengths and weaknesses and seek to continually develop yourself by educating and training training yourself so when it’s your time to shine, you will definitely be ready.

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Are You a Baby Boomer Woman Living in the Land of Re-

The BUZZ word these days for women of a certain age is “reinvention.” Everyone’s talking about it or writing about it.

The truth of the matter is, reinventing yourself is nothing new. Our mothers did it as well as their mothers. To reinvent is to re-new, re-create and even re-juvenate.

If you’ve gone through a divorce, changed careers, have children move away, lost (or gained) weight, changed your hair color or dyed the gray away, experienced menopause, tried social media, etc, you’ve gone through a reinvention of sorts.

It is through the reinvention process that we learn and, hopefully, grow.

On Saturday, November 3, a panel of women will share their own reinvention journeys and how they’ve grown into who they are today. It’s the Boomer Women’s Reinvention Summit. You are invited to join us for this ground-breaking televised event.

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Baby Boomer Women Know How to Build Social Media Relationships

Baby boomer women in business know that building relationships is what helps us pay your bills. We also understand that our social media networks will generate a consistent stream of prospects, referrals and customers.

Like face-to-face networking, social media is about inviting people to have a conversation with you. That’s how we create relationships that win trust and a loyal following. It is NOT about immediately going out and asking people to purchase your products or sign up for your services.

In her article, 7 Traits of Entrepreneurial Baby Boomer Women, the author stresses the importance of building relationships and networks.

During the 4th Annual All BOOMER Women’s Social Media Summit, a panel of experts will share their own success stories of how they go about building social media relationships. Find out if the relationships you’re in are truly giving you the value you deserve.

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Baby Boomer are Smart on the World Wide Web

Social network use among Internet users 50 years old and older has nearly doubled to 42 percent over the past year. In fact, in the U.S. alone there are nearly 16 million people 55 and older using Facebook.

According to US News and World Report online, social networking site use among Internet users age 65 and older has grown 150 percent over the past two years, from 13 percent in April 2009 to 33 percent in May 2011

For a multi-tasking baby boomer woman, the Internet is not a toy—it’s a tool. Websites that customize information to our needs, recommends relevant products or offers expert advice will win us over. Some marketers falsely assume that women over 50 are not tech savvy. News flash—we are, more than you probably know.

We’re going to prove it on Saturday, November 3 during the Fourth Annual All BOOMER Womens’ Social Media Summit.

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Baby Boomer Women are Taking Social Media By Storm

In case you haven’t heard the news, baby boomer women are the fastest group to rise among the ranks in social media. According to one report,women make up over half of all social media users at fifty-six percent. That’s quite a statistic in light of the fact that baby boomers, in general, did not grow up with technology.

Another interesting statistic is the fact that women are developing online businesses at nearly a 3-1 ratio in comparison to men.

How are baby boomer women doing it? You’ll learn from some of the experts during this year’s Fourth Annual All Women’s Social Media Summit November 3—where the spotlight will shine brightly on boomer women. A diverse group of women will come together to share their experiences and knowledge on how they make things happen on Twitter, LinkedIn, Facebook, Inside919.

To learn more, follow this link: http://www.boomerdivanation.org/boomerwomensocialmedia/

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Exploring the Generations – “Late Baby Boomers”

Recently I was talking with a good friend who is a Gen X and married to a “Late Baby Boomer” about the differences in how her husband sees the world and how the older Boomers view things. For many Late Baby Boomers, born between 1958 and 1964, the tag or label of “Boomer”, while accurate for their generation, never felt like they were in the club and have never identified with the whole “Boomer Movement.”

There are reasons for someone like her husband or my sister (Born in 1958) to feel this way. They were born at the tail end of the Boomer generation and have very little in common with someone born in 1940’s. They are really members of “Generation Jones”, a sub group of the Boomer Generation. Generation Jones is a term coined by Jonathan Pontell, a Los Angeles marketing and political consultant to describe the Late Boomers. The name “Generation Jones” derives from a number of things, the “keeping up with the Joneses” of our youth, as well as the slang term “jonesin” that teens used to describe any craving, it is a part of who they are, it came from their childhoods.

The Boomers were the biggest generation in America until recently when they were eclipsed by the Millennials and number about 80 million strong. Late Boomers or Generation Jones never truly identified with the typical traits and description of “Baby Boomers”. Late Boomers or “Gen Jones” members were riding bikes and playing with dolls back when early boomers were fighting in Vietnam, protesting the draft and getting stoned at Woodstock.

Jonesers were too young to be part of the protests of the sixties, rather than being Flower Children, they were babies. While the Early Boomers were out leaving their mark on the world, Jonesers were still in elementary school and by the time they came of age, the world had changed.

While the press has spent countless hours focused on the graying of the Woodstock generation boomers those born after 1958, missed Woodstock and the anti-war movement. Their coming-of-age decade was the 1970s, not the 1960s. Vietnam was far-away, most of them have no memory of Vietnam’s personal impact.

Jonesers were children in the idealistic ’60s, searched for their identity in the ’70s under the shadow of Watergate, and scrambled for their place in the world as young adults in the ’80s. They were defined by gas lines and 20% interest rates. Their cultural touchstones were groups like the Carpenters and Steely Dan (on eight-track tapes then later on cassette tapes), and shows like “All in the Family” and “Charlie’s Angels” and were tuning into “Soul Train.” They grew up watching The Brady Bunch, not Leave It to Beaver.

Bryan Adams’ hit song “Summer of ’69″ was allegedly originally titled “Summer of ’75″, but the record company insisted he change the title to “Summer of ’69″ to appeal to Boomers even though Adams himself was a Joneser and only 8 yrs. old in ’69. Most Jonesers remember gas lines and even / odd license plate days to fill up with gas, not hippie “Chevy vans”. As Pontell describes them, “They were wide-eyed, not tie-dyed.”

Older boomers set the changes in motion; Jonesers grew up with the impact. They went to integrated schools, they grew up with a doubling of the divorce rate and their mothers returning to work out of necessity, they were the first generation to realize all the implications of the 1960s including women’s rights, civil rights, abortion and the changing of family structure. They were a too late for the “we can change the world” attitude of the Early Boomers and too early for the hopelessness of a world gone crazy that Generation Xers inherited. They have been described as “practical idealists.”

These Jonesers tend to be less ideological than early boomers, more respectful of contrary opinions, more pragmatic and a lot less likely to get glassy eyed when remembering the 1960s, according to historians, marketers and pollsters.

Pontell said he came up with the label Generation Jones because he regarded those later boomers as a lost, anonymous generation. Among their traits are a competitive drive (a need to keep up with the Joneses) and an intense, often-unrewarded yearning — in the argot of the 1970s, this generation always has a Jones for something more.

“This generation had big expectations, but it was confronted with a souring economy that left it with a certain unrequited Jonesing quality,” Pontell said.

“Older boomers had this naive assumption that you could get rid of the bad and the good would be wonderful,” said Ann Clurman, executive vice president of the Futures Company and coauthor of “Generation Ageless,” a treatise on baby boomers. “Younger boomers tend to say there is bad and good in everything, and nothing is perfect.”

The Late Boomers or Jonesers Common Experiences:

Came of age in the era of Jimmy Carter and Ronald Reagan

News reports about Watergate and Iran interrupted our favorite TV shows

School was a safe place

Could legally drink at 18 but did not have to worry about the draft

Pong was the first video game they played

Had only 3 channels on TV

Remember a life before remote controls, microwaves, cell phones, and satellite TV

Worried about the 1973 Oil Crisis, the 1979 Energy Crisis, and Iran

Nuclear war with the Soviet Union was a ominous threat

The Russians were evil

Disco: Love or hate it, was everywhere

Sparkles and cocaine seemed sophisticated

The words inflation and recession were part of our daily vocabulary

The Jackson 5

Purchased pet rocks

The Osmonds

Purchased mood rings

Tim Moore tim@deagsales.com

Website: www.exploringthegenerations.com

Facebook: www.facebook.com/exploringthegenerations

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Just Lin, Baby! 10 Lessons Jeremy Lin Can Teach Us Before We Go To Work Monday Morning

Just Lin, Baby! 10 Lessons Jeremy Lin Can Teach Us Before We Go To Work Monday Morning – http://www.forbes.com/sites/​ericjackson/2012/02/11/​9-lessons-jeremy-lin-can-teach-​us-before-we-go-to-work-monday​-morning/

Mark
http://www.food-aid.org

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