Baby boomers will be leaving over $30 trillion to their offspring over the next 30 to 40 years. That's an incredible amount of money that will be passed down to the next generation. How can people in Washington ensure that they are passing down this money to their heirs properly? There are certain things to keep in mind when it comes to estate planning.
First, make sure your children know in general what they will be receiving. Let the kids know where they stand financially and that things can change based on medical costs and other factors. The children should know where important papers are kept and whom they should contact upon your death.