October is Breast Cancer Awareness Month! During this month, people all over the world are honoring women and men with the disease, loved ones who have vanquished or succumbed to it, and those fighting every day to find a cure.
One of the things we want to share with you is that the research statistics for baby boomers are staggering:
- One in eight women in America will be diagnosed with breast cancer in their lifetime.
- Breast cancer is the most commonly diagnosed cancer in women.
- Breast cancer is the second leading cause of cancer death among women.
- It’s estimated that over 252,710 American women will be diagnosed with breast cancer this year, and more than 40,500 will die.
One of the leading risk factors associated with the disease is age. Did you know the older women get, the greater the risk of breast cancer? In fact, according to the National Breast Cancer Foundation, two out of three women with invasive cancer are diagnosed after age 55, which now includes the entire Baby Boomer Generation, who were born between 1946 and 1964.
As Boomers age, it becomes even more important to keep their estate planning in order.
The value of an up-to-date Florida estate plan cannot be stressed enough. Without one, there are no guarantees that end-of-life decisions and legacy wishes will be followed. This means an up-to-date last will and testament or trust agreement, or both, health care documents, and durable power of attorney are critical for all Baby Boomers, regardless of whether or not they are facing this difficult diagnosis.
A well-crafted estate plan can also take tax considerations into account. A double-benefit of supporting breast cancer research and lowering your tax liability may exist when donating to reputable nonprofit research and care organization. The Susan G. Komen Foundation, for example, was founded in 1980, when “Nancy G. Brinker promised her dying sister, Susan, that she would do everything in her power to end breast cancer forever.”
The tax-exempt Komen foundation, and others like it, offers various ways to give, including one-time contributions, memorial or tribute giving, and leaving legacy support through an estate plan. It’s important, however, to always balance retirement income needs and the needs of family beneficiaries with the associated tax benefits of charitable giving.
We know this article may raise more questions than it answers and want to help you with your questions. Remember, we are your local law firm ready and available to help you. Do not wait to learn more from us and schedule a meeting with attorney Marilyn Belo.