How to avoid losing your parents’ life savings

parents retiring life savings

Benjamin Franklin once said that nothing can be certain except “death and taxes.” Unfortunately, the “Baby Boomer” generation (people between the ages of 53 and 71) will experience both of these things in the next few decades.

For their children, however, this means a whopping $30 trillion (with a “t”) in inherited assets. This is the most amount of money that any generation has ever held, and could mean the difference between barely making a living and having your retirement already planned out for you.

That is, of course, if their parents haven’t lost it all in retirement. No matter how much your parents have saved up, they could still hemorrhage money due to end-of-life care, estate lawyers, and, yes, taxes. This would mean the difference between having a solid inheritance and, say, getting a few extra bucks.

So how do you prevent you or your parents from losing your savings later in life? CNBC recently revealed the common mistakes people make when dealing with their estate and their retirement savings. Once you know the warning signs, you could end up saving you or your loved ones from a giant financial headache.

No one wants to think about their inheritance or untimely demise now. Yet with careful planning and taking proper steps to insuring your savings, you could avoid the mistakes of previous generations. After all, if you or your parents worked long and hard to get that money, why would you let it go to waste?