Approximately 70 million baby boomers live in the United States. Remarkably, that means people born between 1946 and 1964—currently 61 to 80 years old—compose close to 20% of the country’s total population. Most baby boomers are already retired or on the cusp of leaving the wage-earning workforce.
Although they might be lined up to receive income from pensions, personal investments, Social Security, 401(k)s and other sources, there are powerful forces that threaten their financial assets. Protecting themselves and their families from rising inflation, property taxes, healthcare costs, and avoiding the ravages probate court can have when they die are essential.
Among baby boomers especially, taking action early on when it comes to tax and estate planning can be one of their wisest choices, or most regrettable oversights. Tax advisors and estate planning lawyers encourage clients as young as age 35-40 to begin implementing mechanisms that protect and grow their assets.
Even so, a recent report in Money magazine says, “Baby boomers only had an average 401(k) balance of $249,300 in 2025, according to Fidelity. If you retired at 70 with $4.3 million saved, you may have a lot more financial flexibility in retirement than many of your peers.”
Since the One Big Beautiful Bill arrived under the Trump administration, new tax, inheritance and gift laws have shifted, California’s Proposition 19 has added complexity for homeowners, and understanding the rules of eligible deductions and probate court may cause many baby boomers to feel overwhelmed.
This is why the top advice from experts is to consult two key professionals: estate lawyers and/or tax advisors who are well-versed in the best wealth-protective strategies for baby boomers, seniors and their heirs. Surprising for most people to discover is that estate planning is vital for everyone, not just the super rich.
Fortunately in the East Bay, there are professionals with proven track records, like Joel A. Harris, a state bar-certified specialist in estate planning, trust and probate law. With 36 years of experience assisting Bay Area families, Harris offers flat-fee estate planning from his law offices in Antioch. Born in the Bay Area and living in Clayton, he holds a JD and MBA from Santa Clara University and a BA in English from the University of the Pacific.
This year, Harris says the new tax law most important to seniors is the $6,000 deduction on federal taxes for people ages 65 and above (phases out at certain income levels). A second change involves state and local taxes, bumping up qualified deduction limits from $10,000 to $40,000 per taxpayer. Harris and Gary Watts, a certified financial planner and owner/founder of Walnut Creek-based Watts Advisors Family Office, have offered online presentations together, underscoring experts’ advice to gather professional input from both tax and estate planning specialists.
For estate planning, Harris’ area of expertise, he highlights the estate tax exemption that was increased to $15 million per person and $30 million per couple. It’s been made permanent, instead of expiring as of January 2026. Harris cautions that for the surviving spouse to qualify, the necessary tax forms must be filed or extended by the nine-month deadline. Usually no taxes are due; the purpose of filing the return is to “port” the deceased spouse’s estate tax credit to the surviving spouse.
“If they miss that, they blow it,” says Harris. “The new bill helps on that and other inheritance taxes. But the one big takeaway is to contact your attorney or CPA right away after a death, or you might lose that credit.”
Harris emphasizes that long-term planning helps families avoid having their assets compromised or subject to probate. Notably, medical laws in California have shifted, with new income and asset levels making it harder to qualify. Nursing home liens also play a role, and unpaid fees collected posthumously can take up to 100% of an estate if a person’s assets have to go through probate. Essentially, probate is not only immensely time consuming and complicated; the taxes levied eat away at assets that might otherwise pass to a person’s spouse and other heirs.
Establishing a living trust is a crucial step in the process of protecting the assets baby boomers have worked for decades to create, according to Harris. Placing everything into a trust prevents probate court from roaring in to capture the flag. He mentions that at risk are not only investments, bank accounts, and a plethora of other assets in financial institutions and retirement accounts and adds that older homeowners downsizing and lacking the right property exemptions might find the sale of their family house subject to extreme tax rates.
“I’ve seen those taxes eat up 100% of an estate,” he says.
Most trusts created before 2012 need to be redone, says Harris. Estate taxes became portable in that year, negating the need for complicated AB trusts. “People who still have those older trusts have only the downside left: an irrevocable trust that can cause capital gains taxes. People need to review their documents regularly. Do you still know, like and trust the people you’re giving money to and putting in charge? Are they still alive?” he asks.
Harris says people should do a personal review every year and with an attorney every 5-10 years. “The first will reading I did for a family back in 1991, every person named was dead. They’d put it in a safety box and never looked at it again,” he recalls. “The money went through probate and was subject to Intestate Succession, the California law that determines what happens when you die without a will or trust. It makes for messy administration.”
In addition to allowing planning documents to lapse, the biggest mistakes are made by people who do not put all of their assets into their trust. When Harris prepares a living will with clients, it acts as a safety net.
“With a living trust, the will says, ‘I leave everything I have to my trust,’” says Harris. “My role is helping clients to ‘prepare the house’ and use that process to make sure all of their assets are protected.”
Summing up the top message for baby boomers who care about their heirs and who’s in charge of their assets if they get sick or when they die, Harris says: “Be proactive, not reactive. Have life insurance, a will, a properly written living trust, and protect yourself and your family. Then, go have a wonderful life.”
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