Why Holistic Estate Planning Includes Senior Living Affordability for Baby Boomers in Texas

April 11, 2024
Bradley Campbell
estate planning and baby boomers
This article examines why holistic estate planning includes senior living for baby boomers in Texas.
Bradley Campbell Tyler and Mineola TX Lawyer
Bradley Campbell
Bradley Campbell has over 35 years of experience. A trusted advisor and counselor, Attorney Campbell will help you find solutions for your case by focusing on personal attention, communication, and professionalism. If you need an attorney for probate, business law, or real estate with the experience and understanding to serve you with the individualized care and attention that your case deserves. Attorney Campbell provides consultations throughout the week at our convenient locations in Tyler, TX and Mineola, TX.

A Senior Housing News article, "New Report Sheds Light on Baby Boomers' Desired Senior Living Services, Amenities," cited interesting research on baby boomers and their preferences for senior living accommodations. The research surfaced aging baby boomers' senior housing preferences, questions on the industry accommodating large numbers of individuals transitioning into housing, and the need for holistic estate planning to address the high cost of senior housing. 

An estimated 76 million baby boomers are considering or moving into senior living arrangements and facing high costs and affordability concerns. This article examines how aging baby boomers are shifting estate planning goals and why a holistic plan includes senior living.

How Aging Baby Boomers Are Shifting Estate Planning Goals 

Looking for insights on how aging baby boomers will shape the senior housing industry, The American Seniors Housing Association surveyed 7,000 people between December 2021 and March 2022 on family and household characteristics, living situations, and where they prefer to live. The majority, or 80%, of survey respondents were baby boomers, and a large portion of respondents, almost 60%, indicated a move in the next four years, possibly into a senior living community.

Why Holistic Estate Planning in Tyler or Mineola Includes Senior Living Affordability 

For baby boomers contemplating a move to senior living communities, estate planning strategies in Tyler or Mineola can be tailored to individual preferences. Holistic estate planning protects wealth, supports senior independence, and anticipates Medicaid approval requirements.  Tyler Estate Planning Attorney Bradley Campbell can help create a plan that positions a baby boomer to preserve money when applying for Medicaid, grant trusted individuals the authority to act on their behalf when needed, and pave the way for preferred senior living accommodations.

Living trusts are an effective strategy in baby boomer estate planning because  you can appoint yourself as a trustee to control and manage assets in the trust while you are alive. An experienced Tyler or Mineola estate planning attorney can draft distribution limitations to protect or preserve assets. In this case, you name a successor trustee if you pass away or are incapacitated. For more on asset protection, read our blog, “Asset Protection Trust: Secure Your Wealth and Future.”

Revocable living trusts protect your assets and can provide more housing options as you transition into senior life. They also protect your best interests when incapacitated, instructing whoever manages your trust to pay bills or use its assets for your care.

An irrevocable trust is similar to a living trust, but there is one main difference. Changing or canceling it is difficult. One benefit to this type of trust in baby boomer estate planning is its ability to exclude assets from Medicaid's consideration during approval. Given Medicaid's low asset threshold, removing income-producing and other assets protects your wealth while allowing you to receive Medicaid. You can use irrevocable trusts for supplemental income since you can name yourself a beneficiary to receive any gains from the original assets.

Key Holistic Estate Planning in Texas Takeaways:

  • Baby Boomers and Senior Living: Over 70 million baby boomers will consider moving to age-restricted retirement communities in the next few years.
  • Estate Planning for Baby Boomers: There are estate planning strategies to help baby boomers prepare for the transition to senior living.
  • Living Trusts: Living trusts protect your assets as you transition into senior life and your best interests when incapacitated.
  • Irrevocable Trusts: One benefit of an irrevocable trust is its ability to exclude assets from Medicaid's consideration during approval.


Estate planning is a proactive tool for baby boomers to embark on this new chapter of life with clarity, purpose, and peace of mind. Preserve wealth and design your future that reflects a vision for your senior years. Whether creating or updating an estate plan, request to book a consultation with our estate planning law firm. We have offices in Tyler and Mineola and can create a holistic and customized plan to match your needs. 

Reference: Senior Housing News (June 27, 2023) "New Report Sheds Light on Baby Boomers' Desired Senior Living Services, Amenities."

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