
Are Millennials Estate Planning?
As the coronavirus pandemic increased anxiety and upended many lives, it led U.S. millennials to get more serious about end-of-life planning.
As the coronavirus pandemic increased anxiety and upended many lives, it led U.S. millennials to get more serious about end-of-life planning.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
However, in a world where more and more of our personal information is stored online, it’s also imperative to make a digital estate plan, so your loved ones can access your digital property.
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. However, because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off—and even more pleasing to avoid them altogether.
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan.