Estate Planning: The Younger Generation
Do younger people need to use Estate Planning?
It is absolutely advisable for young or working life aged people to do some estate planning. Even though Elderlaw and Estate Planning are related they are different. The fact is, many people do not do any estate planning until they’re in the Elderlaw category. But you can, and should do some estate planning while you’re in the building stage of your life. The reasons are fairly obvious. A prime one is that some of the best Estate Planning strategies work over time. These are sometimes referred to as the “acorn into a tree” tools. A transfer of something that is presently worth very little (the acorn) but that may be added to and or appreciate over time. After time has passed, it is now a large gift (the tree) that has passed tax free or tax reduced to the next generation. The benefit is, of course, that if it is done right, the “tree” is not included in the gross taxable estate when the gift giver dies.
Another reason younger people might wish to do Estate Planning, is to plan for the unplanned. If something unexpected happens, and you don’t have a will or a trust or some other instrument to communicate your wishes, the law will do it for you. And you may not like how it’s done. These are just a couple of examples of issues and strategies that Estate Planning attorneys address.
For more information on how you can start planning, visit Penbay Estate Planning Law Center’s website at www.penbaylaw.com to register for a free workshop on various subjects or call us at 207-236-4888.
Don’t leave your family’s plans in someone else’s hands. ™