While no one would ever accuse estate planning of being a “trendy” service, those who practice it have seen some changes over recent years that might be called a trend. Having practiced estate planning for many years, I believe all of these “trends” benefit clients. What do you think?
Personalized Estate Plans:
You’d think this would not be a relatively recent development. Still, estate planning is increasingly tailored to individual circumstances, goals, and family dynamics. I have always recommended that my clients forego the cookie-cutter approach and replace it with a customized plan that addresses their specific needs and objectives.
Digital Estate Planning:
We didn’t need this one hundred years ago, but today we do. With the growth of digital assets, including online accounts, crypto currencies, and social media profiles, individuals recognize the importance of including digital assets in their estate plans. This may involve designating digital asset executors, providing instructions for accessing online accounts, and specifying how digital assets should be handled.
Long-Term Care Planning:
As the boomers age, there is a recognized and growing need for long-term care planning. While developing their estate plan, it is a good time for individuals to think ahead and consider their options for long-term care insurance, Medicaid planning, and establishing trusts to protect assets and ensure future quality care.
Intergenerational Wealth Transfer:
Indeed, this only applies to some. Still, for those with significant wealth, estate planning can help explore strategies to transfer some wealth to younger generations while minimizing estate taxes and protecting assets from potential risks. This may involve using trusts, family-limited partnerships, and other estate planning tools.
Health Care Directives and End-of-Life Planning:
People are emphasizing documenting their wishes and appointing healthcare proxies or creating advance directives. These documents guide loved ones and medical professionals regarding end-of-life decisions.
Our laws here in the U.S. don’t change often or quickly. Depending on your perspective, this is both a good and bad thing, but in this case, these “estate planning trends” all provide direct benefits to clients and their loved ones. If you are considering updating or creating your estate plan, rest assured that together, we will develop one that is 100% customized to your unique situation and needs. Call me to discuss what and whom you’d like to protect with your personalized estate plan. Call 513-513-399-7526 or visit my website https://davidlefton.com