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The case for young people and purposeful estate planning

Thinking about estates, legacies and solid planning based on what is personally meaningful has always been a mainstay for individuals and families with an eye on asset preservation, inheritances, tax avoidance and other key planning matters.

For a variety of reasons, that same degree of purposeful planning has not always been on display with select pockets of individuals and groups across Texas and the rest of the country.

It has always been a common refrain among young people, for example, that estate planning is not immediately meaningful to them, being something that they can attend to in future years. The same logic prevails for many unmarried persons generally, as well as among individuals without children or other surviving relatives.

Much is changing, though, that is prompting more young people to take a hard look at their lives, legacies and planning desires. One executive with a charitable foundation points to what she says is “a real shift in the dynamic.”

Among other things, that shift owes to a rising number of young professional workers -- such as recent college graduates working in high-tech start-up companies and other sophisticated endeavors -- with attractive salaries and ballooning portfolios who have an activist desire to do something meaningful with their wealth.

Many of those people don’t want to wait for decades before they think about personal legacies and doing something meaningful.

A representative comment from one of them is that, “I take value from donating to charity now and not when I’m dead.”

Many financial commentators routinely point to the need for people of all ages and backgrounds to attend to planning matters, given that broad-based considerations beyond pure wealth-related issues are often in play. Important health care decisions, charitable giving and a host of other concerns, for example, are commonly addressed through estate planning.

A proven estate planning attorney can offer tailored advice and representation to any person or family interested in planning for both present and future needs.

Source: Reuters, “Estate planning for the young, rich and childless,” Beth Pinsker, June 2, 2014

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