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Estate Planning for Millennials

Millennials, like all adults, should plan for the unexpected. Youth is not a reason to avoid Estate Planning. However, Millennials present an interesting Estate Planning challenge – planning for inheritance and death simultaneously.

The Boomer generation is poised to transfer more wealth than ever before ($30 trillion over the next 30 years) and the Millennials will be the recipients of the lion’s share. This presents two significant issues: (1) Dramatic increases in net worth, and (2) family business succession.

The first thing to do is to sit down and think about the details: who should be your executor, who should be your beneficiaries (spouse? children? siblings? friends? charity?). Next, develop a plan.

Planning for Millennials normally follows a life event. Some are happy – like marriage, the birth of a child, getting a great new job. Some are not – divorce, the death of a loved one, or losing a job.

The inheritance aspect can be more difficult to plan since, most often, beneficiaries don’t normally know the details of what they will eventually inherit. Proper planning can address unknowns and can be amended to reflect changes in circumstances.

Author Bio

Paul Yokabitus

Paul Yokabitus is the CEO and Managing Partner of Cary Estate Planning, a Cary, NC, estate planning law firm. With years of experience in estate and elder law, he has zealously represented clients in various legal matters, including estate planning, guardianship, Medicaid planning, estate administration, and other cases.

Paul received his Juris Doctor from the Campbell University School of Law and is a North Carolina Bar Association member. He has received numerous accolades for his work, including being named among the “Best Attorney in Cary” in 2016 and 2017 by Cary News and Rising Star in 2020-2023 by Super Lawyers.

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