Estate planning in Ohio and elsewhere is a neglected aspect of personal finance and wealth building, even among some who are wildly successful. Estate planning connotes a dry subject that is fit only for those who are very old and very rich. However, anyone with some assets, such as a home, retirement account, life insurance, savings, and the like, will be passing on a disastrous experience to their heirs without an estate plan.
Among other things, this is the structure that one creates to distribute wealth from one generation to another. Making a nest egg of assets, be it large or small, is like walking on a treadmill to nowhere if one cannot effectively pass on those assets in a cost effective way to one’s chosen beneficiaries. If what you accumulate financially is simply dissipated haphazardly upon death, it has been cast into the winds with no legacy or lasting meaning.
Estate planning is best started early. That is why millennials are a prime group to be starting or moving toward the initiation of a plan. There are several reasons why millennials will be doing the right thing by engaging in estate planning. They can prepare for tax payments more effectively by setting up mechanisms to fund tax both before and after death. Also, setting up a plan with the guidance of an experienced estate planning attorney will save the risk of creating financial disasters later in life by trying to quickly download online forms.
It is helpful to know who one’s beneficiaries will be when one starts a retirement plan or purchases insurance or investment assets. Furthermore, because one nowadays acquires or creates digital assets, including intellectual property, from an early age, this property can be placed within an estate planning framework, thus protecting them from getting scattered, lost, disorganized or even confiscated by others who may have access. If you reside in Ohio, a meeting with a seasoned estate planning attorney will get you started in the right direction, and in a manner that will be cost effective and emotionally satisfying for all concerned.
Source: blackenterprise.com, “Estate Planning for Millennials: The Key To Black Wealth“, Alfred Edmond, Jr., Feb. 17, 2018