It’s officially spring and it is the time of year that my yard is beautiful with green grass and blooming flowers. Life feels full of promise and possibilities. It would seem those feelings have translated for a number of clients into reviewing their estate plans, updating them, or even creating them for the first time. It is a very satisfying feeling to know that you have reviewed everything carefully, your intentions are clear, and you are organized with your plan and assets. You have taken care of yourself and all that you value.
I am in the process of doing the same thing with my husband, Gennaro. Our kids are older now and life has evolved so that our choices are different than they were 5-7 years ago. Our youngest child is quite a bit younger than the other two that either graduated or are graduating from college. Our youngest daughter is still in high school, and her needs are greater than the older two. The older two have been on our payroll for longer and we are coming out of what I call the heavy burn period. If you have ever had more than one kid in college at the same time, you understand why I call it the heavy burn period. You may also feel like you tear through money and fight to save any. The youngest is discussing going to medical school, so we may be expending funds for the near future.
I share our family needs and dynamics as an illustration that life evolves, and you want to ensure your estate plan, beneficiary designations, assets, and directions are changing with you. Many parents create what is called a common trust, until the youngest child reaches a certain age, usually the age to have reasonably graduated from college, before it splits into shares. This enables an even level of support for your children, regardless of what age they were when you passed and prevents the oldest or older children receiving a disproportionate share of your assets, due to no other reason than birth order.
This is one of many changes that I and other clients make. I also see parents give assets disproportionately because their adult children’s needs are not equal. One child pursued money, another pursued public service or parenthood. The family values both careers equally, even if our society does not match with adequate financial compensation. Other clients choose causes and charities to leave their legacy, because their beneficiaries are now well-established adults and do not need their money. Whatever the reason, our families are ever-evolving, just like the seasons. It makes sense to me that spring prompts clients to want to re-evaluate their estate plan and assets.
If we can be of assistance to you and your family, please do not hesitate to reach out to us. At our firm, estate planning, asset protection, and trusts are just the beginning. We are committed to giving you true peace of mind through clear guidance and a full
understanding of your options. Our goal is to make the process simple, approachable, and stress-free, so you can focus on your spouse, your family, and the adventures ahead. We welcome new clients with a 30-minute meet-and-greet consultation. Reach out at (480) 525-6244, email us, or visit our website whenever you are ready.
