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A Millennial’s View: Money Comes with Strings Attached

Generation gapBaby Boomers see gifts of money as an expression of love while about 1/3 of all millennial grandchildren just don’t see it that way.

In fact, according to the same survey, roughly 33% of all the millennials polled felt that a monetary gift is a way for the older generation to exert influence over them.  This difference could very well result in arguments over how the inheritance is distributed as well.  Folks over 50 think it's fair to divide estates equally among heirs, only a third of millennials felt the same way. The younger generation is more open to weighing financial needs and other factors to determine a recipient's worthiness.

Getting family members to talk to one another about estate planning can be tough even when everyone agrees but when you have two such disparate points of view it can be very sticky indeed. That's why I always recommend trying to get everyone involved early, so that the giver can help avoid any disappointments or misunderstandings. Don't leave any surprises for loved ones to sort out after you have passed. Make certain that they are aware of the emotional legacy rather than the financial details.

Strong family communication can make an unequal shares distribution easier to handle. Sometimes a trade-off is helpful—as the giver can pass along something meaningful to each heir—when the gifts don't have the same financial value.

With the help of an experienced estate planning attorney, even people with very little are able to give in an extremely meaningful and loving way. Now that’s a plan that works.  Call us today to schedule your complimentary consultation or register online for one of our workshops on this and other topics of interest.

Reference: Reuters (April 15, 2016) "Equating inheritance with love can cause discord"

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.