The Gift of a Lifetime
I read a recent article about finding the ‘perfect’ gift for the holidays and it inspired me to post this article. This time of year everyone is attempting to find that perfect gift for a loved one. For parents of young adults it is often a gift certificate, theater/show tickets or a check. For the wealthier it might be a ski trip or a new car. Nifty gifts, that is true, but along with those wishes of good cheer has anyone ever considered a gift of ‘Facetime’ with an attorney?
Young adults seem to be savvier than ever about their financial planning. Some are thinking long term and setting up IRA’s, fully aware that the social security safety net may not be there for them. But do they know the ins and outs of estate planning? Do they have a will, durable power of attorney and health care proxy established?
Have they recently married or become engaged? Facetime with an attorney could be a valuable gift, for example, explaining the laws of disposition of assets; beneficiary designations; digital assets; inherited assets; intestacy and how those laws can affect their loved ones.
The session may well motivate them to consider what I call the “What Ifs…” of life. This is particularly important if their parents have a multigenerational estate plan.
For a young adult, Facetime with an attorney and Helping them acquire the legal knowledge and confidence to make long term decisions about their assets could be the ‘gift of a lifetime’.
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