The Changing Face of Family Units
According to our friends at the Squared Away blog (Center for Retirement Research at Boston College) the family structure in the U.S. has undergone a major shift.
“One out of every ten Generation X mothers is single…
Nearly two-thirds of single older people are the survivors of divorce…
About one in three couples has moved away from their hometowns…”
Also, Americans have become more mobile than any previous generation.
Examining each of these dramatic changes from the Estate Planning perspective, it appears that individual requirements are rapidly shifting. An estate plan no longer can be a “one size fits all” nor can it be taken “off –the- shelf” or from the internet.
Single mothers, heads of households, never-marrieds and recently divorced/widowed must have estate plans structured to their unique needs
Divorce and its ensuing changes (such as the complexities of blended families and inheritance issues), requires individuals to revisit their estate planning details. Moving/Relocation away from a ‘hometown’, whether it is for a new job; for health considerations or for retirement means that an Estate Plan could fall under different legal requirements. (For example, the relocation to a community property state.)
With the changing dynamics of family structure comes the necessity to re-evaluate Estate Planning so that all aspects of the planning process reflect these new forces, now and into the future.
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