Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

This tangent of estate planning is underestimated by millions

| Sep 6, 2017 | Uncategorized |

A recent New York Times article addresses a distinct American phenomenon that has material implications for legions of estate planners in California and all across the country.

And that has to do with “stuff,” that is, the lifelong accretion of physical objects that many Americans accumulate with a vengeance. The Times piece denotes that seeming national obsession as “the competitive accumulation of material goods.”

The result is predictable and often problematic to a degree that turns out to be surprising and even hair-pulling, namely this: clutter in uppercase, resulting from the passing down over decades — sometime centuries — of family artifacts and heirlooms.

It’s just something that millions of American families do, that is, take pains to ensure that sons, daughters, grandchildren and other loved ones ultimately get that vase from Japan, that chest from Norway, the silver made in Boston 150 years ago and so forth.

Here’s a message from the Times: It’s likely — in fact, it’s a near certainty — that members of future family generations aren’t going to want all your stuff when you turn to the essentials of estate administration.

Reportedly, there is a transformation underway in American society, termed by one commentator in the Times piece who works with seniors trying to manage all their physical possessions as “a significant shift in material culture.”

Translated, that means this: There is far less chance that younger loved ones are going to want all your cherished things when you pass than would have been the case a generation or more ago.

Many individuals rightly think about important matters such as asset preservation and transfer, the avoidance of taxes and other financially related topics when they get around to meeting with a proven attorney to take steps in fashioning a sound and tailored estate plan for their and their family’s future.

As the Times stresses, that consideration often needs to include studied reflection on how to deal with a lifetime of accumulated possessions.

Archives

FindLaw Network

Recent Blog Post

Even a fortune can disappear without sound estate planning

Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...

Remarrying couples unquestionably need to focus on estate planning

Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...

View More Blog Posts