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Estate planning often focuses on far more than just the kids

Any proven estate planning professional certainly appreciates that the kids, their offspring and even generations beyond that loom large in parents’ future-directed planning decisions. After all, estate planning strategies are centrally about transferring wealth to succeeding generations.

In fact, a pass-it-on mindset among so-called grantors is what initially drives many of them to reach out for experienced legal help. People who have accumulated wealth and have families understandably want to preserve their assets and optimally ensure their distribution to younger loved ones.

Increasingly, though, planners are realizing that timely and tailored estate-linked strategies can promote far more than a “leave everything to the kids” outcome. As salutary as that may seem, it is far from being the best -- and sole -- decision in legions of cases.

Some children are not financially savvy. A son or daughter might be a spendthrift and quickly squander wealth. We note at the established Bay Area estate planning Law Offices of Connie Yi research indicating that “wealth given to the second generation is typically wiped out by the third generation.”

Fortunately, well-considered planning can help secure outcomes relevant to multiple and broad-based needs via strategies that supplement the single (though concededly important) goal of transferring wealth. Planning applies to more than the mere distribution of assets. We stress on our firm’s website that, “It is also about preserving family histories, passing along values and creating a legacy.”

We welcome readers’ visits to our site, as well as the opportunity to apply knowledgeable, empathetic and tailored assistance that helps them fully implement key estate planning goals.

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