Brian O’Connell Discusses Estate Planning for Millennials

Brian O'Connell Trust Trial Lawyer West Palm Beach

October 12, 2020

Estate Planning for Millennials

Millennials might be feeling a bit pinched right now going into 2021. After all, they’ve just come off a couple of years where no matter how hard they work, it can’t seem to be enough to buy a house, then COVID hits and wipes out jobs and industries left and right, and now everyone is having to adapt to a new normal paradigm in life, work, school and raising a family. Brian O’Connell advises, one of the best things that could happen in 2021 is for things to just settle down for a while. However, this is exactly the time when Millennials should be thinking about their estate planning before they really need to have it squared away.

 

What is Estate Planning?

 

While the generic answer is simple enough, estate planning involves detailing out whom you want your estate left to, Millennials have a bit more of a complex approach, according to Brian O’Connell’s, trust lawyer of Palm Beach, advice. Given the increased amounts of taxation, the risk of things happening well before they reach senior age, and the fact that the government continues to flux the economy, Millennials are well served if they approach estate planning from multiple fronts according to Brian.

 

Granted, according to Brian O’Connel, the first approach is to obviously have something in place for planning, such as a basic last will. However, Millennials are also in a very opportune place to take advantage of life insurance as well as trusts from what Brian O’Connell has seen case after case. Life insurance can be purchase at middle age at very respectable prices that are far less expensive when one gets older, and some plan types such as universal, allow for saving for later years at the same time.

 

Simultaneously, Millennials should be socking away in both traditional individual retirement accounts (IRAs) as well as Roth IRAs, so there’s money for their partner if left behind as well accounts that can be passed on to children. The third leg of the plan package involves the trust. Utilizing this legal tool, one can make sure their assets move to a partner and children easily and quickly without waiting a year or more for probate to be completed. Taking advantage of a trust now allows Millennials to have a full safety net in place for their loved ones when their income matters the most, especially for those who are single-income earners with a house full of dependents.

 

Don’t Forget Cash Flow & Savings

 

While there are plenty of opportunities for investment that Millennials are being confronted with now, especially on the digital side of things, many traditional tools are still worthwhile when building a safety net for a life partner, according to Brian O’Connell trust lawyer West Palm Beach advice. There is nothing wrong with also making sure your household has a solid emergency account that provides usable cash flow for a few months if something goes wrong. And having some solid funds saved in certificates of deposit (CD) gives family ready finance as well if needed. So, when combined with the above, a Millennial can build a will and a trust that really protects his or her loved ones competently. And given what we’ve all learned in 2020 about how fast things can change, having a solid estate plan is also putting one foot ahead of the curve per the experience of Brian O’Connell trust trial lawyer West Palm Beach guidance.