Planning for Millennials

Posted by Robert L. Arone Millennials (born 1981 to 1996) are well known for their distinctiveness as a group. They have followed paths and set goals that are decidedly different from those chosen by previous generations. They are highly diverse, better educated, more socially conscious, and wait longer to have families than their parents and grandparents. But one thing millennials have in common with other generational groups is the need for estate planning. Unfortunately, a startling 79% of millennials do not have basic estate plans in place. Their needs and goals may vary, but having an estate plan in place is crucial for every adult, including millennials. Whether your clients are young or old, they do not know what the future holds, and together, we can help them put plans in place that not only provide for their own future needs but also those of their loved ones. Will and/or

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Niche Trusts: A Chance to Collaborate

Posted by Robert L. Arone   If there’s one thing we can all agree on, it is that each client is unique. Likewise, our approach to counseling these clients should be tailored to each one’s specific needs. Let’s work together to develop special plans that fit each client’s special circumstances. One key tool to consider is the niche trust. Usually, when we speak about a trust, we mean an “express trust.” An express trust is a three-way relationship between the grantor, the beneficiary or beneficiaries, and the third party, or trustee. The grantor has assets he or she wishes to distribute in a specified way to the beneficiary, and the trustee holds those assets on behalf of the beneficiary. The assets, financial needs, and wishes of each client are particular to that person, so the use of trusts needs to be part of a nuanced strategy. Enter the niche trust.

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