The Generational Shift of Planned and Unplanned Giving
For some people, thinking ahead about estate planning has little to do with their family and more to do with impact they intend to leave behind. When it comes to deciding what should happen with your life savings or your other assets, older individuals without grandchildren, stepchildren or children are facing a complex array of decisions.
Planned giving or creating a trust is a major generational shift that has occurred in the last several years. With smaller families on the American horizon and more women choosing not to have children, the dynamics have changed significantly.
Planned giving and leaving behind a legacy to a charity, for example, is one of the new ways that baby boomers can give back to their communities and have peace of mind that their assets have been articulated clearly in an estate plan.
Paying close attention to a couple of charities can help you identify which one of these or which combination you may wish to leave assets behind to. Identifying an estate planning attorney who can help you put together a trust or other method of leaving behind assets to a charity is strongly recommended, so that you do not make any of the most common mistakes associated with this process.
A New Jersey estate planning lawyer can help you when you need to look ahead to the future.