Estimates show that the largest wealth transfer in American history will be happening over the next few decades. Many baby boomers have amassed a great fortune during their lifetime and as they age and die, their assets will be transferred to the next generation. Many Kent area residents are interested in asset preservation and leaving a legacy for future generations.
Many Kent area residents have taken the time to create an estate plan. An estate plan is critical in making sure a person's assets and health care are protected based on a person's wishes. In addition to estate planning, legacy planning is starting to become incorporated.
Legacy planning begins with conversations. These conversations can include a person's estate planning attorney, family, and financial advisor. A person should first define their goals when it comes to leaving a legacy. The goals can be financing a grandkid's college education, supporting a favorite charity, or any other goal. Communicating these values and goals to advisors is important. With the culture of good communication regarding a family's wealth it often leads to wealth preservation that lasts from generation to generation. This conversation also needs to include the younger generations by teaching them how thoughtful spending and generosity, along with smart investing strategies, can show younger people how to be good stewards of their wealth. This teaching can lead to many generations able to preserve and grow a family's wealth.
Kent area residents have worked hard over their lifetime to accumulate their wealth. Many want this wealth to last for many generations while also contributing to charities that they care about. Leaving a legacy is important and a legal professional who is skilled in estate planning can guide the conversation around this topic. An attorney understands that each family has unique needs and desires when it comes to their estate and can help their client prepare a plan that works for them.