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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Category Archives: millennials

    Estate Planning For Young Professionals

    Young professionals hear a lot about the importance of establishing a 401(k), paying off their student loans early, saving an emergency youngmanlaptopfund, and budgeting advice, but far too often one of the most important aspects of financial planning is left out of the conversation: estate planning.

    Estate planning is not just for the rich, the famous, or the elderly—it’s for young people too! Young professionals at a minimum should have a basic will that directs where their assets will go upon their passing. In some states such as California where the court process for passing your assets is very long and expensive, a trust should be strongly considered.

    Young professionals also need medical directives so designated family members or friends can make their medical decisions in an emergency situation. Under federal laws, doctors and hospitals are prohibited from communicating with your loved ones unless you have specifically authorized them to do so through proper legal documentation.

    Estate planning is also not just about money.  If you have young children, you also need to consider establishing an emergency plan for your children in case you are seriously injured.  Otherwise your children are at risk of temporary foster care, or having a judge choose who raises them.  You also need to document your wishes for how you wish for your children to be raised, and preserve important memories and hopes for them if you were to pass away.

    The best place to begin evaluating your estate planning needs is by meeting with your Newport Beach family trust attorneys. We can help you understand what would happen if you pass away without planning, and what estate planning strategies are best for you to ensure your money would go to who you want, and your loved ones would be cared for.  While online ‘do it yourself’ websites have become more popular, they typically have disclaimers disclosing that they are not attorneys and do not have a fiduciary duty to you, whereas attorneys do. When people do face a medical emergency or pass away, their family quickly realizes that the ‘do it yourself’ approach has failed them.

    Call Meier Law Firm today at 949-718-0420 and schedule a planning session to get started.

    Estate Planning Implications When Young Adult Child Lives At Home

    You probably heard that a recent Pew Research Center analysis of census data shows that the most common living arrangement for adults ages 18-34 (aka millennials) is living at home with their parents. This is now a more common arrangement than a young adult living with a spouse or roommate or alone.

    And while there is a lot of discussion about how this new normal is affecting our economy, housing market, and marriage rates, did you know this also significantly impacts the family estate plan?

    Most traditional estate plans assume that young adult children live independently of the parents and outside of the family home.

    If you have a young adult child living at home, here are some unique questions you need to talk about with your family trust attorney so your family trust can best protect you, your adult child who lives at home, and your other family members:

    1. What happens when I pass away and my young adult child is still living at home? Do they have to be given notice to move out?  Do they have a right to remain there?
    2. Should my young adult child who lives at home receive the same inheritance as my other children who live outside the home?
    3. Should my young adult child who lives at home have a right of first refusal to purchase the family home after I pass away?
    4. How can I make medical and financial decisions for my young adult child who lives at home if they became seriously injured or passed away?
    5. Do I need a contractual arrangement with my young adult child who lives at home that addresses rent, rights, eviction, etc. similar to what I would have with a tenant?

    If you have a young adult child living at home, talk with your Newport Beach Family Trust and Estates Law Firm about how your family trust can appropriately reflect your family dynamic and living situation, and best protect the entire family.  Call Bonnie Johnson at (949) 718-0420 to schedule a Planning Session with a Meier Law Firm attorney who can show you your options and help you establish or update your plan.

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