When we talk about estate planning, the first person who probably jumps to your mind as a potential heir is a child. What about those New York residents who have chosen to remain childless?
Estate planning with a non-traditional family structure can be a challenge, especially for those who want to make sure their estate administration & probate matters are in order far before they will ever be needed. When you are young, rich and childless, your estate administration plan is likely to look a lot different from those of people with big families.
For examples, we can look to financial moguls like Mark Zuckerberg and Bill Gates. Zuckerberg, the founder of Facebook, has a massive amount in stock options. He may not always have liquid cash at hand, however. Estate planners say that these relatively young leaders need to make sure that they have a well-thought-out estate plan in order to effectively divide their assets after their death.
Ultimately, much of your estate planning depends on the amount of money you have in the bank — or the value of your assets and holdings. Although almost anyone can benefit from creating an estate plan, those with $100,000 or more definitely need some kind of financial directive. A variety of options are available, including donating to charities or institutions. It is possible to set up foundations that facilitate ongoing charitable giving even after your death.
Planning an ongoing charitable gift program can be complicated, but it is definitely worth the investment and time. If you are young, single and childless, it makes sense to plan for your assets to be distributed according to your wishes. Whether you lean toward a charitable endeavor or simply distributing your holdings among certain family members, an estate plan can help avoid probate issues after you pass.
Source: MSN Money, “Estate planning for the young, rich and childless” Beth Pinsker, Jun. 02, 2014
