The phrase “Silver Tsunami” captures the significant increase of Baby Boomers entering their retirement years. While it underscores the urgency to address various societal issues, it also highlights a personal need: comprehensive legacy planning.
Now more than ever, this planning extends beyond physical assets to include digital ones, ensuring a well-rounded legacy.
The Evolving Scope of Estate Planning
Though traditional forms of estate planning like wills and trusts still hold, they are no longer suffice on their own. For those riding the Silver Tsunami wave, the concept of estate planning has broadened to include digital assets and a more defined legacy.
Legacy Planning: More Than Just Money
As you grow older, how you’ll be remembered becomes a focal point. Legacy planning is about more than financial assets. It encompasses your beliefs, your values, and your contributions to society.
Shaping the Next Generation: Transferring wealth is about more than funds in a bank account. It’s a way to impart the principles and values that guided you through life.
Philanthropy as Legacy: If you’ve been philanthropic, consider establishing a charitable trust or making long-term donations to continue benefiting causes close to your heart.
Navigating the Digital Landscape
In today’s tech-savvy world, your digital assets form an essential part of your estate.
The Value of Digital Assets: Whether it’s sentimental items like photos or financial assets like cryptocurrency, digital items should not be overlooked in your estate planning.
Safeguarding Access: Managing passwords and digital keys is critical. Make a secure, yet accessible list of these and include it in your estate planning documents.
Managing Digital Liabilities: Your digital footprint may also include liabilities, like subscriptions or loans. Make clear plans on how to handle these aspects posthumously.
Estate Planning Best Practices
The increasing complexity of estate planning calls for a structured approach.
Seek Professional Guidance: Legal complexities often accompany estate planning. Consult a qualified attorney to ensure you’re on the right track.
Regular Reviews: Your estate plan should evolve with your life. Regularly update it, particularly after significant milestones such as marriage, divorce, or the arrival of grandchildren.
Family Involvement: Openly discuss your estate plans with your family to avoid future conflicts and to ensure your wishes are clear.
Digital Estate Planning: With the rise of digital assets, a contemporary estate plan should address these explicitly. Look for professionals familiar with the digital realm to guide you.
In Conclusion
The Silver Tsunami presents not just societal challenges but personal ones as well, especially in the realm of legacy planning. With the inclusion of digital assets and an emphasis on leaving a meaningful legacy, estate planning has evolved.
As part of this influential demographic, taking a proactive and comprehensive approach to estate planning can secure your legacy for future generations. Given our increasingly digital world, this holistic strategy is not just beneficial – it’s essential.
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To get your copy, visit our Estate Planning Worksheet Page and follow the simple instructions.
Need Help Now?
Our doors are open if you’re ready to work with an attorney to develop a comprehensive plan for aging. You can call us at 860-548-1000 to schedule a consultation at our Glastonbury or Westport, CT estate planning offices, and you can alternately send us a message through our contact page.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021, 2022 and 2023.