Co-Author: Mara B. Peterson, Esq.
As you and your family plan for the future, it’s crucial to consider how your estate plan will affect not just you, but your children and future generations. Intergenerational estate planning helps ensure your legacy is protected, your wishes are clearly communicated, and your family is better prepared for the emotional and logistical challenges that can arise.
Here are three key reasons why intergenerational estate planning is essential:
1. Clear Communication of Your Estate Plan
Many families assume their children understand their wishes, but miscommunication is common. By discussing your estate plan—including asset distribution, guardianship of minor children, and healthcare preferences—you reduce the likelihood of confusion or conflict.
Create a summary sheet listing important information such as:
- Key professional contacts
- Location of financial documents
- Passwords for digital assets and devices
Open, proactive communication ensures your intentions are honored and makes it easier for your loved ones to manage responsibilities after your passing.
2. Charitable Giving and Legacy Planning
If charitable giving is part of your estate plan, consider options like Donor Advised Funds or Private Foundations. These tools offer tax advantages while allowing your family to carry out your philanthropic goals.
Involving your children in charitable decisions:
- Helps them understand your values
- Empowers them to continue your legacy
- Encourages their own impact within your charitable framework
3. Coordinating Estate Plans Across Generations
Estate planning isn’t a one-time task—it’s an evolving process. Regular updates ensure your plan reflects your current wishes and life changes. It’s equally important to encourage your adult children to create or review their own estate plans, including:
- Wills and trusts
- Healthcare directives
- Powers of attorney
When all generations are aligned, you reduce the risk of legal or tax complications and ensure a smooth transition of assets and responsibilities.
Plan with Confidence
Attorneys Jeff Cohen and Mara Peterson specialize in comprehensive estate planning with a focus on intergenerational coordination. They help families develop clear, customized plans that protect their legacy and avoid unnecessary stress for future generations.
Ready to plan for the future? Contact Jeff Cohen or Mara Peterson today to schedule a consultation or get answers to your estate planning questions.
