Millennial Money Moves: Mastering Estate Planning

A young couple signs their estate planning documents in front of an attorney.

Estate planning is a valuable tool for millennials to secure their financial future and protect loved ones. By addressing unique concerns such as student loans, digital assets, and early-life financial goals, millennials can create a comprehensive plan that adapts to their evolving circumstances. Regular reviews, open communication, and professional guidance contribute to a robust estate plan that aligns with the dynamic lives of millennials.

Millennials: Defining a Generation

The generation of individuals born between 1981 and 1996 are referred to as “Millennials”. This demographic is now coming of age to their late 20s and early 40s. They are thriving in the work force and their work ethic is changing the landscape of how we all live and work. Millennials value work-life balance – and they know their worth. Millennials tend to be high achievers and many have become millionaires before age 30. Millennials grew up in the digital age, so they are adept with technology and use it to their advantage. As the generation who were thought to be “doomed” to live in their parents’ basements forever, millennials are slowly but surely gaining financial stability in the market and are now buying their first homes, starting families, and otherwise coming into their status of prime early-adulthood.

Advantages and Disadvantages in the Workplace

Millennials have certain advantages in the labor market over previous generations. They are better educated and have longer working lives. But they also have distinct disadvantages. Their higher levels of education are accompanied by higher levels of debt and much of the generation is still recovering from entering the workforce at the height of the Great Recession.

Additionally, millennials are largely responsible for funding their own retirements, while many members of previous generations could rely on pensions and other defined-benefit plans to a certain extent. More and more young workers are employed in “contingent” jobs, or as part of the gig economy, which means they may struggle with lower wages and fewer traditional benefits and protections, like access to a 401k plan or employer-sponsored health insurance.

The Importance of Planning Early

One of the best pieces of advice that we give to potential clients and that we speak about in our community-based seminars is: Plan early and review often. While Millennials may not think they are “old enough” to consider estate planning – they are in fact at the peak of their life and there is no better time than the present. It is ideal to plan for the unexpected before you need to plan due to an emergency situation. Health concerns do not always wait until after 55 years of age – a serious diagnosis or sudden injury can happen at any time at any age. By planning early and putting powers of attorney in place Millennials can get their foundational estate plan in place. After having a plan in place, it will need to be reviewed and amended over the coming years as lives change.

At McIntyre Elder Law, we offer all of our clients a free annual review of their estate plan. So, once a year, we invite our clients to connect with us and discuss any life changes or shifts in assets or goals so that we can make sure their plan is up to date and best suits their needs. We also refer to clients to financial planners and advisors to assist them with planning their financial future and for retirement.

Planning for Wealth Transfert

As Baby Boomers and Gen X’ers start to retire, wealth transfers to Millennials becomes more in focus. Millennials need to make a plan for what they will do when they inherit wealth and assets from their parents and grandparents. There is no better time to start your estate planning journey than TODAY! We look forward to helping Millennials get a solid foundational estate plan in place, and look forward to working with you for decades to come to revise and maintain that plan.

For personalized guidance and assistance with estate planning, consult with experienced legal and financial professionals who can tailor a plan to meet your specific needs and goals.

Take the First Step Today

Don’t wait until it’s too late. It is never too early to get your affairs in order. McIntyre Elder Law is offering FREE consultations to discuss your estate planning and elder law needs.

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Attorney Jane Dearwester

Attorney Jane Dearwester is based in our Hendersonville, NC office. She has over 20 years of experience practicing law in North Carolina. After graduating from Duquesne Law School in Pittsburgh, PA, Jane moved to North Carolina, and later joined our team in 2023.

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Greg McIntyre, JD, MBA

Meet Greg McIntyre

Greg McIntyre, founder of McIntyre Elder Law, is more than just an attorney. As a Navy Veteran, father to six kids, and a loving husband, he values family deeply. This drives his commitment to helping clients safeguard their futures and pass down legacies.

Greg has a passion to help people. Beyond just legal advice, he loves having conversations and strives to build a long-term relationship with every clients that comes through his door.

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Act now to secure your legacy and protect your loved ones.

At McIntyre Elder Law, we’re dedicated to assisting North Carolina families, seniors, and their loved ones as they plan for the future.

Whether you need to prepare for future long-term care, access Medicaid or nursing home benefits, or need help settling a loved one’s estate, we’re here to support you.

Contact us for a complimentary consultation to take the first steps towards safeguarding your lifestyle, your legacy, and your family’s wellbeing.

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