Podcast: Estate Planning - You Are Never Too Young to Start

Josh Miller, CFP®
Tue Oct 02 13:00:00 GMT 2018

The two absolutes we can count on in life are death and taxes, yet planning for these two things can be an unpleasant process. Many young adults delay creating a will until they are married or have children, but you can also ensure that your parents, siblings, or other loved ones are provided for by naming them as beneficiaries of your assets. You may also choose to designate certain...

The two absolutes we can count on in life are death and taxes, yet planning for these two things can be an unpleasant process. Many young adults delay creating a will until they are married or have children, but you can also ensure that your parents, siblings, or other loved ones are provided for by naming them as beneficiaries of your assets. You may also choose to designate certain charities as beneficiaries if there are philanthropic causes that are important to you. Whatever your goals, having a plan in place allows you to decide how your assets are distributed rather than relying on the laws of the state in which you live. 

Detailed estate planning can also benefit you in circumstances other than death. For example, designating a financial power of attorney or healthcare proxy can help ensure that someone is making decisions in your best interest if you are incapable. Additionally, as you build wealth, gifting and charitable giving strategies can help reduce your taxable estate so that your heirs potentially avoid a substantial tax bill. No matter your age or current level of wealth, understanding all of the advantages of an estate plan may offset the unpleasant associations that deter many people from creating one. 

 

Subscribe to G2G Impact podcasts and learn about the latest market trends and wealth planning opportunities by searching for “The CIBC Private Wealth Management Podcast” through your preferred podcast application such as iTunes or The Podcast App, or go to private-wealth.us.cibc.com/podcasts. Topics include establishing a credit history, understanding investment risk, when to enter into a premarital agreement and many others. 

Josh Miller is a managing director and senior wealth strategist in CIBC Private Wealth Management's Boston office. Josh has 15 years of industry experience, counseling high net worth individuals, corporate executives, closely held business owners and multinationals on sophisticated estate plan designs and strategies. He works directly with clients and their advisors to create integrated estate plans, guide client families in evolving a healthy wealth culture and find solutions to develop the rising generation, all part of CIBC Private Wealth Management’s integrated wealth management process.