Publisher's Synopsis
This book is entitled "Estate Planning for Modern Families." But what is a modern family in the 21st century?
Since before the country was founded, the traditional notion of an American family was understood to mean a heterosexual couple who married until death did part them, who naturally conceived and then raised their own children, and whose children would be expected to repeat the same pattern. However, evolving social norms and technological advances have challenged traditional notions of family and how estate planning advisors must consider their clients' needs. Broadly stated, these considerations include aspects such as: (i) changes due to marital and relationship status, (ii) gender norms and identification, (iii) various paths to parenthood, (iv) longer lifespans, (v) globalization, and (vi) technology.
Since the previous edition in 2019, there have been other significant changes to the social fabric in our country, including the global pandemic, increasing concerns about mental health, addiction and ethics, the racial justice movement and resulting backlash, and the current culture wars over all issues surrounding identity, including gender, sexuality, ethnicity and religion. This new book does not shy away from these controversial issues, but attempts instead to respectfully address them to provide helpful information to assist estate planning advisors in their interactions with diverse client families.
What's New in the 4th Edition:
- New chapters have been introduced to address critical topics:
- Planning for Racial and Ethnic Diversity
- Planning for Religious Differences
- Planning for Addiction and Mental Health
- Planning for Contemporary Ethical Considerations
- Inclusiveness and Gender-Neutrality:
- The drafting process now emphasizes inclusiveness, recognizing the dynamic shifts within modern families. In the 21st century, precision matters-there's no need to risk offending clients or rely on gendered pronouns.
- Gender-neutrality is further emphasized when planning for transgender clients or family members.
- Grey-Divorce Considerations:
- Specific attention is given to "grey-divorce," which occurs later in life.
- Protecting Clients Post-Dobbs Case:
- Strategies to safeguard clients impacted by the Dobbs case (June 2022) are discussed. Concerns arise from the potential overturning of protections for same-sex couples provided by Windsor and Obergefell
- Retirement Planning under the SECURE Act:
- This edition delves into retirement planning, considering the implications of the SECURE Act.
- International Couples:
- Updated material addresses planning for international couples.
- Enhanced Guidance for Clients with Declining Capacity:
- Improved details and fresh drafting recommendations cater to clients facing capacity challenges.
- Charitable Giving and Noncharitable Trusts:
- New content explores charitable giving using noncharitable trusts, philanthropic LLCs, and 501(c)(4) structures.
- Donor Advised Funds:
- An expanded discussion covers donor advised funds as a powerful giving vehicle.
- Digital Assets and Cryptocurrency:
- Revised insights account for the rapid growth of digital assets and cryptocurrency, offering nuanced planning approaches.
- Updated Checklists:
- This edition includes refreshed checklists to aid practitioners in their comprehensive planning.
