Hello and welcome to Estate Planning for the Young and Affluent!
I am a third-year law student in New York City, hoping to pursue a career in estate planning and advising clients on the complexities of wealth management, tax planning, generational wealth transitions, and business succession.
Prior to law school, I worked for a family office in New York City. It is there I learned about the various concerns and problems that many wealthy families face and developed an interest in estate planning to find efficient ways for these families to acheive their goals.
Most people tend to think that estate planning is for “older people” who want to transition their wealth to their children, grandchildren, and/or other beneficiaries. However, I think that estate planning can be beneficial to young people who have a sizeable wealth. Coming into wealth can be exhilarating, yet daunting, since most young people likely have no experience managing this type of wealth. Many do not know how long their wealth will last, so it is important to maintain and grow assets through disciplined spending and appropriate market exposures. Through this blog, I hope to emphasize the importance of financial education for younger people to set financial goals and to illustrate the benefits of planning their estates to prolong their wealth.