One of my biggest frustrations as an estate planning attorney is the misconception that I only work with the elderly or those who are nearing the end of their lives. It’s a common misunderstanding, and it really highlights how people misinterpret the true purpose of estate planning.
Estate planning is fundamentally about asset protection. It’s not just for those who are older; it’s crucial for everyone. From the moment you turn 18, you’re no longer a minor, and any assets you accumulate in your own name become part of your estate. A lot of people get that, but what they often miss is that estate planning isn’t just about having a will for when you pass away.
The reality is that there are many people who achieve success and accumulate significant wealth at a younger age—whether they’re professionals, entrepreneurs, business owners, or those who have inherited money or assets. Estate planning is essential for protecting those assets against a variety of risks, like divorcing spousal claims, lawsuits, negligence or malpractice suits, or even bankruptcy.
If you’re not thinking about your estate and talking to an asset protection and tax planning attorney, you’re missing out on a huge opportunity to safeguard what you’ve worked so hard to build. And if you wait until you’re faced with a lawsuit or lying on your deathbed, it’s usually too late. You can’t protect your assets retroactively. The key is proactive planning, because no one knows what the future holds. Tragedy can strike at any time, whether that’s an unexpected lawsuit or an untimely death.
So, it’s important to understand that estate planning is for everyone, not just the elderly. If you have assets, regardless of your age, you should be thinking about how to protect them.