Have you or haven’t you cut the financial cord with your family?
This is the question asked in this illuminating piece in the New York Times today
This article points out some remarkable pathways that open up based on the level of dependence of an adult child.
In estate planning we see this routinely. More than routinely – we see it commonly. Not just the so called ‘failure to launch’ syndrome of adult children still living at home playing Red Dead Redemption all day, but adult children, well into their thirties, with their own children and with stable, decent jobs and spouses and lives of their own, still being looked after financially by their own parents.
Is this the fault of the parent, or the child? Or is it a necessity? And at what point does an adult child cease to really be seen as a dependent child?
The reality is that things are different today – child care costs, stagnant wages and stratospheric house prices all conspire to mean millennials in particular are in weaker financial straits than the Boomer generation. It is fascinating how similar the American experience in this article is to the Australian one.
This also means that estate planning for different generations is different – a Will that is based on how things were 15 years ago is just not going to hold up. Estate planning must contemplate these questions, and the differing degrees of need and dependence that exist in a family. Not only is each family different but the needs and requirements for who is looked after and how within the family vary from time to time.
If your estate planning is based on a different time, or an outmoded state of play within your own circumstances, it is not going to do the job it was designed to do, and challenges and failures result.
Morgan Solomon is one of the State’s leading succession lawyers. His legal experience spans over 25 years and works with clients to navigate and resolve complex Wills and estate planning and probate, inheritance issues, estate disputes and litigation and business succession. He also has a wealth of experience in general commercial law. Morgan is adept at making clients feel at ease no matter the situation they are in, working with them delivering smart legal strategies and working hard to find fast and equitable outcomes.
Morgan began Solomon Hollett back in 2015 alongside Craig Hollett when it became apparent there was a growing need in Western Australia for a firm specialising in succession across personal and business clients, one with a client-centric, very human and outcomes-driven ethos.
Morgan is regularly listed in the renowned Doyle’s Guide each year as one of the leaders in estates law and frequently speaks to the legal profession and media on the ever-changing and increasingly complex landscape that is succession law. Morgan comes from a long line of lawyers in his family spanning a number of generations, and is a fierce advocate and supporter of the arts having completed a Fine Arts degree before realising the law was his true passion. Morgan has been a Director on a number of Boards across the arts and health space, and is currently the Chair of the Arts and Culture Trust.
Disclaimer: Please note the content within these blog posts is not intended to, and does not in fact, constitute legal advice, and must be treated as a general guide only. The content is based on Western Australian law only and is subject to change, is general and may not take into account your particular circumstances. Should you require legal advice in relation to your specific circumstances, please reach out.
