The traditional nuclear family in America has typically revolved around the notion of two parents, two-and-a-half children, a dog, and a house with a white picket fence. Modern trends are undermining this ideal and estate planning must keep up. A growing demographic in need of estate and financial planning are those with dual-income, no kids (DINKs). This group chooses to forgo procreation and is typically relatively affluent and well educated. Traditional estate planning selling points involving designation of a guardian or setting up trusts for children are inappropriate for this group. But, there is still a variety of estate planning benefits for DINKs. Healthcare planning focused on establishing financial powers of attorney in case of incapacity may avoid future headaches. Setting up a Charitable Remainder Trust may help DINKs meet charitable aims while providing steady income. Finally, creating wills, trusts, and granting powers of attorney can be extremely valuable in case of incapacity or death. By shifting perspective to accommodate the modern family structure, estate planners can better serve their clients in helping them to achieve their planning goals.
See Patrick Carlson, DINKs Need Estate Planning Too, Wealth Management.com, May 30, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
