If you think an estate plan is just for the rich and famous, think again.
Anyone with assets, including a home, 401(k) plan, or savings account, should think about exactly how those possessions will be distributed one day.
And the stakes are high. Over the next 30 to 40 years, $30 trillion in financial and nonfinancial assets is expected to pass from baby boomers — the wealthiest and one-time largest generation in U.S. history — to their heirs.
Even if your plan is to leave your assets directly to your children, keep in mind that not everyone is good with money and there are certain precautions you can take to make sure they don't blow it.
To avoid the possibility of your kids squandering it away, Janis Cowhey, a tax partner and co-leader of the modern family & LGBT services group at Marcum LLP, offers these tips for how and when your assets get passed down.