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A New Approach to Estate Planning: Prioritizing Family Needs
For many, estate planning is synonymous with financial distributions that treat all heirs equally. However, Stephen Martiros, founder of Kindros, is challenging the status quo with a novel approach that aims to improve generational wealth based on individual need. This paradigm shift is especially relevant as families navigate increasing educational debts and unexpected financial hardships.
The Inspiration Behind the Change
Martiros’s inspiration stemmed from his family’s own experiences, particularly among his mother’s eight grandchildren, who collectively faced over a quarter million dollars in student loans. Rather than adhere to traditional equal distribution, Martiros proposed a method that would distribute his mother's estate while she was still alive, emphasizing immediate assistance to those in greater need.
Breaking Norms: The Impact of Generational Wealth Transfer
This new concept prioritizes the unique situations of family members—particularly the younger generation severely impacted by student loans. By focusing on assisting grandchildren, who faced debt nearly crippling their financial futures, Martiros not only redefined the function of estate planning but also revitalized familial bonds through shared financial support.
Crunching the Numbers: A Practical Application
To execute this transformative plan, Martiros employed a spreadsheet that detailed each grandchild’s debt, recognizing that some family members—like his nieces, nephews, and even spouses—absorb significant financial stress. By incorporating their debts into the distribution plan, the family collectively aimed to enhance their overall lifestyle. This thoughtful step also enabled the family to involve every member, ensuring that no one was left behind.
Emphasizing Holistic Financial Planning
Martiros advocates for a holistic approach in financial planning, emphasizing the need for thorough understanding of individual circumstances and prioritizing human connection over cold financial metrics. He draws from his background in finance as well as the cooperative, community-focused values rooted in his family's Albanian heritage. Those experiences highlight a cultural perspective where familial support is paramount, especially in difficult financial times.
The Importance of Timing: Why Delay?
Choosing to act while still alive is a critical component of this new estate planning method. Martiros’s mother supported the shift from traditional methods because it brought immediate relief to her grandchildren who bore heavy educational debts. Many retirees overlook the potential benefits of addressing financial needs while they can still influence their estate, resulting in opportunities lost that could otherwise aid descendants tremendously.
Future Predictions: Changing the Landscape of Estate Planning
As more families grapple with mounting educational costs, this groundbreaking idea could alter the landscape of estate planning. Emphasizing a needs-based approach might not only reshape familial wealth distribution but also influence future planners—prompting them to consider unique family dynamics rather than simply applying uniform laws.
If you are a professional or a retiree interested in building a legacy while supporting your family, consider how you might approach estate planning differently. Could your plan reflect the specific needs of your heirs, ensuring that support reaches those who genuinely require it? This reflective exercise could lead to profound changes in how wealth is perceived and allocated across generations.
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