Connect with us

Technology

The Future of Inheritance: How Millennials Are Rewriting the Rules on Estate Planning – Presented by RockpointProbate.com

Published

on

EL SEGUNDO, Calif., Sept. 30, 2024 /PRNewswire/ — Rockpoint Probate announces a shift in estate planning as millennials prioritize digital assets, social causes, and flexibility, fundamentally changing the landscape of inheritance. Millennials. You’ve heard the gripes. They’re killing everything from plastic straws to homeownership. But here’s one thing they’re saving, or at least seriously shaking up—estate planning. Yeah, that’s right. While older generations may have tucked away their wealth and handed it over in a neat little package after they passed, millennials are looking at the whole deal differently. They’re less interested in the traditional ways of passing down wealth and more focused on new priorities—like digital assets, environmental responsibility, and making sure their lives reflect the kind of values they’ve lived by.

And it’s not just about doing things differently; it’s about making sure estate planning, that often dusty process for lawyers and accountants, catches up with the times. So how are they doing it? Let’s take a closer look at how millennials are shaping the future of inheritance and what that means for all of us.

Digital Assets: A New Kind of Inheritance

You probably wouldn’t have caught your grandfather worrying about his social media accounts when writing a will, right? But for millennials, who grew up with the internet humming away in the background, digital assets are just as important as the physical stuff. We’re talking everything from Bitcoin wallets to Instagram accounts with tens of thousands of followers, to online businesses they’ve built from scratch.

The real kicker? They’re not waiting until they’re gray and stooped to worry about it. They’re making plans now, drafting instructions for what happens to their digital lives when they’re gone. Some are appointing “digital executors”—yes, that’s a thing now—to take care of their online presence after they’re not around to tweet anymore.

As a result, the legal world is playing catch-up. Unlike grandpa, who knows a guy who knows a guy, Millennials search for well reviewed attorney online. Estate planning documents are starting to explicitly call out digital assets, and lawmakers are scrambling to write guidelines for an online afterlife. For millennials, this isn’t just about keeping up appearances. It’s about recognizing that digital stuff is real stuff, and it matters.

Money with Meaning: Social and Environmental Causes Matter

And then there’s the social stuff. Millennials aren’t exactly known for being shy about their passion for causes—social justice, environmental sustainability, and charitable giving. Their estate planning reflects those values, too. It’s not just about leaving a nest egg for the kids or passing on a family home. More and more, millennials are setting up their wills and trusts to ensure that their wealth continues making a difference long after they’ve checked out.

Charitable remainder trusts and donor-advised funds? You bet. For this generation, giving back is part of the package. And they’re smart about it, too, making sure their money goes where they want it—whether that’s protecting the planet, funding social causes, or ensuring their investments line up with sustainable values.

It’s a pretty sharp contrast to their predecessors, who often viewed wealth transfer as a way to secure the family name and fortune for generations to come. Millennials, though, want to make sure their wealth, however modest or grand, contributes to something bigger than themselves. That’s where their hearts are—giving back to the world while they’re still here and after they’re gone.

Flexibility and Control: Keeping the Reins Tight

Here’s another thing: Millennials like to keep their options open. Whether it’s switching jobs, changing cities, or rethinking life plans, they’re all about flexibility. Like Legal Loans, Inheritance Loans have become popular among Millennials. So when it comes to estate planning, they don’t want something set in stone at 35, only to be dragged along for the rest of their lives. They want to tweak, update, and control their future even when they’re not around.

This is where revocable living trusts come in—giving them control over their assets now and the ability to update plans as life inevitably changes. Millennials, unlike their grandparents, don’t view estate planning as a one-and-done deal. They see it as a living, breathing document that can be adjusted as they grow older, wealthier (hopefully), or have new ideas about where their money should go. Many Millennials are opting to secure Inheritance Funding to pay off their debts, start businesses, and manage their own estate rather than wait for Probate.

That flexibility is a key difference between them and the generations before. Sure, older folks used trusts and estate plans, but the idea of continuous control—even beyond the grave? That’s where millennials shine.

Estate Planning in the Age of Technology

But perhaps the biggest shift in millennial estate planning comes down to their comfort with technology. This generation lives and breathes digital tools, so it’s no surprise that they’re not waiting for some stuffy meeting in a wood-paneled office to get their affairs in order. They’re using online platforms, creating estate plans digitally, and signing off with e-signatures. In fact, some are even using blockchain to track assets for added security.

Estate planning services have noticed the trend, with more and more offering digital-first solutions that let users craft their wills, trusts, and other legal documents with just a few clicks. It’s estate planning for the click-and-swipe generation, offering convenience and ease at a fraction of the traditional cost.

And as the demand for digital estate planning grows, companies are getting smarter about ensuring privacy, safety, and security in ways that haven’t been seen before. No more filing important papers in a fireproof box under the bed—everything’s going to the cloud.

Financial Independence Over Inheritance

Here’s the thing: If you talk to a millennial about inheritance, don’t be surprised if they look at you a little sideways. Unlike previous generations who often banked on receiving a hefty check or a house in the will, millennials aren’t waiting around for an inheritance to secure their futures. They’re planning for financial independence—and that’s the real game changer.

Many of them are creating estate plans that focus more on funding their personal growth and financial independence than passing down wealth to the next generation. They’re thinking about student loans, home ownership (when they can afford it), and entrepreneurship. They’re not looking for a windfall; they’re looking to build something solid on their own.

What’s fascinating here is the mindset shift: Millennials see inheritance as a possible bonus, not the foundation of their financial plans. And they’re setting up their own estate plans with that same thought—thinking less about a windfall for future generations and more about teaching financial literacy, creating opportunities for growth, and making sure the people they leave behind have the tools to build their own financial futures.

A Whole New Approach to Legacy

In short, millennials are rewriting the playbook on estate planning. They’re thinking beyond the traditional boxes—rethinking wealth, inheritance, and what it means to leave a legacy. They’re more interested in living a meaningful life that reflects their values—whether that’s managing digital assets, contributing to causes they care about, or maintaining flexibility over their wealth distribution.

It’s a brave new world for estate planning professionals, who are learning quickly that to stay relevant, they need to offer services that meet the millennial generation where they are: online, on-the-go, and with an eye on the future. Inheritance isn’t dead—far from it. But it’s evolving, and the millennials are the ones leading the charge.

So, the next time someone tells you millennials are killing tradition, remind them—when it comes to estate planning, they’re not just breaking the mold. They’re creating a new one. And, like so many other things, they’re doing it their own way.

For more information about Rockpoint Probate Funding and its services, please visit www.rockpointprobate.com 

Media Contact:
Rockpoint Probate Funding
Dan Burks-Goodman
Marketing Director
424-502-4645 x 894
dbg@rockpointprobate.com
www.rockpointprobate.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-future-of-inheritance-how-millennials-are-rewriting-the-rules-on-estate-planning—presented-by-rockpointprobatecom-302263229.html

SOURCE Rockpoint Probate Funding

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Consumer Watchdog Saves Policyholders More Than $53 million with 21st Century, USAA, and Liberty Insurance Rate Hike Challenges

Published

on

By

LOS ANGELES, Nov. 5, 2024 /PRNewswire/ — Consumer Watchdog recently reached settlement in three challenges to double-digit rate hikes requested by 21st Century Insurance Company for its auto policies, United Services Automobile Association (“USAA”) for its homeowners, renters and condo policies, and Liberty Insurance Corporation for its homeowners policies. Consumer Watchdog’s advocacy resulted in a total savings of more than $53 million for California policyholders. The three companies’ newly-approved rates will take effect for all new and renewal policies between November 18, 2024 and February 12, 2025, and will impact over 671,000 policyholders combined. 

According to Consumer Watchdog’s analysis of the rate filings, the companies were overstating projected losses, causing their proposed rates to be excessive by millions of dollars. “Given the current state of the California insurance market, with insurer-created shortages and massive rate increases, it’s important that applications are closely scrutinized,” said Consumer Watchdog Staff Attorney Benjamin Powell. “Consumers’ seat at the table to challenge excessive rates is critical, especially when insurance companies are requesting multiple major rate hikes in the same year.”

In each case, Consumer Watchdog successfully advocated for lower overall rate increases under Prop 103 and prior approval rate regulations, which require insurers to justify all rate changes prior to implementation. 

Company/Line of Insurance

% Overall Rate Increase Requested

% Overall Rate Increase Approved

$ Savings 

Date Approved

Effective Date

21st Century/Auto

18.4 %

15.9 %

11.56 mill

10/2/24

11/18/24

USAA/Homeowners, Renters, Condo Owners

20.2 %

16.8 %

10.37 mill

10/4/24

2/12/25

Liberty Insurance Corp. /Homeowners

29.1 %

16.5 %

31.08 mill

10/2/24

12/10/24

 

In the 21st Century proceeding, the company initially sought a rate increase of 18.4% to its automobile insurance policies. This request followed a prior $29 million dollar rate increase effective January 2024. Consumer Watchdog challenged the rate hike as excessive under Prop 103 and the Department’s ratemaking regulations, specifically challenging 21st Century’s projected losses as being inflated for giving too much weight to recent losses. Additionally, Consumer Watchdog alleged that 21st Century’s method for projecting Bodily Injury and Uninsured Motorist claims would have resulted in excessive rates. Finally, Consumer Watchdog argued that 21st Century was trying to charge consumers for institutional advertising (ads designed to improve the company’s image rather than aimed at selling specific insurance products), in violation of state rules. (Read Petition)  

Consumer Watchdog requested that 21st Century provide further information to substantiate its application, and successfully advocated for a lower rate increase of 15.9%, representing a savings to California policyholders of more than $11.5 million. (Read Stipulation

In the USAA proceeding, the company sought an overall rate increase of 20.2% for its homeowners, condo and renters policies combined, which would have cost California policyholders an overall $53 million. Consumer Watchdog challenged the rate hike as excessive, calling out United Services’ projected losses as being overinflated. Consumer Watchdog also alleged that USAA was in violation of the rules by failing to provide required information to the Department to substantiate its loss projections. Finally, Consumer Watchdog argued that USAA, like 21st Century, had failed to properly exclude expenses for institutional advertising. (Read Petition)  

Consumer Watchdog requested that USAA provide further information in order to substantiate its claims about losses and other information in its application. Consumer Watchdog ultimately achieved a lower rate increase of 16.8%, saving California policyholders a total of more than $10 million. (Read Stipulation)

In the Liberty proceeding, the company sought an overall rate increase of 29.1% for its homeowners insurance policies, at a total cost to California policyholders of over $67 million. Consumer Watchdog argued that the requested rate increase was excessive. As with the 21st Century and USAA filings, Consumer Watchdog argued that Liberty’s trend selections overstated the projected losses, leading to an inflated rate indication. Additionally, Consumer Watchdog challenged Liberty’s claim that only 1% of its advertising expenses were “institutional” in nature. (Read Petition)

Consumer Watchdog sought additional information from Liberty that would support its trend selections and institutional advertising percentage. Through this information exchange Consumer Watchdog convinced the Department that Liberty’s institutional advertising percentage should be 100%, not 1%. 

“Consumers are inundated with ads from insurance groups, with nearly 10% of all television advertising expenses coming from insurers,”[1] said Consumer Watchdog staff attorney Ryan Mellino. “Prop 103 protects consumers from paying for general advertising. If insurers are going to expend billions of dollars in collected premiums on ads, that expenditure must be properly reflected in their rate filings.” 

Consumer Watchdog ultimately agreed that a 16.5% rate increase, reflecting just over half of the 29.1% increase Liberty initially sought, was reasonable, saving policyholders over $31 million. (Read Stipulation)

California’s voter-approved insurance reform law, Proposition 103, requires that insurers open their books and prove they need to raise rates in a process subject to full transparency, in which consumer representatives have the right to review and challenge improper rates and practices. According to the Consumer Federation of America, Prop 103 has saved California motorists over $154 billion since 1989. Consumer Watchdog has saved California consumers over $6 billion over the last 22 years by challenging excessive and unfair auto, home, business, and medical malpractice rates.

For more information about Proposition 103 visit: https://consumerwatchdog.org/prop-103/

[1] Doug Bailey, Insurance industry ads continue to be among top watched, InsuranceNewsNet, Aug. 22, 2022, https://insurancenewsnet.com/innarticle/insurance-industry-ads-continue-to-be-among-top-watched.

View original content to download multimedia:https://www.prnewswire.com/news-releases/consumer-watchdog-saves-policyholders-more-than-53-million-with-21st-century-usaa-and-liberty-insurance-rate-hike-challenges-302296793.html

SOURCE Consumer Watchdog

Continue Reading

Technology

Therap Services Enhances Healthcare Efficiency with Secure Document Signing Module for Streamlined Digital Signatures

Published

on

By

TORRINGTON, Conn., Nov. 5, 2024 /PRNewswire/ — Therap Services, the national leader in providing HIPAA-compliant electronic documentation solutions to organizations and caregivers in the LTSS, HCBS, and broader human services settings is excited to introduce the Secure Document Signing Module (SDS) for streamlined digital signatures. This innovative module is set to transform how agencies manage document signing, offering enhanced security and operational efficiency.

The Secure Document Signing (SDS) Module from Therap Services provides a streamlined approach for users to upload PDF documents, assign appropriate Therap users to apply their signatures or initials, and then make these documents available for signing. Once published, these documents appear in the designated signers’ “To Do” tabs, simplifying the process of adding signatures. The module also offers the capability to download signed documents and re-upload them to Therap platform to confirm their authenticity, ensuring they have not been altered after signing.

The SDS module is versatile, supporting various document types such as Agency, Individual, Case Notes, and Individual Plan, making it a comprehensive solution for the healthcare sector’s diverse documentation needs. It allows agency-wide administrators and those in specific administrative roles to create SDS documents for organizational use, while providers with specific caseload roles can generate documents for individual cases. This integration with existing Case Note and Individual Plan workflows introduces a “Secure Document Signing” section for users with designated roles, streamlining the documentation process further.

The process of using the SDS feature is user-friendly; agencies or individuals simply upload the needed PDF to the Therap system. The interface is intuitive, facilitating the easy marking of areas on the document where signatures or initials are required. Once the document is ready and published, signees can apply their signatures as outlined. The system also provides functionalities to search, sign, update, and discontinue SDS documents, enhancing the efficiency of document management.

With the introduction of the SDS module, Therap continues to lead in the enhancement of digital solutions within healthcare. This module not only simplifies the document signing process but also enhances security and usability, fostering a more effective digital workflow for healthcare professionals.

For more information, visit https://www.therapservices.net/products/comprehensive-esolution-for-person-centered-services/

About Therap

Therap’s comprehensive and HIPAA-compliant software is used in human services settings for documentation, communication, reporting, EVV and billing.

Learn more at www.therapservices.net.

Related Links

http://www.therapservices.net

View original content:https://www.prnewswire.com/news-releases/therap-services-enhances-healthcare-efficiency-with-secure-document-signing-module-for-streamlined-digital-signatures-302296639.html

SOURCE Therap Services

Continue Reading

Technology

Mutually Human Expands Expertise Through Strategic Merger with SpinDance, a Leading Software Innovator

Published

on

By

Mutually Human, a leading digital engineering firm specializing in artificial intelligence, data, and software development, is excited to announce its merger with SpinDance, a full-stack IoT solutions provider and software development company known for its deep expertise in embedded systems, cloud platforms, and user interface design.

GRAND RAPIDS, Mich., Nov. 5, 2024 /PRNewswire-PRWeb/ — Mutually Human, a leading digital engineering firm specializing in artificial intelligence, data, and software development, is excited to announce its merger with SpinDance, a full-stack IoT solutions provider and software development company known for its deep expertise in embedded systems, cloud platforms, and user interfaces. The combined entity will operate under the Mutually Human brand, enhancing its service offerings and providing even greater value to clients.

Together, we’ll continue to help organizations innovate by addressing both their current and emerging needs, especially in the rapidly growing areas of IoT and embedded software.

SpinDance, which recently celebrated 24 years in business, brings deep capabilities in embedded and IoT software to the merger, expanding Mutually Human’s reach into these areas. With a shared focus on client relationships, personalized service, and deep technical capabilities, the combined company is positioned to offer comprehensive digital solutions, empowering clients to navigate today’s complex technology landscape.

“We are thrilled to join forces with SpinDance, a company whose values, culture, and expertise align so well with our own,” said Jason Kuipers, President of Mutually Human. “This merger not only strengthens our core capabilities but also enables us to deliver more holistic, future-proof solutions for our clients. Together, we’ll continue to help organizations innovate by addressing both their current and emerging needs, especially in the rapidly growing areas of IoT and embedded software.”

Both Mutually Human and SpinDance are deeply rooted in the technology community, each having built strong reputations for innovation, technical expertise, and client service. This merger solidifies their commitment to maintaining these values while expanding their ability to offer cutting-edge digital transformation solutions.

“We are proud to join Mutually Human in this new chapter,” said Kim Burmeister, CEO of SpinDance. “For over two decades, SpinDance has been helping businesses solve critical challenges through software development. By merging with Mutually Human, we can leverage our shared strengths to better serve our clients and continue driving innovation through meaningful digital solutions.”

This merger marks a milestone for both companies, bringing together two trusted names in software development and digital transformation to provide a wider range of services to clients both regionally and beyond.

Century Technology Group, Mutually Human’s parent company, offered key support and strategic direction during the merger. Dedicated to promoting growth and innovation, Century Technology Group plays an essential role in shaping Mutually Human’s strategic decisions and long-term success.

About Mutually Human

Mutually Human is a full-service digital engineering firm that addresses complex business challenges with a focus on People, Process, and Technology. By harnessing the power of Artificial Intelligence, Data, and Software, they help companies optimize operational efficiency, drive data-informed decisions, and elevate the customer experience. Mutually Human collaborates closely with clients to create and implement technology that’s intuitive, outcome-driven, and empowers organizations to achieve more with less. For more information about Mutually Human, visit www.mutuallyhuman.com.

About SpinDance

SpinDance designs and develops fully integrated, custom software systems that bring products to life with elegant, compelling user experiences. Their passion for crafting the highest quality solution, combined with their big-picture, human-centered systems approach, results in innovative products that just work. Their in-house team can help you take a product from ideation through planning and development to growth and scale – using embedded, cloud, web/mobile, and machine learning technology. Their highly skilled team is motivated, nimble, easy to work with, and above all, dedicated to your success. For more information about SpinDance, visit www.spindance.com.

About Century Technology Group

Century Technology Group is a family office based in Grand Rapids, MI. The firm partners with proven operating leaders to provide growth capital, administrative resources, and managerial consulting to promising technology-led businesses with strong core products, services, or capabilities. Their portfolio companies also include MindSpring, a global leader in digital content production, and Talent Strategy, a professional search and recruiting firm. For more information, please visit www.centurytechgroup.com.

Media Contact
Joel Ippel, Mutually Human, 1 6164754225, joel.ippel@mutuallyhuman.com, www.mutuallyhuman.com

View original content to download multimedia:https://www.prweb.com/releases/mutually-human-expands-expertise-through-strategic-merger-with-spindance-a-leading-software-innovator-302296151.html

SOURCE Mutually Human

Continue Reading

Trending