For years, the idea persisted that estate planning is solely for the extremely rich. But if you're a Gen Xer, a Boomer, or an older Millennial, it's time to reconsider that perspective. A much has changed. Waiting until it's too late may expose your family to legal ramifications, financial loss, and unnecessary worry.
Estate planning nowadays is more than just passing on your riches. It's about safeguarding your digital identity, navigating emerging fraud threats, and maintaining control over what happens if you can't speak for yourself.
And, with new legislation set to take effect in 2026, the stakes—and opportunities—will only increase.
Why Gen X Should Pay Attention (Right Now)
Let's face it: Gen X is at the centre of everything. Many people are caring for elderly parents and supporting adult children. Some are business owners. Others have complicated financial situations, including several properties, investment accounts, digital assets, and more.
Here's why delaying estate planning is riskier than ever:
1. AI Fraud Is on the Rise
We are living in the Deepfake era. Artificial intelligence allows scammers to clone voices, falsify video messages, and manipulate emails. Without a recorded strategy and enough legal safeguards, your family may fall subject to impersonation frauds that target money, property titles, or even bogus medical directives.
Powers of attorney, reliable contact forms, and unambiguous legal authority are more important than ever.
2. You Own More Than You Think
Even if your net worth isn't $15 million, you probably have assets that require protection:
- Retirement Accounts
- Life insurance
- Homes and rental properties.
- Digital assets (e.g., cryptocurrency, internet enterprises, domain names).
- Family heirlooms, collectibles, and sentimental objects.
An estate plan assures that they are transmitted according to your intentions, rather than the state's default probate process.
3. Portability and the Estate Tax Exemption Are Changing
Here’s where it gets real.
The federal estate and gift tax exemption will be increased to $15 million for individuals and $30 million for married couples, indexed for inflation, by the OBBBA (One Big Beautiful Bill Act ) in 2026. That's an increase from $13.99 million in 2025.
This may sound like good news—and it is—but only if you've taken the necessary procedures to ensure your eligibility. The portability election , which permits a surviving spouse to claim their deceased spouse's unused exemption, is an effective technique. However, it must be elected correctly and quickly on a federal estate tax return.
Miss the window, and your family might lose millions of dollars in protection.
4. The Law Is Always Evolving
State-specific inheritance laws, trust taxation rules, and digital estate restrictions are continually changing. Even if you created a will or trust a decade ago, it may no longer represent your current circumstances or the legal landscape.
Consider estate planning to be similar to tax preparation: it is a multi-step process. It is an evolving strategy.
5. Your Family Deserves a Clear Plan
Clarity is one of the most valuable gifts you can provide to your loved ones. Without a plan, survivors must guess—often under pressure—what you would have desired. Uncertainty can lead to disagreement, delay, and regret.
With a recorded estate plan, you provide your family with a roadmap:
- If you cannot make decisions, who will?
- Who inherits what and when?
- Protecting assets from creditors, taxes, and disputes.
A Plain-English Guide to Getting Started
You don't have to sort this out alone. But here's a quick checklist to get started:
1. Write or update your will.
2. Establish powers of attorney (financial and medical).
3. Review your beneficiary designations.
4. Inventory digital assets and accounts.
5. If you have many homes, minor children, or privacy issues, consider establishing a trust.
6. Consult a knowledgeable counsellor to tailor a strategy to your goals.
Final Thought: It’s Not About Wealth—It’s About Control
Estate planning is not a luxury. It's a must-have for everyone who seeks peace of mind and control over the outcome.
With AI fraud, digital assets, and quickly changing tax law, waiting might cost you more than simply money; it could lose you your legacy.
Ready to Protect What Matters Most?
Are you ready to protect what matters most?
Contact our office immediately to set up a confidential estate planning strategy appointment. We'll work with you to create a personalised plan that is tailored to your current situation and legacy.