BEPC Platinum Sponsor Webinar
It’s All in The Family…What’s a Family?
Estate Planning and Trust Management for a Brave New World
Many of the concepts which shape our approach to estate planning, and the common structures which arise out of that approach, are products of a dramatically different era, one in which the majority of families were nuclear families with biological or adopted children. These “traditional” families represent about one third of today’s American households. Another third are households without children. The remaining third are “modern” families, comprising blended, multi-generational, same sex, or single parent household. The financial and estate planning needs of modern families present an opportunity to re-examine our traditional planning paradigm.
To lay a foundation for that reexamination, I will survey the predominant traits of the generations represented in today’s estate planning process (the Greatest, Boomer, Gen X and Millennial generations), then examine changes in marriage and family structures, the increasing cultural diversity of today’s families, artificial reproductive practices, and assumptions about life expectancy and mortality.
In light of these generational attributes and demographic changes, I will explore the implications for estate planning and wealth allocation, trust design and management, end-of-life issues and mortality assumptions, and family collaboration and decision making.
This presentation was given at the Joseph Trachtman Memorial Lecture at the annual meeting of the American College of Trust and Estate Counsel in March 2018.
R. Hugh Magill, Vice Chairman, Northern Trust, is licensed to practice law in Illinois and Minnesota and admitted to practice before the United States Tax Court. He is a Fellow of the American College of Trust and Estate Counsel, an Academician of the International Academy of Estate and Trust Law, and a faculty member of the American Bankers Association National Trust School. He has lectured for the American College of Trust and Estate Counsel, the Heckerling, Notre Dame, Tulane, Southern Federal, UCLA, and Kasner Institutes, the Northwestern University Center for Family Enterprise, regional bar associations and estate planning councils, and Northern Trust on estate and charitable planning, trust management, family demographics and governance, and fiduciary risk management. He is a member of the Chicago, Illinois and American Bar Associations, the Chicago Estate Planning Council, and the Christian Legal Society.
Prior to joining Northern Trust in September, 1989, Hugh practiced law privately in Chicago, and worked in the Trust Department at The First National Bank of Chicago where he served as Assistant to the Chief Investment Officer.
Hugh received a B.A. degree from St. Olaf College in Northfield, Minnesota, and a J.D. degree from the University Of Minnesota Law School, where he was named a distinguished alumnus in 2005.
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