Estate Planning for Parents of Young Childen
For parents of a young child, estate planning means more than just simply minimizing estate taxes and ensuring that your property ends up in the right hands. You also want to know that, if illness, injury or death leaves you unable to care for minor or special needs children, they will be raised by the person you choose, and that your child’s financial, emotional and spiritual needs will be met.
To enjoy the peace of mind that comes with the certainty you have made good planning decisions for of your children, you need a complete plan designed to meet your unique situation and provides for your children’s needs.
If you have minor children, your estate plan should start with documents that ensure your children will be taken care of by the people you chose, rather than someone appointed by the state or probate court.
Solution: A Parent Peace of Mind Plan.
Our Parent Peace of Mind Plan assures that the person you chose to raise your kids is the one who will care for them immediately in the event of an unthinkable event, and then until they reach age 18. With a Living trust based plan, you can safeguard your assets so they are available for the care of your children quickly in the event of your incapacity or death, and that those assets are protected until your kids reach an age when they can truly handle the money themselves.
You have protected your children with adequate insurance; protect them with an estate plan that ensures that the insurance proceeds, and your other assets, will be properly managed and used for the benefit of your children. Our wills & trusts plans are outlined below.
The Parent Peace of Mind Plan includes:
- Wills with a Testamentary Trust For Children
- Advance Directives (Health Care Proxy, Living Will, Advanced Designation of Conservator, Anatomical Gift)
- Durable, Financial Powers of Attorney
- Designation of Standby Guardian (avoids ugly custody battles and prevents your children from being placed into foster care, even for a short time)
- Designation of Guardian
- Letters of instruction for Guardian and Trustee
- Revocable Living Trust and/or Spendthrift Trust (optional)
- Spendthrift Trust (optional) (protects assets from children’s creditors)
- Bloodline Trust (optional) (protects child’s inheritance from irresponsible spouse or ex-spouse)
Click here to see more about the Parent Peace of Mind Plan.
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