All tagged estate planning
One of the things that couples should consider when doing their estate planning is: What happens to my assets if my surviving spouse remarries? Many people worry that their assets will eventually go to their surviving spouse’s new partner, rather than the kids, and they are right to worry. That is how things end up most of the time. But there are some ways that you can plan to avoid that happening, if this is a concern that you have.
From time to time, I get a clients who has too tough of a time deciding on who the right guardian for their kids will be. In some scenarios, the best solution for that is a Guardian Panel. A Guardian Panel is a group of people who are named to make a decision together about who the guardian should be and/or where the children should live, at the time that the parents are unable to care for the children any longer. Anyone can use a Guardian Panel in their estate plan, but there are a few specific situations in which it especially makes sense.
I get this question from time to time: Can I just add my adult kids to my deed so they get my home when I die? And the answer is: It depends. The only way to know if you should do this is to work with a real estate or estate planning lawyer. Not a paralegal. Not an online program. Not your cousin who does criminal law. An actual, real live lawyer who practices in the areas of real estate and/or estate planning, and can advise you on the ramifications of your choices and prepare the deed properly so that you don’t screw everything up.
As a Gen X kid with Baby Boomer parents, I have found that our generations have very different ideas when it comes to talking about death and money. Boomers often seem averse to discussing these matters, for many reasons. Sometimes they think it’s crass for their kids to be asking them about what they’re “getting.” Sometimes they feel shame about discussing money and death. Sometimes they were just raised to believe that discussion about money and death (like religion and politics) is impolite. Whatever the reasons your aging parents might have for being tough to crack when it comes to these discussions, I have some tips on how to get them to talk and do their estate planning.
It’s Back-to-School time, which means that you have to fill out those “emergency contact” forms again. It’s important that you fill them out properly, naming emergency contacts who have the legal authority to care for your kids and who know what the plan is and who they should contact if something happens to you, the parent. I thought I’d put together some tips for parents who are filling out these forms.
When your adult (18+) child is going off to college, there are three important legal documents that are important for her/him/them to execute before leaving. (Actually, anyone over age 18 needs these documents.) These documents will allow parents to help their child in the even their child has an emergency or iso other wise incapacitated and unable to manage financial and health decisions. It happens more frequently than you would think. College kids experience mental health issues, get in accidents, and get serious illnesses like meningitis. Having the correct documentation to be able to get information and act on it in vital.