During these unique and unprecedented times, we at Family Estate Planning Law Group are still working hard to help our families create estate plans and update their estate plans efficiently while also focusing on keeping everyone safe through social distancing practices. With the new stay at home order extended to May 18th, we have come up with several options to help our clients efficiently and safely review and execute their estate planning documents until it is safe for us to start in-person meetings again. [Read more…]
What to Consider When Choosing a Guardian for Your Children
It can be difficult to plan for the unthinkable, but if you have minor children, not only is choosing a guardian a “must-do,” it can also afford you peace of mind. You may find choosing a guardian to be challenging, but it does not need to be overwhelming. Sit down and consider the people you would be comfortable with raising your children. Once you have a shortlist, ask yourself the following questions about each potential guardian:
- Where does the person live? It is unrealistic to expect a guardian who lives a significant distance from you—and has their own life—to suddenly move into your home with your children. It is more likely the children will move into the guardian’s home, so think about whether the proposed guardian has a home large enough to accommodate your children—and if you are okay with your children being raised there. You may also want to consider how a move could affect your children, particularly if it takes them away from their current school or it puts them a significant distance from their friends.
- Do you know what the person’s religious, political, and moral beliefs are—and are you comfortable having your children’s views shaped by those beliefs? Obviously, you will never find a guardian who holds 100 percent of your personal beliefs, but you want to try for at least similar beliefs.
- Does the person have his or her own children? If so, are you comfortable with their views on child discipline, education, sports, etc.? If the person does not have children, have they spent time with yours?
- How old is the person? While an older guardian is likely in a better financial position and may have more time to spend with your children, he or she could also have little understanding of today’s kids, and current trends. On the flip side, younger guardians may be heavily involved in getting their career off the ground, having little time for children.
- Not only is age a factor, health is a factor as well. While you could never anticipate all eventualities, it is probably not a good idea to choose a guardian who currently has health issues.
- Is the person married? If so, you have to be equally comfortable with his or her spouse and have to determine how stable the marriage appears to be. If the person is single, are you confident in his or her ability to choose a partner you would approve of to help raise your children?
- Is the person financially stable? If not, will you be able to leave enough money to cover expenses for your children? Like it or not, the financial situation of a potential guardian can have a significant impact on your children.
- Perhaps most importantly, is the person you are considering willing to be guardian to your children? It is essential that you have an honest conversation with the proposed guardian to ensure he or she really understands what being a guardian entails and is willing to take on the responsibility.
The things that matter the most to you in regard to your children are as different and unique as you and your family. While you certainly want to name a guardian that will love and care for your children in much the same way as you would, you also want a guardian who is responsible. It is important that you always choose an alternate guardian just in case your first choice is unable or unwilling to step in. Finally, consider splitting the tasks of caring for your children by asking one person or team to handle finances and the inheritance of the children (be the trustees on the trust you leave for your children) while another serves as guardian and does the actual parenting.
Finally, do not let intimidation over choosing the perfect guardian keep you from choosing one at all or doing any estate planning. Remember, any guardian you choose is better than not having a guardian at all (and the state choosing for you). And if you are part of our ongoing client care program, you can always change your mind and update your guardians without us billing you for it.
How Family Estate Planning Law Group Can Help
Whether you need help choosing a guardian for your children or need assistance with other estate planning concerns, we at Family Estate Planning Law Group are here for you. We want to help you address your family’s unique concerns in all areas related to estate planning in today’s world. We understand that children grow, situations change, and you should have an estate plan that grows and changes with you and your family. We do this through our ongoing client care program, as well as our Family Care Meeting™, which encourages our clients to include trusted advisors and family members in the planning process. Together, We Plan for Life® Explore our blog, and schedule your complimentary consultation today.
The Glass is Always Half Full: Making the Market Work for You
While the uncertainty in today’s market because of Covid-19 may have you nervous about your investments and the value of your assets, there are ways to take advantage of the opportunities that this drop in the market may create for you and your family.
We recently came across an article by Bob Carlson on Forbes.com about tax and estate planning opportunities that have come up in this time of uncertainty and volatility in the market. He discusses certain actions you can take now while the market is low that may be advantageous to you. We encourage you to read Mr. Carlson’s article (here).
Life is Changing: Learn to Zoom with It!
There is a lot of uncertainty right now. So many things about life as we know it have changed in the last few weeks, and for many of us, we’re not quite sure we have caught up to all of it yet. “Going out to eat with friends” now means ordering takeout, driving to pick it up, and eating it in your car with your window rolled down, parked at least 6 feet away from your friend who is doing the same thing (no, I have not actually tried this yet, but people are definitely doing it right now). And “let’s schedule a meeting” means let’s plan a time to talk on the phone or have a Zoom meeting. Zoom, like Purell, is suddenly a hot commodity, but what is it, and how do you use it?
Infographic: Estate Planning Documents Every College Student Needs
Entering college is the start of an exciting chapter in a young person’s life. It may seem inappropriate to be thinking about estate planning at that time, but there are documents that are important for a college student to have in place. Take a look at our infographic for a helpful guide on estate planning in your college years.
Click on the image below to view the full infographic
Preparing for the Unexpected in Life
According to the Oxford dictionary, a plan is “a detailed proposal for doing or achieving something” or “an intention or decision about what one is going to do.” When everything is going well and we’re sailing along with no worries, planning can feel unnecessarily burdensome or like a waste of time which could be better spent enjoying life. In the midst of busy and full lives, it can be hard to slow down enough to think strategically about the future.
Here at Family Estate Planning Law Group, we believe in planning. It’s in our name, and it’s in our DNA. We can learn a lot, and we can know a lot, but we will never know the future or be able to predict what is coming next. As we all know and have experienced, life has a way of throwing unexpected things at us. Just when we think we have a concrete five-year plan, something changes; when we feel like we are in a certain spot, something shifts. That’s where a plan comes in. It is “an intention or decision about what one is going to do.” It means taking the time to be intentional about how we will deal with the unexpected, so when it happens, we know what we’re going to do.
Infographic: Why DIY Estate Planning Doesn’t Work
In this infographic post, we discuss the many reasons a DIY Estate Plan doesn’t work for you. From changes in your life to protecting your retirement, it’s important to understand why these online providers do not provide an adequate substitute for a thorough estate plan. Learn more in our infographic.
Click on the image below to view the full infographic
Myth Busters – Estate Planning Edition Pt 1
Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk themselves out of seeing a qualified attorney to put together an estate plan based on three common myths. Today we are going to cover the first two and stayed tuned for our next post that will reveal the third!
Grab Your Hero Cape
For too long the media has controlled the narrative of estate planning. I remember watching the daytime soap opera The Young and the Restless, and every time a character died there would be a dramatic will reading in a dark wood-paneled room, or every time Victor was offended by his children or he and Nicki broke up or got back together again, someone would be written into our out of his will. Let’s not forget the trust funds lorded over the kids’ heads either. In reality, estate planning is not just a tool for the rich to try and manipulate their family. To use the popular phrase of the times, that’s “fake news”.
Most estate planning attorneys view themselves as the ultimate authority on estate planning, but what they fail to see is that clients are our ultimate authority because without their input and their leadership we can’t help them truly protect their families. Every family is unique, and every client has their own wishes goals and preferences.
A New Savings Approach to Supporting Your Child’s Future
Norms are changing. Every new generation brings about change, and Generation Z and the younger Millennials are reshaping the road traveled once high school is completed. Instead of taking the traditional path that older Millennials largely took, of going to college after secondary school and incurring high student debt, these young adults are taking more varied approaches to building debt-free and successful futures. Since the paradigm is changing, you need to be more flexible in how you save for college and the future for your children. A recent article from Kiplinger, “How to Stay Flexible in Saving for Your Child’s Future,” gives advice on how to be more adaptable in today’s changing college and career world.
A recent TD Ameritrade survey, as cited in the Kiplinger article, found that 1 in 5 young Americans ages 15-21 (Gen Z) and 22-28 (Millennials), may opt out of college. We’ve mentioned this in previous blogs, but one of the underlying reasons for this is that student debt is a major roadblock to life milestones and financial freedom. As the Kiplinger article points out, the TD Ameritrade survey found, “47% [of young Millennials] delayed buying a home because of what they owe, 40% delayed saving for retirement, and 31% delayed moving out of their parents’ home” (Kiplinger).