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One of the essentials of estate planning for young families is making sure that your children would be taken care of no matter what happens. That is one of our areas of greatest expertise. As a parent myself, I bring a parent’s perspective to my planning. But, beyond that, I have received extensive training from the Family Wealth Planning Institute on the most effective ways to protect minor children in the event that the unthinkable happens to their parents.
If you do not have a proper plan in place, you should consider these questions:
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If your children were left with a babysitter, and the unthinkable happened to you, when the police show up at the home, what will they do with the children if they are with a minor or with someone else that does not have the legal authority to keep them? To protect themselves from liability, might they call the Department of Human Resources (DHR) to take them into temporary custody until they can sort out where the children should go?
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Do you want a judge to decide who will raise your kids because you never got around to putting a plan in place? What if the judge selects the last person you would ever want?
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As soon as your kids turn 19, do you think they will be ready to receive a check for whatever assets you have left them? Have you ever considered that there are unscrupulous people who make it their business to review public records to find out what 19 year olds are coming into money?
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Would you want to provide asset protection for the assets you leave your children to protect it from their potential creditors or former spouses?
The vast majority of estate planning attorneys do not address all these issues.
As parents, these things scare us too. That’s why we offer a Child Protection Plan with every estate plan we do for families with young children.
To get started with protecting your children no matter what, please contact us.
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