The specialty of estate planning is in fact one aspect of elder law, so it is not surprising that it would be categorized out of hand as being something that younger people need not be concerned with. However, this is not entirely true. The minute someone else is depending on you in any way is the minute that estate planning becomes relevant to … [Read more...] about Young Adults & Estate Planning
Parents with Young Children
Caring for Your Minor Children
If you have minor children, consideration must be made for their care in any prudent estate plan. If you are survived by the child’s other parent, this parent will normally take custody upon your death. If they have predeceased you, or extenuating circumstances exist, another guardian should be listed in their place. When you are selecting an … [Read more...] about Caring for Your Minor Children
Naming Your Live-In Partner as Guardian
For parents with minor children, a guardian plan is vital. You must name someone to care for your children if you don’t want the decision to be left to a court of law. Adopted Children If you have solely adopted the children in your household and you want your partner to receive custody upon your death, you should have a guardian plan. Your … [Read more...] about Naming Your Live-In Partner as Guardian
Choosing between a Pot Trust and an Individual Trust
When you leave an inheritance for minor children, an Irrevocable Trust may be your best friend. These trusts offer benefits such as estate tax reduction and asset protection. Within the world of Irrevocable trusts there are many different types. Common pot trusts and individual trusts, two kinds of irrevocable trusts, are often used to leave an … [Read more...] about Choosing between a Pot Trust and an Individual Trust
