Estate Planning for Single Parents
As a single parent, you may be particularly concerned about planning for your child’s future. Without a proper estate plan, their future may be up in the air. But with careful planning, you will be able to rest easy knowing your children’s inheritance is protected.
For single parents, who may not have another person to rely on, the issue becomes even more pressing. What if you become physically or mentally disabled, get a long term or terminal disease or what if you pass away? Would you want the court system to decide who gets to take care of your child, or do you want to designate someone that you and your child love and trust? The answer is obvious, but yet 69% of parents have never named a guardian for their children. As a single parent, or any parent of minor children, getting the guardian nomination right is arguably the most important things you can do for your child, as that imprint alone will shape their future and keep your wishes and your voice alive through carefully having planned ahead.
Whether your child’s inheritance consists of real property, a family business, or an investment account, most parents want to make sure that their assets they have worked hard to acquire are distributed wisely amongst their children or other beneficiaries. Most parents are aware that the proper way to ensure this is by establishing a living trust. A properly structured and funded living trust will keep your financial affairs privately managed by a trustee you select, rather than going through probate proceedings which are both public and costly. Somehow there is still a misconception that a living trust is only for people of a high net worth. A living trust really is for anyone who wants to remain in control over what happens not only to their assets when they pass, but more so how this will affect their posterity. The process of deciding how to leave your assets has less to do with money and more to do with passing on important life lessons, values, and avoiding conflict.
Ultimately money only goes so far, but think about the lasting impact you can leave through carefully planning ahead. What do you want to be remembered for? What values do you want to instill in your children? Who do you want to take care of your children if you become incapacitated? These are important questions most parents worry about and luckily proper planning can help you accomplish leaving exactly the imprint you want. Just like each child is unique in the eyes of their parents, so should the planning for the remainder of their lives. Estate plans are not all created equally, and if you do not tailor yours to your specific circumstances you may end up in an unfortunate situation.
Because each family situation is unique, our attorneys will take the time to consider your individual situation and the possible solutions to your questions and concerns. Whatever your worries may be, from financial protection to naming potential future guardians for your loved ones, we can help. Our estate plans are tailor-made to your individual family situation, and will address each issue you hope to solve. For a complimentary estate planning consultation, contact our offices today!
Hiring your minor children to work in the family business is a great way to help them develop a solid work ethic, teach them money-management skills, and fund their savings for the future. But employing your children also comes with a number of valuable tax benefits that you might not be aware of.
When it comes to estate planning, most people automatically think about taking legal steps to ensure the right people inherit their stuff when they die. And these people aren’t wrong. However, providing for the proper distribution of your assets upon your death is just one part of the process.