Spring has finally arrived (hopefully to stay for a while!). And spring means Mother’s Day and Father’s Day are right around the corner. Maybe you’re a parent. Even if you don’t have children of your own, maybe there are other people in your life who are like children to you. Perhaps your parents are no longer here, or maybe you don’t get a chance to see them as often as you would like. Maybe you have in-laws or others who are like parents to you. Whatever your “family” looks like, this is the perfect time to consider those you are special to you.
If you have young children, you may be concerned about what will become of them if something should happen to you. Who will take care of them? Will there be enough money to provide for their needs through childhood and college? What if they have a disability or other special needs?
If you have adult children and they seem to be doing just fine on their own, you may still wish to provide for them in a way that will protect them in the event of a failed marriage, lawsuit or other creditor problems. If your adult children have any disabilities or special needs, or perhaps are not the most responsible with money, you can still provide for them. You would just do so in a way that will protect their inheritance from others, or from themselves.
If you have aging parents, you may be seeing that they need you to help and guide them, much as they did for you as child, to help them understand and make important health and financial decisions. They may very well be fighting you on this, insisting that they don’t need your help, but that doesn’t mean you shouldn’t keep trying. Be there for them. Protect them as they used to protect you.
So take the time in the upcoming weeks to enjoy some fresh air and sunshine and celebrate the time you have with loved ones. Create new memories and reminisce about old favorites. This is precious time you will never get back.
And then think about what you can do now to be sure they will be all right if you’re not around to take care of them, or if they need help taking care of themselves, in the future. You’ll be happy you did!
Some suggestions to consider:
- Prepare a Will nominating guardians for your minor children.
- Create and fund a Living Trust that includes provisions to hold your assets (including life insurance proceeds) in trust for your children until they are adults, or longer if they have special needs or circumstances.
- Be sure your parents have signed Durable Powers of Attorney appointing agents to help them manage their finances and make medical decisions if they are ever unable to do so for themselves.
Should you have any questions about preparing an estate plan customized for your personal situation, or would like to schedule a no-charge initial consultation with one of our experienced estate planning attorneys to discuss your concerns and wishes, please contact Waltz, Palmer & Dawson, LLC at (847) 253-8800 or contact us online.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.