In case you missed all of the commercials for floral arrangements that have been airing recently, here’s one final reminder: Mother’s Day is this Sunday, May 9th. But before you spend your money on something that will wilt and die within a week or two, consider getting Mom a truly priceless gift—a plan for her kids that provides her with peace of mind that, when something should happen to her and dad, her children will always be in the care of the people she knows, loves, and trusts.
Every state has different terms for what happens when you become incapacitated or die, especially when you have a blended family. One of the most common problems that arises of having a blended family is that the deceased’s children from a prior marriage and the surviving spouse end up in conflict. Unless a comprehensive plan has been created. That way, not only do the people you love get the assets that you want them to receive, but you may also be saving them for years of legal conflict.
While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their and your number-one priority. At 18, they become legal adults in the eyes of the law so you no longer have the authority to make decisions regarding their health care & finances if something happens to them. While you can't totally prevent your child from any unforeseen maladies, you can put a plan in place to assure th
Even multimillionaires are not immune to an oversight in designating their heirs. One prominent example is Kobe Bryant whose legal team failed to list his youngest daughter in the family trust. And though they can easily correct this, it's not the same for everyone. Hefty legal costs and lengthy proceedings can have a tremendous financial impact on your family.
One of the most important lessons you can teach your kids is financial literacy - helping them understand not just the value of properly managing their money but also understanding your family's situation and the importance of wealth preservation. It is a gift you can give that lasts a lifetime. In today's generation, money is still not a typical dinner table discussion in many affluent and working-class families, but we think it should be. Read here to learn more.
The coronavirus has infected millions of people in the US, including parents of young children. This brought fear to every parent like you, that if worse could happen to you and your spouse at the same time, who would watch your children? Who would take care of them even just for a short period of time? Situations like this can be traumatic for your minor kids so it is critically important to devise a plan and name legal guardians to protect them in case the unthinkable happens. Learn more here.
The burden of both to carry on with your work and manage your child's full-time care and education can be overwhelming. If you are like most parents - struggling with guilt even before the coronavirus pandemic because of the lack of time to simply play with your kids or help them with their homework, then, you are not alone. Here are some ideas to help you alleviate the feelings of not doing enough for your kids which in the long run, you will appreciate if the unthinkable happens to you.
Safeguarding your child's inheritance is critically important to ensure that what you pass on is there when it's needed the most and put to the best use possible. Hence, choosing the right trustee and writing up guidelines and directions on how you'd like the trust assets to be used ensures your trustee is aware of your values and wishes when making distributions, therefore, prevent your heirs from going through court and conflict.
As a parent, one of the motivating factors driving your life's work is to leave your children an inheritance to help secure their future, and regardless of how much or how little it can be, in some instances, an inheritance can wind up doing your kids more harm than good. Putting up a Lifetime Asset Protection Trust is a must to prevent such from happening and to safeguard your hard-earned assets from being wiped out. Read here to know the benefits of these trusts in further detail.
Naming long-term guardians for your kids is critical and should be your number-one planning priority to ensure they will never end up in the hands of strangers in the event of your incapacity or death.