Protecting Your Children
Your estate plan must safeguard your children, who are counting on you to ensure that they will always be taken care of by the people you want, in a way you want, no matter what happens.
At Sky Unlimited Legal Advisory, we are very passionate about planning for the well-being and care of the children you love. Over the years, we have developed an expertise for advance planning for the care of children in the event of the death of one or both parents. Without this advance legal planning, unthinkable events can (and do) take place:
Ø Your children could be placed into the care of the California Department of Social Services ... even if you have a will in place ... and even if you have a living trust! (Likely this circumstance would be temporary, but you never want your children in the care of strangers - not even for a minute.)
Ø Your children could be put into the custody and care of someone you would never choose, like the one family member who may have good intentions, but you don't want raising your kids!
Ø A judge, who doesn't know you or your family, will decide who will raise your kids, even if it is the last person you would ever want.
Ø A long and nasty custody fight could ensure or there might be a challenge to the guardians you have designated.
Ø Up to 5% of the value of your gross assets could be lost to court costs and other unnecessary fees through the probate process that can tie up your assets for years and deprive your kids of the resources they need.
Ø Unscrupulous people can take advantage of children when they turn 18 and get a check for whatever assets are left.
With advance legal planning, these problems and more can be avoided. A majority of estate planning attorneys do not address these issues. They do not plan from a parent's perspective and they do not have the expertise to do a comprehensive job.
Yes, these occurrences scare us, too! That is why we offer a Kids Protection Plan® with every estate plan we do for families with minor children.
Our Kids Protection Plan® includes a specific set of instructions, legal documents, and an ID card for your wallet. If you are in an accident, your Kids Protection Plan will help to make sure your children are never taken into the custody of Child Protective Services or anyone else you would not want. These clear instructions inform the Police and ensure your children will be raised by people you have selected.
To get started with your Kids Protection Plan®, please call us at (650) 761-0992 today or book a Family Wealth Planning Session® online now.
When it's all for the Kids
Articles from the Chief Counsel's desk. Sign up for our newsletter to receive these in your email with additional discounts, offers and rewards.
Estate Planning Before You Travel: Why It's Critically Important
Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’ or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most thrilling way to spend a day, here are some reasons why you need to think about your estate plans before you travel.
An estate plan ensures any medical decisions needed while away from home will be handled according to your wishes, and with as much ease as possible, no matter what the rules are where something happens. If you fall ill or become injured and can’t make medical decisions for yourself, your estate plan will ensure that decisions will be made by the person you choose, and with your indicated desires for your care at the forefront.
Without an estate plan in place, your family or friends could have a heavy lift to get you back home, locate your assets, keep your bills paid, and even ensure your children get taken care of by the right people in the right way.
Lastly, an estate plan ensures that any debts or liabilities are taken care of properly in case something happens while on vacation. This can help prevent creditors from trying to collect from surviving family members after the fact — something no one wants to deal with during such a difficult time.
Protecting Your Legacy: Why Life & Legacy Planning Matters for Black Families
February is Black History Month - a time to honor the resilience, achievements, and contributions of Black Americans. It is also an opportunity to reflect on the future and the legacy you are building for your family.
For many Black families, legacy is not abstract. It is shaped by generations who were denied the opportunity to accumulate and pass on wealth, and by the determination of those building something anyway. When wealth must be created without the benefit of generational cushioning, protecting it becomes just as important as generating it.
Yet even families who successfully build wealth often see it disappear between generations. Not because they lacked discipline or ambition, but because the systems governing inheritance, incapacity, and asset transfer were never designed with their realities in mind.
In this blog article, you’ll learn why wealth is particularly vulnerable at the moment it transfers, how historical and structural inequities still affect Black families today, and how Life & Legacy Planning can help you protect what you’ve built so it benefits your family for generations to come.
Wills vs. Trusts: How to Choose the Right Tool to Protect the People You Love
When you begin thinking about estate planning, one of the first questions you might ask is whether you need a will, a trust, or both.
You may have heard conflicting information from friends, social media, or TV experts, which can make the decision feel confusing.
And while both wills and trusts can play an important role in your estate plan, the real question is not which document you should choose, but how to create a plan that actually works when your loved ones need it to.
In this blog article, you’ll learn the real difference between wills and trusts, how each works in practice, and what you should consider before making a decision. More importantly, you’ll discover why choosing the right tool is only one part of building a plan that keeps your family out of court, out of conflict, and out of costly mistakes.
WHAT A WILL DOES AND WHAT IT DOESN’T DO
A will is often the first document people think of when they think about estate planning. It allows you to state who receives your assets and who you want to raise your children after you die. But a will has important limitations that most people don’t realize until it’s too late.
Passing the Torch: How to Inspire Your Kids to Take Over the Family Business
The dream of passing on your business to your children and witnessing the legacy you've built continue to flourish is a powerful one. However, inspiring your children to embrace the idea of taking over the family business can present its challenges, and your children may even exhibit resistance to the notion altogether.
Fret not. While you can’t control how your children feel about your business, there are effective ways to inspire them and help them see the value of being a business owner and carrying on a family legacy. With these strategies, you can empower them to become the next leaders of your family business and set your company up for a smooth succession transition when it's time to retire.
Show Your Kids That You Love What You Do
First things first. It’s hard for someone to take an interest in something if they only hear negative comments about it. Of course, there are going to be many work days that are long, stressful, or tiring, but framing your work as something that gives you a sense of accomplishment rather than fatigue will help pique your children’s interest.
You don’t need to completely hide negative feelings about your work, but keeping a positive attitude about your business when talking about it around your children can go a long way in inspiring them.
When Fame Can't Fix Family: What Hulk Hogan's Estate Teaches Us About Failed Planning
When wrestling legend Hulk Hogan died at age 71, the world lost an icon. But behind the headlines about his estimated $25 million estate and decades of wrestling fame lies a heartbreaking family story that offers powerful lessons for anyone with people they love.
(See estimated $25 million estate.)
This story demonstrates that wealth and fame can't substitute for the kind of planning that actually protects families from conflict and preserves relationships. Even with millions of dollars and access to the best legal advice money can buy, the Hogan family still experienced the pain that comes when estate planning focuses on documents rather than relationships.
Let's explore what went wrong and how proper Life & Legacy Planning® could have prevented this heartbreak.
What Happened in the Hogan Family
To understand the magnitude of this family tragedy, let’s analyze what happened. Brooke Hogan is Hulk’s daughter from his first marriage. But she wasn't just his daughter—she appears to have been his devoted caregiver. According to reports, she was there for every surgery he had, she’d take detailed notes from every doctor who treated her father, and coordinated his medical care through multiple health crises. She even moved from Michigan to Florida to be closer to her father.