Though estate planning is mainly viewed as a way to pass on your financial wealth and property, when done right, it also enables you to preserve and pass on your true legacy: your memories, values, and wisdom. And it can also be a source of overall healing in the family. With the right support, having these all-important final conversations doesn’t have to be intimidating or awkward at all.
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.
Including a Lifetime Asset Protection Trust in your plan is one great proactive step to help protect your child’s inheritance from all possible threats, while incentivizing them to invest and grow the money rather than squander and waste it. Indeed, the trust’s highly flexible structure, combined with its bulletproof asset protection makes it one of the most valuable gifts you can give your loved ones.
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.
It is critically important that you understand your Life Insurance Settlement Options, whether you're the policy holder or beneficiary in order to maximize your policy's financial benefit and to reduce potential taxes. It is also important that you choose the settlement option that is best suited for your particular needs. Learn here the importance of each of them.
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.
Just like any parenting arrangement, platonic parenting requires massive levels of trust, communication, and planning since child-rearing is an immense responsibility that lasts a lifetime. Having an estate plan designed specifically for your family's condition that spells out you and your partner's legal rights, responsibilities, and wishes ensure your new family has a proper legal foundation that keeps them away from court and conflict in the event of your potential incapacity or death.
Being left in the hands of unscrupulous guardians appointed by the court can be the most frightening aspect for you in the event you become incapacitated, given that you may have a loving and caring family members, but are unable to take care of you. Putting up a plan in place that clearly states all your wishes and consent prevents such from happening and ensures that the individual of your choice can make legal decisions on your behalf according to how you wanted them to be.
Your family's most precious wealth is not money, but the memories you make, the values you instill, and the lessons you hand down. These intangible assets are likely to be lost forever however, these could be preserved and passed on to your loved ones through comprehensive estate planning at definitely no extra cost. As your Family Startup Lawyer™, we can help you customize your estate plan and help you pass on not just your financial wealth, but your most treasured family values as well.
Not having proper planning vehicles in place leaves not just you but also your senior loved ones vulnerable to exploitation and court-ordered guardianship should they become incapacitated caused by illness or injury. With no government agency tasked with preventing abuse by professional guardians, it’s up to you to protect yourself and your loved ones through proactive estate planning. Read here to know more.