Children | Estate Plan Pros
Avoid These 7 Costly Mistakes When Planning for a Special Needs Child

7 Costly Mistakes When Planning For A Special Needs Child

Children with disabilities can benefit greatly from advanced planning on the part of their parents.  Conversely, if the parents fail to plan for their special needs child’s future, that child could find themselves without resources and without assistance.  Here are seven costly mistakes to avoid when planning your estate for your special needs child. Mistake #1: Ignoring your child’s...

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There is a conflict between establishing control and establishing responsibility.

Parental Control, Accountability & Estate Planning

Parenting is a constant pull between giving a child the freedom to fail and learn from his or her mistakes, and the exercise of control to protect a child.  Estate planning brings that parenting conundrum to the fore because trusts are uniquely equipped to allow a parent to exercise control long after a parent is gone.  Control over Timing Parents can choose when a child receives...

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Parents: Are Your Children Protected?

The first thing many new parents do is go buy life insurance. The next thing they should do is see an estate planning attorney. Why? Imagine your children are at home with a babysitter. A highway patrolman knocks on the door to let them know there’s been an accident, and you aren’t coming home. Will your children be well provided for? Too Many Relatives Tragic situations can be compounded by...

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Five Cool Things Your Trust Can Do That You Might Not Know About But Probably Should

Trusts are like violins – in the right hands they can do amazing things. Your trust can set goals for your beneficiaries and provide protection from themselves and others. You can take care of your pets. And you can plan long term to keep your estate in the family. Set Goals Parents want to see their children become productive and contributing members of society. They don’t want their hard earned...

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Strategies For Preventing The Silver Spoon Syndrome

While few of us have the kind of wealth that say Sting or Warren Buffett have to manage, many parents have a legitimate concern about their children’s ability to manage the money they plan on leaving to them.  Parents want to see their children become productive members of society, and not a lazy consumer waiting for trust fund payments to come in.  So what options do parents have when they...

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Is a “simple will” going to cost your children thousands of dollars?

It is a common mistake to think that a will avoids probate.  Why is probate so bad?  Three words: time, money, and publicity.  And, if you have young children, you’ve probably left them unprepared and unprotected as well. Probate is Expensive Even a relatively small estate can face thousands in court costs, attorney fees and other fees.  An estate with a modest home valued at $300,000 can...

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Parents, Are You Making This Mistake With Your Life Insurance?

Did you know that you could be leaving your life insurance funds stranded in court limbo? If you have minor children, you picture the insurance funds as being the key to ensuring their comfort and future education. But there is a crucial step that your insurance agent can’t really help you with – and that is who to name as your beneficiary on that policy. Fortunately, that is what this post is...

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Terrible Two’s, Estate Planning, and College

Watching a young child learn to take that first step, say that first word, count for the first time, makes a parent swell with pride.  Parenting books and blogs with parenting tips are popular because parents want to do everything they can to ensure their child’s future success in life.  And most of that planning centers around the parent being there, helping each step of the way, as it should. ...

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Surprising Options Parents Have Over How Their Children Can Inherit

To give them the money, or not give them the money, that is the question most parents ask themselves.  But few people are aware that a competent estate planning attorney can open a world of options.  On the other hand, giving money directly to beneficiaries can leave them a world of problems. Young Beneficiaries Few people are prepared to handle a sudden influx of a large pile of cash, let alone...

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Declare Your Family’s Freedom From Probate

I love the Fourth of July celebrations, both the activities and the reason behind the celebration.  Probate certainly isn’t King George, but having been to court with many clients I know the terror that going to court brings, not to mention the expense and huge time commitment.  Are you guaranteeing your heirs a trip to the courthouse, or are you setting them free with wise planning? What is...

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