1. Home
  2.  ▶ 
  3. Estate Planning
  4.  ▶ What parents should know about estate planning

At Marks Elder Law we remain committed to serving you and meeting your legal needs promptly – more than ever in these demanding times. Our office is again open for any work that can’t be effectively done remotely, including meeting with clients (though we still use videoconferencing, phone and email as well)

Having up-to-date estate planning arrangements in the form of Powers of Attorney and Wills, at least, is crucial to peace of mind as well as actual preparedness. You may benefit from taking your planning a step further with a Revocable Trust, and some families absolutely need Special Needs Trust type planning  for any family member with a disability.

If you are headed toward expensive long-term care such as in a nursing home, you must seek expert advice to protect yourself, your assets and your family.  With the right advice, long-term care patients and their families get a much, much better bottom line result. We can help you protect your assets.

Finally,  if a loved one has died, we also provide expert assistance to help you wind up their affairs  and administer their estate. These are some ways in which we  at MARKS ELDER LAW  may be able to help you.  Please keep reading, and call or email today.

 

What parents should know about estate planning

On Behalf of | Sep 3, 2021 | Estate Planning

As a parent, you want what is best for your kids. While you can provide a healthy diet, high-quality education and comfortable living space now, a sudden illness or serious injury may take you away from your children’s lives forever.

Estate planning is something that is often easy to put off. Still, part of being the parent you want to be is preparing for the unexpected. Here are a few things all parents should know about estate planning.

Guardianship

If you die, you probably do not want your children to end up in the foster system. With your will, you can designate a guardian to care for your kids after your death. Not only does this ensure your children have a safe place to live, but it also keeps your relatives and friends from fighting over custody.

Financial resources

The cost of raising a child to the age of 18 is currently more than $230,000. If you add on higher education, you can expect to pay thousands of dollars more. While there is certainly nothing wrong with intending to work to support your kids, you also may want to have a backup plan. Setting up a trust ensures your children have access to financial resources if you die unexpectedly.

Special needs

If your child has a disability or other special needs, you may want to use your estate plan to provide for his or her future as an adult. With a special needs trust, you set aside funds for the benefit of your son or daughter without jeopardizing his or her eligibility for means-tested government assistance, like Medicaid or Supplemental Security Income.

Having children means taking on a set of new responsibilities. Ultimately, by drafting a comprehensive estate plan, you live up to your end of the bargain.