Tag Archives: parents

Estate Planning

Why New Parents Need an Estate Plan

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If you are expecting a baby or you have just had a child, you know that your world has totally changed. While all of the decisions you must make can be overwhelming, it is important to create or update your estate plan. Your child is the most important thing in your life, so you should take every step necessary to protect him or her now and in the future.

Below are a few reasons why new parents need to create or update their estate plan:

  • Appoint a guardian for your minor children. Nobody likes to think about not being there for their child, but none of us know the future. Thus, if something should unexpectedly happen to you or your spouse, it is important to choose who will raise your child. You should confer with the person you want to appoint to serve as the guardian of your minor children to verify that he or she is willing to do it. You should also name alternates in case your first choice is unwilling or unable to serve as the guardian when the time comes.
  • Create a trust. A trust can help ensure that your child’s financial future is protected. A trust provides you flexibility in deciding when and under what conditions your child will inherit from you, which may include a provision stating that your child must reach a certain age before distributions from the trust should be made.
  • Select a trustee to manage each child’s inheritance. You will want to consider appointing a trustee who will invest wisely on behalf of your child.
  • Provide for any special needs. If your child has special needs, you must take care in creating your estate plan. You will want to create a special needs trust to ensure that your child’s needs will continue to be provided for without jeopardizing his or her eligibility to receive government assistance.

If you are expecting a child or you are a new parent who would like to learn more about creating an estate plan to protect your child’s best interests, call us today to schedule an initial consultation.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Asset Protection

Should You Take Over Your Parents’ Finances?

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As your parents enter their golden years and they need help attending to their affairs, it is essential that you approach the topic with them carefully. The most effective way to handle this process is by preplanning, which may include establishing a trust, guardianship, conservatorship, and durable power of attorney. One of our experienced estate planning attorneys can assist you with any of these legal documents that can provide you a legal means for taking over your parents’ finances when they need help. The absolute best method (and least costly overall) is to help them create a trust where you, or some other trusted family member (or a bank), become a co-Trustee to help them manage their finances.

It can be difficult to approach your parents with this topic. Depending on your family relationships, you may want to consider whether you should appoint one person to discuss it with them, have a family meeting or include an attorney in the meeting. Whatever you decide is the best strategy for your family, it is imperative that you take action while they have the necessary mental capacity to execute the necessary legal documents.

One thing you should make clear to your parents is that you are not attempting to take control over their finances at this time. Rather, you are merely taking steps to prepare for when it may become necessary. If your parents are reluctant, you should also inform that it is not necessary for them to make a full finanical disclosure to you (or anyone else) at this time. All that is required is that you are told where their financial information is located and how to access it. Remember, you will want them to include their online login information and passwords so you can access their digital assets.

If you need help discussing these matters with your parents or you believe the information will be better received from an estate planning lawyer, we can help. If your parents will view this discussion as part of their estate planning process, it may help them not be as defensive about it.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Asset Protection

Are you in the “Sandwich Generation?”

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You may have heard the term “Sandwich Generation” being used to reference individuals who have become a caretaker not only for their children but also for their own parents or their in-laws. Being in this position can be extremely difficult and leave you exhausted and stressed. Additionally, it can take a major toll on your finances to spread them among three generations. As a result, it is imperative that you plan ahead and safeguard your immediate family as well as your parents and/or in-laws.

Where do you start? You should immediately have a conversation with your parents/in-laws about planning ahead. If they do not have a comprehensive estate plan, they should contact us immediately to create one. This includes establishing a will and/or trust setting forth how your assets should be distributed, health care directives, power of attorney, and possibly whether you should purchase long-term care insurance. You should also have an open and honest discussion regarding whether your parents want to be kept alive with life-sustaining equipment or measures. Your parents will likely feel a sense of relief knowing that their affairs are in order and that their wishes will be carried out.

While every situation is different, if you have taken on the role of caretaker for your parents it is important to protect your own finances. In other words, find a balance between providing for your parents and children, while also protecting your savings, retirement funds, and your future. Remember, your children can obtain student loans or work while they are in school to pay for their education. Additionally, your parents should use their own finances and assets to pay for their care as long as possible.

If you or your parents need help planning for the future, we can help. Let us review both your and your parent’s individual circumstances and determine the best strategy for you to take.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection, Estate Planning

Succession Planning & Your Family Business

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When you have a family business, it can be difficult to balance work and family. Keeping family issues separate from business matters can be tough. As a result, it is important to establish a strategy for transitioning the company to future generations.

It is common for the owner of a family business to want his or her children to manage and run the company once he or she is gone. Even if your children have the desire to take-over the business, it doesn’t mean they have the skill or ability to do so effectively. When you are creating a succession plan, you want to pick somebody that has a combination of skills such as management, marketing, accounting and several others.

If you have more than one child working in the family business, you should observe how he or she is able to handle the daily operations as well as the other demands of the business. This isn’t the time to be “fair” or politically correct. It is the time to choose the best leader for your company. You should also observe how the children work together. If they aren’t good partners with one another, transferring the family business to them will not be a blessing.

Most business owners want to protect all of their children involved in the family business, but also be fair to those children not in the business. One option for accomplishing this is to provide the other children with non-voting stock. This allows all of the children to own a stake in the business. You could also establish a board of directors consisting of all of your children so that they can give advice and guidance, but the decision-making authority rests with the child or other relative you appointed to run the business. There are really too many options to emphasize just one or two here. Each family and business has unique problems and concerns.

If you are a family business owner and you want to learn more about creating a succession plan or a comprehensive estate plan to protect your loved ones, contact us today to schedule an initial consultation.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.