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You made this process familiar and easy through stimulating and
thought-provoking questions.
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or parents (and
grandparents) of a young child, estate planning reaches beyond simply minimizing
estate taxes and ensuring that your property ends up in the right hands. You also want to know that, if illness, injury or death
leaves you unable to care for minor or special needs children, they will be
raised by the persons of your choosing and that your child's financial,
emotional and spiritual needs
will be met.
Having a Will is not enough. To enjoy the peace of mind that comes with knowing you have
made good planning decisions for the benefit of your children, count on estate
planning attorneys Ron Adams and
Ryan Scharber to
guide you through a process that recognizes your unique situation and goals and
provides for your children's needs.
Depending on your situation and objectives, your Kids
Safety Net plan might include some combination of the following planning tools:
Common Mistakes. If you have named a
guardian for your kids, it is possible that you did not fully consider the
following:
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You may have named a couple to act as guardians, but
you have not indicated what should happen if the couple breaks up or one of
the spouses dies.
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You may not have named enough alternate guardians to serve
if your first choice cannot.
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You may have considered financial resources of potential
guardians when deciding who should raise your children. Your guardians do
not have to also be financial decision-makers for your kids; your guardians
are the people who will be in charge of your kids' emotional, spiritual and
physical well-being not necessarily their money. It is your responsibility
to leave enough money behind to take care of your kids, either through
savings or life insurance. You can name someone other than your guardians to
take care of the financial issues if the best-choice guardians are not good
with money.
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You may have not provided for someone to take care of the
money you are leaving behind. That means your money could go outright to
your kids at 18 unprotected.
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You probably did not exclude anyone who might challenge
your wishes or who you know you would never want raising your kids.
The good news: Avoiding these
mistakes is easy when you work with us. In creating a Kids Safety Net plan, we
specifically focus on the needs of parents like you.
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Our extensive archive of articles
from our "Family Wealth Matters" newsletter offers useful tips on tax and
estate planning for you and your family, including the following articles for
parents and grandparents of young children.
Subscribe
Selecting the Guardian for a Minor Child
Who would you like to be the guardians of your children if you pass away?
Does Your Teenager Need a Will?
Creating a will can put a young person in the mindset of
someone who is going to have a successful financial life and has thoughtfully
taken on adult responsibilities.
Tips for Parents of a Developmentally Delayed Child What
should parents do when a child isnt developing as expected or isnt succeeding
in school, particularly in the early grades?
Special Planning for Special Needs Children
Special children require special planning. One of the risks that a family with a
special needs child may have is that a well-meaning loved one could accidentally
disqualify the child from receiving government benefits.
Welcome to the Bank of
Mom and Dad Help relatives with loans, but protect the principal
Teaching Kids to Manage Money
In "Financial Peace Revisited," Dave Ramsey offers practical tips for parents to
help their kids learn how to work, save, spend and give.
Adoptive Parents and the Adoption Tax Credit
If adopting a child is in your thoughts (and on your heart), you should know
about the adoption tax credit that the federal government offers to adoptive
parents of eligible children, particularly special needs children. |
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