ESTATE PLANNING FOR YOUNG FAMILIES WITH MINOR CHILDREN
As the parent of a young child, you must have a plan in place to protect them from an uncertain future. It’s at least as important as car seats and bike helmets! Your kid(s) aren’t old enough to take care of themselves or manage their own money. Your children need you to plan their future, by designating the people you want to raise them and provide for them financially, until they are grown and on their own.
However, life doesn’t have a set timeline. You may not know exactly what to do or where to get started with your planning. With no formal plan in place, you will get stuck with the default plan (courtesy of the Commonwealth of Massachusetts) if something unexpected happens to you. The default plan can never take into account your unique family situation or reflect your own wishes for your children and assets. Simply put, a judge will decide what happens.
The team at The Parents Estate Planning Law Firm will help you to get clarity about where things stand right now for you and your family and help you understand the consequences of not having a comprehensive Estate Plan to protect your loved ones. Before meeting, we’ll ask you to complete a Family Wealth Worksheet, which will help you get clear about everything that you own and the decisions you’ll make for the well-being and care of your loved ones and cherished belongings.
We will then meet for a Family Wealth Planning Session, where we spend time getting to know you and your family, and what is most important to you. You’ll learn about our Planning for Life process and we will both decide if it makes sense to work together.
PROTECTING YOUR CHILDREN
Having a will simply is not enough. It doesn’t guarantee the care of your children if the unthinkable happens!
Your estate plan must safeguard your children, who are counting on you to ensure that they will always be taken care of by the people you want, in the way you want, no matter what happens.
At The Parents Estate Planning Law Firm, we care deeply about planning for the well-being and care of the children you love. It is at the heart if everything we do. We have developed a reputation for comprehensive planning for the care of children in the event of the death of one or both parents. Without this comprehensive legal planning, unthinkable events can (and do) take place:
- Your children could be placed into the care of the Department of Children and Families even if you have a will in place and even if you have a living trust. (Likely this circumstance would be temporary, but you never want your children in the care of strangers—not even for a minute)
- Your children could be put into the custody and care of someone you would never choose, like the one family member who you don’t want raising your kids!
- A Judge, who doesn’t know you or your family, will decide who will raise your kids.
- A long and nasty custody fight could ensue or there might be a challenge to the guardians you have designated.
- Tens of thousands of dollars could be lost to court costs and other unnecessary fees through the probate process that can tie up your money and deprive your kids of the resources they need.
- Unscrupulous people can take advantage of children when they turn 18 and receive a lump sum inheritance.
KIDS PROTECTION PLANNING®
We are parents and these occurrences scare us, too! With comprehensive legal planning, these problems and more can be avoided. That is why we offer a Kids Protection Plan® to every family with minor children.
Our Kids Protection Plan® includes a specific set of legal documents, caregiver instructions, and even an ID card for your wallet. If you are in an accident, your Kids Protection Plan® will help to make sure your children are never taken into the custody of strangers or anyone else you would not want. These clear instructions inform the Police and ensure your children will always be in the care of people you, and they, know and trust.
The majority of “traditional” estate planning attorneys do not address these issues. They do not plan from a parent’s perspective and they do not have the training and practice required expertise to fill all of the gaps that exist in traditional estate plans.
To get started with your Kids Protection Plan®, please call us at (978) 263-6900 or contact us here today.
YOU ARE UNIQUE. WE ARE TOO.
At The Parents Estate Planning Law Firm, we do not offer a “one size fits all” estate plan. We form a working relationship with our clients. We educate you, and more importantly, we take the time to get to know you and your family. We will discuss your concerns and your goals, and we will gladly and patiently answer all your questions. Our goal is to create an estate plan that is exactly right for you. Our services include a three-year review to ensure that as your lives change, your plan will too. Don’t wait! We are happy to get you started with your estate planning. Please call our office at 978-263-6900 or contact us here to schedule a planning session today.