Planning for my Family

Each family has its own unique personal and financial dynamics. Preserving your estate (during lifetime and after death) and protecting your family entails addressing different issues and deciding what you want to have happen and then reducing your intentions and directions into legal documents. Some of these issues are:

 Surviving Spouse

Should all of the assets pass to your spouse? Would it be better for tax reasons (estate tax), asset management and protection considerations (spouse may be unfamiliar with investments), or for retention of testatmentary control (ability of first spouse to die to decide where that spouse’s assets are to pass upon the death of the surviving spouse), to leave some or all of the assets in a trust for the benefit of the surviving spouse? Will the surviving spouse have the liquidity to pay the mortgage and other expenses if you are not here?

Minor Children

If both parents were to pass away and leave minor children behind, who will take care of the them, where will they live, what assets will be available to provide for them, and when should the children ultimately receive the assets when they are adults?

Expenses, Taxes, etc.

Are there liquid assets readily available to pay the existing bills, final medical bills, funeral expenses, income taxes and other administration expenses?

Fiduciaries

Who should be nominated to act as your Executor, Trustee, Agent, Guardian for your children? Should the fiduciary be a family member, friend, individual professional fiduciary or a corporate trustee? Are they prepared, willing and able to serve if called upon?

Distributions

Should your beneficiaries receive their distribution outright, held in trust for their benefit and distributed when they reach certain ages, or held in a trust for their asset protection and use throughout their lifetime? Ask us about distributions in a cookie jar and how that arrangement allows many advantages.

Legacy and Family Harmony

How your parents planned or didn’t plan may have had an influence on your thoughts and actions as an adult. Your proactive planning and updating demonstrates your love and consideration for your family and will likely be duplicated for generations to come. Having a well thought out legal family security plan in place will allow your family to concentrate on the important personal matters in a harmonious manner.