Caro estate planning attorneys at Biddinger & Estelle can provide assistance to individuals and families in all different life circumstances. Every person should get estate planning help if they have assets, concerns about end-of-life issues, or loved ones who are dependent upon them. Each person’s plan is customized to their specific needs, with the goal of protecting assets and creating the desired legacy.
While the need to make an estate plan is universal, it can be especially important for single parents to create a plan in case of incapacity or in case of an untimely death. It is important for single parents to create a plan not only when their children are young, but also once their kids have reached adulthood.
Biddinger & Estelle can provide help to parents in making their plans, so give us a call today to find out about what Caro estate planning attorneys can do for you.
Estate Planning Tips and Advice for Single Parents
For single parents, making an estate plan is vital to protect children. Biddinger & Estelle can help with the creation of a personalized plan. You can also consider these basic tips to help you understand why making a plan is so important and where you need to start in your estate planning process:
- Custody could be a concern for single parents: If you are a single parent, but the child’s other parent is also a caregiver with some involvement in the child’s life, the other parent would likely be granted custody of the child if something happened to you. However, if you have sole custody and the other parent isn’t involved in the child’s life at all, you’ll need to name someone who could be the child’s guardian if something happens and you get sick or pass away before the child is an adult.
- Leaving an inheritance could be an issue. Estate taxes are charged on larger estates, but money can transfer from husband to wife (or vice versa) without any estate tax being charged. This isn’t the case if money is left to a child. Since you are not married, you’ll need to work out a plan to reduce or avoid estate tax if you want to leave the maximum value of assets to your son or daughter without losing a big chunk of the estate to taxes.
- Healthcare decisions will need to be made. If you experience a serious medical emergency and cannot express preferences for your care because of your health situation, someone has to make decisions for you. If you’ve made no incapacity plan and you child is an adult, it is possible that he obligation of making life-and-death medical choices could fall to your child. If you don’t want your child left with the “guilt” of pulling the plug or declining potentially life-saving medical care, you’ll need to work with Biddinger & Estelle to make a comprehensive incapacity plan before something happens to you.
- Providing for a minor child can be complicated. If you want to ensure you provide financially for your child even if something happens to you, you likely don’t want to just create a simple last will and testament. If you make a will and leave money to an underaged child, a guardian for the funds will typically have to be appointed. When the child reaches adulthood, the whole inheritance would be passed on with no strings attached- which could be an issue for an 18-year old with no experience managing funds. You should make sure you structure an inheritance appropriately while your children are under age.
These are just a few of the many things that single parents need to be aware of when making an estate plan. We will devise a personalized and specific approach for your unique situation once you each out to a member of our legal team and find out what Caro estate planning attorneys at Biddinger & Estelle can do for you.
Getting Help from Caro Estate Planning Attorneys
Biddinger & Estelle works hard to help single parents, married parents, couples, and individuals to make estate plans that work for their needs. You work hard to acquire assets and you deserve to use your wealth to leave the type of legacy you want. Our firm can help you to ensure you effectively use legal tools to determine what should happen to your money and possessions after you pass away.
To find out more about how our firm can help with all aspects of the estate planning process, give us a call at (989) 872-5601 or contact us online today.
- What Is a Trust and How Can It Be Used as a Component of Your Estate Plan? - May 26, 2020
- Best Ways to Protect Your Business with Estate Planning - May 8, 2020
- What Should Prompt an Estate Plan Update? - May 5, 2020