Estate Planning For New Parents Is Important | Law Firm Newswire

Estate Planning For New Parents Is Important

White Plains, NY (Law Firm Newswire) September 19, 2013 - According to a survey by Findlaw.com, approximately 60 percent of parents have yet to formalize a simple will to protect their children.

New York Elder Law and Estate Planning Attorney Bernard Krooks

Having an estate plan in place, including a will and possibly trusts as well, should be a major concern for every parent. The future may hold decision-making issues regarding disability or incapacity, or the untimely death of one or more parents. As hard as it is to contemplate, one of the choices a responsible parent must make is how to ensure their child or children are safe if anything happens to them. Meeting with an experienced estate planning lawyer is a must for all parents.

Choices that must be made include: nominating a guardian to care for any minor or disabled children left behind, protecting assets, and preserving property. A guardian is someone appointed by the court to care for minor children who are without a parent. Guardianships are appointed by the court to determine life issues such as where the children will reside and the type of care they will receive. A “guardian of the estate” is appointed by the court to oversee any financial affairs until the children come of age.

Parents can stipulate in their will who should be appointed as a guardian for their child, if one is needed. The role of guardian should be discussed at length with an estate planning lawyer to ensure that the right person will be in charge, should they be needed, and to ensure that nomination will survive any challenges that arise from surviving relatives who may have other plans.

A revocable living trust is worth discussing with an estate planning attorney. If no will is left, or the will is not properly executed, the bulk of the estate may be directly given to the children upon reaching the age of 18. Many parents who have crafted estate plans have delayed the distribution of those assets or added in spendthrift provisions as a fiscally prudent move to protect their children from burning through their inheritance.

An estate planning attorney can also help preserve property for the future by minimizing the costs of administering an estate, such as probate fees and federal estate tax.

New York Contact:
Maria M. Brill
Littman Krooks LLP
(914) 684-2100
[email protected]

New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone

Westchester Office
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone

Dutchess Office
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone

  • A Guide to Pet Trusts
    <p>A great deal of consideration usually goes into making sure that loved ones are cared for and necessary tasks are completed when creating an estate plan. Sometimes, certain members of the family — our beloved pets— might be left out inadvertently. A pet trust is a legal tool to ensure that this does not happen […]</p>
    The post <a href="http://www.elderlawnewyork.com/trusts/a-guide-to-pet-trusts/">A Guide to Pet Trusts</a> first appeared on <a href="http://www.elderlawnewyork.com">Bernard A. Krooks - Littman Krooks LLP</a>.
  • How to Discuss Estate Planning Without Unnecessary Drama
    <p>Families can usually agree on the importance of creating a New York estate plan. However, as crucial as having a comprehensive estate plan is, recent studies show that only a small percentage of couples – most of them older – have current estate planning documents in place. When those who do not have an estate […]</p>
    The post <a href="http://www.elderlawnewyork.com/elderlaw/how-to-discuss-estate-planning-without-unnecessary-drama/">How to Discuss Estate Planning Without Unnecessary Drama</a> first appeared on <a href="http://www.elderlawnewyork.com">Bernard A. Krooks - Littman Krooks LLP</a>.
  • The Sandwich Generation and the Burden of Too Much Stuff
    <p>Middle-aged people find themselves taking care of both their parents and their children, along with personal commitments like career and home. It seems like there is no end to the work that must be done and the roles that must be filled. Frequently, members of the sandwich generation end up as the caretaker of everyone […]</p>
    The post <a href="http://www.elderlawnewyork.com/caregivers-2/the-sandwich-generation-and-the-burden-of-too-much-stuff/">The Sandwich Generation and the Burden of Too Much Stuff</a> first appeared on <a href="http://www.elderlawnewyork.com">Bernard A. Krooks - Littman Krooks LLP</a>.

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required