Married with Children
When you are married with children, estate planning is usually pretty straightforward. You want your spouse making decisions for you if you are incapacitated, and you want to make sure your assets go to your spouse when you die, and then to your children after your spouse is gone.
Seems simple, right?
If only it was our probate courts wouldn’t be so clogged, expensive, and public… And, there wouldn’t be $58 Billion (with a B) of assets in the State Departments of Unclaimed Property across the United States.
There are a myriad of questions that need to be answered to ensure your family stays out of court and out of conflict in the event of your incapacity or death. And, some steps that need to be taken to ensure your assets don’t end up lost to the State Department of Unclaimed Property because your family overlooks something when you can’t be there to guide them.
And, if you are in a second (or third or more) marriage with children from a prior marriage (we call this a “blended family”), it’s likely that the people you love will end up in litigation if you don’t plan ahead.
More importantly, your wealth isn’t measured just by the money in your bank account, but by the well-being of the people you love. You care enough to get your estate planning handled so your family will stay out of court and out of conflict, no matter what.
We know you are busy and promise to make the process as simple and easy for you as possible. Click here to see just how easy it can be.
Or, to get started right away, call us to schedule an appointment at 847-777-6838.
At minimum, you can create YOUR own the kids’ protection plan. It just takes about 10 minutes. We created a FREE website that will help you to protect your kids if something unthinkable happens to you prior to creating your formal estate plan. Think of it as the first step to ensuring your kids are raised by the people you want, in the way you want, no matter what.
Blended Families (Second or Third Marriages)
If you are in a second (or third or more) marriage (we call it a “blended family”), and you have children from a prior marriage, you must certainly do estate planning that will keep the people you love out of conflict.
No matter how close or friendly you think your new spouse and your children are, there is simply an unavoidable, inherent conflict between them upon your death or incapacity.
Having said that, this conflict can be mitigated, and you can ensure that the people you love most — your new spouse and your children — will each be well-taken care of with the most ease possible. It does take careful planning and analysis of the family relationships to ensure that your assets are passed to the people you want.
So, if you are in a second (or third or more) marriage, contact us for a Family Wealth Planning Session so we can look together at everything you own, and everyone you love, and what would happen to all of it, when something happens to you. Then, you can get informed, educated and empowered to make the right planning decisions for the people you love.
You love your children. And, since you’re a single parent, you have the primary responsibility for ensuring their well-being and care. If something happens to you while they are minors, you want to ensure you have made the decision about who cares for them, and how.
In the most ideal scenario, your child’s other parent would be suitable to take custody of your child if you cannot be there. But in many cases, that’s not possible or desired.
And even if it is, you may want the financial resources you are leaving behind cared for by someone other than your former spouse or partner.
No matter what the scenario, as a single parent (whether your child’s other parent is in the picture or not), you need to take the necessary steps to legally document who you would want raising your child, how you would want your child raised, and how you want your assets handled for your child in case anything happens to you.
We know you are busy and we promise to make the process as simple and easy for you as possible.