Choosing a Guardian for Minor Children is Critical

October 14, 2025

Parents often focus on wills, trusts and financial planning. However, they overlook naming a guardian for their children. Choosing a guardian for your minor children is a critical step. Without this step, a court may decide who raises the child if both parents are unable to do so. While judges consider family ties and the child’s best interests, the decision may not reflect your preferences. Proactive planning provides peace of mind and helps prevent uncertainty during an already challenging time.

Key Considerations in Choosing a Guardian

Guardian selection should not be rushed. Families should weigh a variety of factors before naming someone.

Emotional and Practical Suitability:

The guardian should have the ability and willingness to provide both emotional stability and day-to-day care. Consider their relationship with the child, their parenting style and their values. A guardian’s age and health also matter. While grandparents may love deeply, they may not be physically equipped to raise young children long-term.

Financial Stability:

Raising children is expensive. A guardian does not need to be wealthy. However, they should have the financial means to provide a stable home. Estate planning tools, such as life insurance and trusts, can supplement the guardian’s resources and ensure that children’s needs are met.

Location and Lifestyle:

The guardian’s location may affect schooling, friendships and the child’s sense of continuity. Consider whether relocation would be necessary and assess the potential disruption it might cause. Lifestyle factors, such as work commitments, existing family dynamics, or religious beliefs, should also be considered to ensure alignment with your wishes.

Naming and Documenting a Guardian

Once you have decided on a guardian, it is crucial to make the designation legally binding.

Using a Will or Legal Document:

The primary place to name a guardian is in your will. Without this, the court decides. A clear, legally valid designation ensures your choice is respected. In some cases, you may include alternates if the first choice is unable or unwilling to serve.

Open Communication with Potential Guardians:

Before finalizing the decision, have an honest conversation with the chosen guardian. Confirm that they are comfortable with the responsibility and that they understand your expectations. Discuss practical matters, such as education, healthcare and long-term goals for your children.

The Role of Estate Planning in Supporting Guardians

A guardian’s role is primarily personal and emotional. However, financial structures can ease the transition.

Trusts to Manage Assets:

Appointing a trustee to manage the child’s inheritance allows the guardian to focus on caregiving. The trustee and guardian may be the same person or different individuals, depending on your comfort level. Separating financial and caregiving roles can sometimes reduce conflicts and ensure accountability.

Regular Review and Updates:

Life circumstances change. A chosen guardian may move, experience health problems, or no longer be the best fit. Revisiting your estate plan every few years ensures that the guardian designation remains appropriate.

Why Legal Guidance Is Essential

Guardian selection is a deeply personal decision. However, it also has legal and financial implications. An estate planning attorney ensures the designation is executed correctly and that supporting documents, such as wills, trusts and powers of attorney, work together to provide a safety net for your children.

Choosing a guardian for your minor children is a critical. Consulting an estate planning law firm provides peace of mind that your children will be cared for according to your wishes. If you would like to learn more about guardianship, please visit our previous posts.

Reference: BabyCenter “How to choose a guardian for your child”

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Health Care Proxy and Power of Attorney are Essential Tools in your Estate Plan

September 4, 2025

While you may think of a last will and testament when the phrase “estate planning” is used, there are several other documents you need. A health care proxy and a durable power of attorney are essential tools in your estate plan. A recent article in Kiplinger, “I’m an Estate Planning Attorney: These Are the Two Legal Documents Everyone Should Have,” explains what every adult needs to protect themselves and help loved ones during a time of crisis.

An estate plan does far more than simply distribute assets when you’ve died. It also protects your wishes while you’re living, as well as in case of incapacity. Two documents are required: the healthcare proxy and the durable power of attorney.

A health care proxy, sometimes referred to as a Health Care Power of Attorney, appoints someone you trust to receive information about your medical care and make decisions if you are too sick or injured to communicate your wishes. If you recover and regain capacity, you resume the ability to oversee your own health care, and the health care agent can no longer make medical decisions or have access to your medical care.

No one expects to be incapacitated. However, it’s best to be prepared. If you’re scheduled for surgery and are sedated, for instance, you’ll want another person to be able to make decisions for you in case something goes wrong. If you experience a longer medical event, such as being in a coma, your family will be able to make decisions on your behalf.

If there is no Power of Healthcare Attorney in place, your spouse or family members will need to petition the court to name a guardian to be able to make decisions for you. There have been many court cases where a surviving spouse would like to take their loved one off life support, but their parents don’t want that to happen. This is a terrible situation for everyone involved and can be avoided with the right estate planning.

A healthcare proxy may include provisions for a Living Will, which would specify the types of medicine or treatments you would want or not want if you were in a terminal state. For example, you may not want to be kept alive through artificial nutrition or a heart and lung machine if you are in a vegetative state. The living will is your way of communicating your wishes to your family clearly and coherently.

Who you name as your healthcare agent is entirely up to you. A younger person may name a parent, spouse, or close friend as their guardian. Couples often name their spouse or partner, while elderly people are more likely to name an adult child.

If there is no health care proxy named, even a married spouse doesn’t have the legal right to make decisions for you. Once a child reaches the age of legal majority, they are considered an adult, and their parents are no longer the default guardians. When children go to college, they should have a health care proxy in place.

The second critical document is the Power of Attorney. This names a person to make financial and legal decisions on your behalf. Without one, the family will need to go to court to access your accounts, pay bills and maintain the business side of your life.

Even if you don’t care what happens to your possessions after you die, having a health care proxy and durable power of attorney in place will give your family the essential tools in your estate plan to care for you without added burdens when they are needed. If you would like to learn more about health care directives and powers of attorney, please visit our previous posts.

Reference: Kiplinger (Aug. 7, 2025) “I’m an Estate Planning Attorney: These Are the Two Legal Documents Everyone Should Have”

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Parents with Young Children need an Estate Plan

August 27, 2025

More than 60% of parents with minor children don’t have a will, according to several national surveys. This is a serious lapse, as parents need a will to appoint a person to raise their children if the parents die. The solution is not that difficult, says a recent article from Seattle’s Child, “Why every parent needs a will.” Parents with young children need to have an estate plan.

An estate plan includes several documents serving to protect children in case of their parents’ death. The guardian is named in the will. Trusts are used to provide funds for the child’s upbringing and to protect any inherited assets, so the child can’t access them until they are mature enough to make sound financial decisions.

If there is no will or other estate planning documents, there are default laws and procedures to determine who will become the guardian of the minor child and what will happen to the parent’s assets. The court could decide the child should be raised by a blood relative who lives many states away, taking the child from their home and community during a time of great stress.

If parents would rather the child remain in their school and community, having a will and naming a close family friend as their guardian could prevent the child from being uprooted from everyone and everything they know.

Many people make the mistake of thinking their spouse automatically inherits their estate. However, this depends upon the laws of your jurisdiction. In some states, the estate is divided between the spouse and the children. If the children are minors, they cannot legally inherit property. Therefore, their portion of the inheritance may be controlled by an administrator appointed by the court. If this occurs, the surviving spouse will receive a smaller inheritance, which may make it financially impossible to stay in the family home. Placing the surviving spouse in a position where they must request funds from a court-appointed administrator is not a pleasant legacy to leave.

If there is no will, the court divides assets according to the law of intestacy—the state’s laws. Children who inherit a full estate upon reaching the age of 18 are rarely ready to manage large amounts of money. Creating a trust for the benefit of a child, with a trustee who will manage the assets and provide directions on when to disburse funds and for what purposes, solves this problem.

When going through the estate planning process, you’ll also need to select someone to be your personal representative after you’ve died. The executor obtains death certificates, notifies Social Security and other government agencies, consolidates assets, pays bills and pays taxes for the estate and your final personal income taxes.

Parents with young children need to have an estate plan. Planning for what could happen in the future when your children are young is not as much fun as going on a family vacation or decorating a nursery. However, taking care of this will ensure that your beloved children are protected according to your wishes. This is a legacy of love. If you would like to learn more about planning for young parents, please visit our previous posts.

Reference: Seattle’s Child (July 25, 2025) “Why every parent needs a will”

Prepare For When Your Special Needs Child Turns 18

July 16, 2025

When a child with special needs reaches the age of majority, parents often face unexpected challenges. While the child may still depend on them for daily support, the law begins treating them as independent in many areas, including healthcare decisions, legal contracts and access to government benefits. It is important to prepare for when your special needs child turns 18.

Preparing for this transition takes more than just a birthday celebration. Parents need to address guardianship, financial planning and benefit eligibility to ensure that their child is protected and supported.

Legal Decision-Making and Guardianship

At 18, individuals are presumed legally competent to make decisions, regardless of cognitive or developmental limitations. If a child cannot safely manage finances, health care, or other responsibilities, parents must seek legal authority.

Guardianship provides comprehensive decision-making power, whereas alternatives, such as power of attorney or supported decision-making agreements, offer varying levels of autonomy. Families should consider their child’s capabilities and needs before pursuing a legal route.

Each state has different procedures and standards for granting guardianship or its alternatives. Consulting with an attorney ensures that parents choose the most appropriate legal path and comply with local requirements.

Maintaining and Maximizing Government Benefits

Reaching adulthood can also impact eligibility for programs such as Supplemental Security Income (SSI), Medicaid, or vocational rehabilitation services. Many benefits shift to individual eligibility once the child turns 18, meaning that parental income no longer factors into the qualification process.

Families should apply for SSI as early as possible after a child turns 18 to establish eligibility and start receiving monthly support. Medicaid eligibility often follows, unlocking access to medical care and home-based services.

In some cases, parents who are retired, disabled, or deceased can trigger Disabled Adult Child (DAC) benefits through Social Security for their child, which may offer higher monthly support than SSI.

Financial and Long-Term Special Needs Planning Considerations

If parents plan to leave money for a child with disabilities, it’s critical to avoid compromising government benefits. A Special Needs Trust can hold funds, while preserving eligibility for programs like Medicaid or SSI. These trusts enable funds to be used for various purposes, including therapies, education, housing and enrichment.

Families should also make sure that their own estate plans reflect their child’s needs. This might include naming a guardian or trustee, outlining care instructions and avoiding direct inheritance that could disqualify the child from assistance. Work closely with an Elder Law attorney to prepare for when your special needs child turns 18.

Key Takeaways

Turning 18 changes legal status: Parents no longer have automatic authority to make decisions unless they pursue guardianship or legal alternatives.
Benefit eligibility becomes independent: SSI and Medicaid are based on the child’s income and assets after age 18.
Legal planning is essential: Powers of attorney, supported decision-making, or full guardianship may be needed.
Special Needs Trusts protect benefits: These tools enable parents to provide financial support without jeopardizing government aid.
Estate plans must reflect future care: Naming appropriate trustees, caregivers and legal representatives ensures long-term stability.

If you would like to learn more about special needs planning, please visit our previous posts.

Reference: Special Needs Alliance (Oct. 18, 2022) “The Top 5 Things to Know When Your Child With Disabilities Turns 18”

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Including Siblings in Estate Planning for a Child with Special Needs

May 22, 2025

When parents plan for the future of a child with special needs, they often focus on legal and financial tools, like special needs trusts and government benefits. However, one crucial group is usually left out of the conversation: the siblings. Siblings may one day step into caregiving or advocacy roles, formally or informally. They may be expected to help manage a trust, ensure their brother or sister receives appropriate care, or provide emotional support. Including siblings in the estate planning process for a child with special needs creates a foundation for smoother transitions, reduces misunderstandings and gives everyone a clearer sense of their role.

Why Siblings Matter in Long-Term Planning

Siblings are likely to be the longest-standing relationships in a person’s life. As parents age or pass away, brothers or sisters often remain. Even when a sibling won’t serve as a primary caregiver or trustee, they will likely be involved in day-to-day support, communication with care providers, or an emotional anchor.

Nevertheless, siblings are often unaware of their parents’ intentions. They may not understand the purpose of a special needs trust or how decisions will be made after the parents are no longer involved. This lack of clarity can lead to confusion, resentment, or even legal conflict, particularly if siblings are also beneficiaries of the estate.

Opening the Conversation

Including siblings starts with honest communication. Parents should share the basics of their estate plan, explain how decisions have been made and invite questions or concerns. Topics may include:

Who will serve as the trustee or successor trustee of a special needs trust
How resources will be allocated among siblings
What expectations (if any) exist for caregiving or advocacy
How government benefits are being protected through legal planning

This conversation doesn’t need to happen all at once. Instead, family discussions can gradually unfold as siblings mature and understand each other’s needs. The key is ensuring that they feel informed and supported, not burdened.

Legal and Financial Education for Siblings of Special Needs Children

Parents should also ensure that siblings have access to the legal and financial information they may need someday for the family or the child with special needs. This may include providing copies of estate planning documents, explaining the function of the special needs trust, or walking them through how public benefits, like Medicaid or SSI, are affected by financial support.

Naming a sibling as a future trustee, power of attorney, or healthcare proxy without adequate preparation sets them up for stress and potential failure. Parents should consider naming a professional fiduciary or co-trustee to provide support if a sibling is unwilling or unable to serve in these roles.

Creating a Team Approach in Special Needs Planning

Planning doesn’t have to fall on one person’s shoulders. Families often succeed by creating a “care team” approach that includes parents, siblings, professionals and close family friends. Roles can be shared or divided—for example, one sibling might handle legal decisions while another provides social support.

Clear documentation of these roles within estate planning documents and written letters of intent helps ensure consistency if multiple people are involved in the care or oversight of a sibling with special needs.

Strengthening Family Bonds Through Inclusion

Including siblings in the estate planning process for a child with special needs isn’t just a practical decision—it’s an emotional one. It signals trust, values their role and lays the groundwork for cooperation. It also honors the future relationship between siblings, ensuring that love and respect continue even after the parents are gone.

Planning with siblings in mind helps prevent conflict, confusion and unintended consequences. Most importantly, it ensures that people with special needs receive the lifelong support they deserve. If you would like to learn more about special needs planning, please visit our previous posts.

Reference: MassMutual (July 19, 2023) “Living with special needs: The sibling perspective”

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Estate Planning for Single Dads

April 23, 2025

Estate planning is essential for all parents. However, when it comes to estate planning for single dads, the stakes are even higher. Without a co-parent to step in, ensuring that guardianship, financial stability and legal protections are in place is critical. A well-structured estate plan provides peace of mind by securing an inheritance, appointing a guardian and safeguarding financial assets to protect children in the event of unexpected circumstances.

Choosing a Guardian for Minor Children

For single dads, one of the most important estate planning decisions is naming a guardian for their children. If a father passes away or becomes incapacitated without legal documentation, the court will decide who assumes parental responsibilities. This process can be lengthy, stressful and may not reflect the father’s wishes.

Selecting a guardian requires considering factors such as financial stability, parenting values and the individual’s willingness to take on the responsibility. It is also wise to name an alternate guardian in case the first choice is unable to serve. Once a guardian is chosen, the decision should be legally documented in a will to ensure clarity and prevent disputes.

Creating a Financial Safety Net

Single fathers often bear full financial responsibility for their children, making it crucial to ensure that funds are available for their long-term needs. A life insurance policy is a key tool that provides financial security in the event of an untimely death. The policy’s payout can cover living expenses, education and healthcare costs, easing the financial burden on guardians or surviving family members.

A trust can also help manage assets for children until they reach adulthood. Unlike a simple will, a trust allows the father to specify how and when funds should be distributed. This prevents young beneficiaries from receiving a large sum of money before they are mature enough to handle it responsibly. Naming a trustee ensures that assets are managed according to the father’s instructions and used solely for the benefit of the children.

Establishing Power of Attorney and Healthcare Directives

Incapacity is often overlooked in estate planning. However, single fathers must prepare for situations where they cannot make medical or financial decisions. A power of attorney (POA) designates a trusted person to handle financial affairs if the father becomes unable to do so. This prevents accounts from being frozen and ensures that bills, mortgages and other obligations continue to be paid.

A healthcare proxy, also known as an advance directive, outlines medical treatment preferences in the event of a serious illness or accident. This document ensures that medical decisions align with an individual’s personal values and wishes, thereby avoiding confusion and unnecessary disputes among family members.

Planning for a Child’s Inheritance

Inheritance planning is another critical aspect of estate planning for single fathers. If no legal documentation is in place, assets may be subject to probate, a court-supervised process that can delay inheritance and incur unnecessary costs. A will clearly specifies how assets should be distributed and who should manage the estate.

For fathers with minor children, a custodial account or trust provides additional control over how funds are used. This ensures that money is allocated toward education, housing and daily expenses rather than being mismanaged. By structuring the inheritance properly, fathers can preserve wealth for their children’s future, while minimizing legal complications.

Updating Beneficiary Designations

Many assets, such as retirement accounts, life insurance policies and investment accounts, allow account holders to designate beneficiaries. Single fathers should review these designations regularly to ensure that the correct individuals are listed. Failure to update these documents after major life events, such as a divorce, can result in assets unintentionally passing to an ex-spouse instead of children or other intended heirs.

Beneficiary designations take precedence over wills, making them one of the most important aspects of estate planning. Keeping them up to date ensures that assets pass directly to the designated recipients without going through probate. Estate planning for single dads does not have to be daunting. Work carefully with an experienced estate planning attorney to do it right. If you are interested in learning more about estate planning for single parents. please visit our previous posts.

Reference: Fidelity (July 12, 2024) “Single parents estate planning”

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Proactive Legal Strategies for Cognitive Decline

November 13, 2024

Cognitive decline is a concern many of us may face as we age. However, it’s something to face head-on. Planning for this possibility is not about expecting the worst but being prepared. Whether you or a loved one are already experiencing early signs of cognitive decline or want to be proactive, an elder law attorney can help protect your future. There are some proactive legal strategies for cognitive decline.

According to Assured Assisted Living, the best time to start planning for cognitive decline is before it happens. Working with an elder law attorney can create a legal framework that safeguards your wishes, even if you face cognitive impairment later in life. Above all, the two critical legal tools to leverage are powers of attorney and advance healthcare directives.

One of the most essential legal documents is a durable power of attorney. This document allows you to appoint someone you trust to handle your financial and legal affairs if you cannot do so. Choosing this person ahead of time can prevent court intervention and ensure that your finances remain secure.

In addition to financial matters, it’s important to consider your healthcare decisions in an emergency. By using an advance healthcare directive, you can outline your wishes if you ever become incapacitated. Just because you can’t speak for yourself doesn’t mean you have to lose agency in your care.

Managing day-to-day tasks, such as paying bills or understanding complex legal documents, can become problematic as cognitive decline progresses. For some, the decline may occur gradually, giving time to plan and adjust. For others, it may be more sudden. With a plan in place, your family could avoid the stress of navigating the court system to gain control over your finances or healthcare.

Proactively creating legal protections protects yourself from potential complications, allowing your loved ones to act quickly and efficiently when needed.

If you suspect that you or a loved one may be experiencing cognitive decline, it’s essential to seek medical advice early. As discussed in a recent reflection from an attorney facing cognitive impairment, many health conditions, such as vitamin deficiencies or sleep disorders, can mimic symptoms of cognitive decline. Addressing these issues early can slow or even reverse specific symptoms. If your cognitive decline is more advanced, early diagnosis allows for more effective legal planning.

Building a support team to help manage legal and healthcare issues is essential when planning for cognitive decline. An elder law attorney can assist in preparing the necessary documents to ensure that trusted individuals can step in to manage your affairs, if needed. Having a reliable primary care physician and specialists, such as neurologists or geriatricians, can also help identify health-related concerns early.

Establishing proactive legal strategies for cognitive decline is also about protecting your family. Your family could face emotional and financial strain without the proper legal documents. Legal battles over guardianship, medical decisions, or asset management can be stressful and time-consuming. By acting now, you can help avoid these challenges and ensure that your family is cared for in a way that reflects your wishes.

The future is unpredictable, but your legal plans don’t have to be. Whether you’re already noticing early signs of cognitive decline or want to be proactive, now is the time to meet with an elder law attorney. If you would like to learn more about managing incapacity, please visit our previous posts.

Reference: AssuredAssistedLiving (Sep. 20, 2024) “Legal and Financial Planning and Cognitive Impairment”

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Grandparents Raising Grandchildren need Specialized Estate Planning

October 28, 2024

Grandparents raising grandchildren need specialized estate planning. Navigating these issues can feel overwhelming. A skilled lawyer can help you understand your estate planning options and secure your grandchild’s future.

According to AARP, grandparents responsible for their grandchildren must often establish a legal relationship to care for them fully. Without this, you may face difficulties enrolling them in school, getting medical care, or making important decisions on their behalf. Here are the primary options to consider:

Guardianship: This legal arrangement allows grandparents to decide about their grandchildren’s health, education and welfare. However, it is important to note that guardianship doesn’t always sever legal parenthood and may leave the biological parents with some authority.
Grandparent Power of Attorney: A power of attorney (POA) for grandparents is much more flexible than guardianship. This makes it suitable as a temporary solution. It confers the power to make decisions, such as enrolling a child in school or seeking medical treatment.
Adoption: Adoption is the most permanent option, since it legally transfers all parental rights to the grandparents. Once completed, all legal rights to the child transfer from the biological parents to you.

Each of these legal tools comes with specific responsibilities and levels of authority. Therefore, it’s crucial to consult with an estate planning attorney to choose the best path for your family.

In some states, consent laws allow you to enroll a child in school or access medical care without a formal legal relationship. These laws allow caregivers to sign an affidavit confirming they are the primary caregiver, which may be enough to get the child’s medical services or educational enrollment. However, these laws vary by state, so you must check the rules in your area or consult an attorney.

Many grandparents worry about the financial burden of raising grandchildren, especially without formal legal arrangements. Public benefits are fortunately available for children that don’t require grandparents to have custody or guardianship. Programs such as Social Security benefits, child support, or foster care payments can help ease the financial strain. Your income may sometimes not even be counted when determining the child’s eligibility for assistance.

An article from the Chillicothe Gazette discusses an interview with Southeastern Ohio Legal Services attorney Sierra Cooper, where she covered adoption by grandparents. Among other topics, Sierra discussed how the power of attorney or caretaker authorization could provide a quicker route to gaining legal rights.

Sierra also discussed guardianship and adoption as complex but more permanent options. While the process can be challenging, legal tools are available to provide simple, short-term answers as well as enduring solutions.

Estate planning goes beyond simply caring for your grandchild while you’re alive. A solid estate plan will make all the difference if something happens to you. You can outline a guardian and backup guardian to take over raising them or establish a trust to manage their inheritance.

Grandparents may also want to consider durable powers of attorney and advance healthcare directives for themselves. These documents outline your wishes in case of an emergency.

If you are a grandparent raising grandchildren. or anticipate that you may need to take on this role, it’s essential to have specialized estate planning in place. By acting now, you can protect your grandchildren’s future and ensure that they have the support they need. If you would like to learn more about planning for grandparents, please visit our previous posts.

References: AARP (Aug. 11, 2011) “Raising Grandkids: Legal Issues” and Chillicothe Gazette (Oct. 8, 2018) “Need to help care for grandchildren? Here’s some legal tips”

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Ensure your Child’s Future is Protected with Estate Planning

August 26, 2024

Becoming a parent is an exciting journey filled with dreams and plans for the future. Amidst the joy and anticipation, you also need to consider your child’s future security. While no one wants to think of it, the worst could happen to you, and you could become unable to care for your child. Without an estate plan, your assets could go through a lengthy probate process, and the court would decide on guardianship for your children. Ensure your child’s future is protected with estate planning.

Estate planning involves organizing your financial affairs to ensure that your assets are managed and distributed according to your wishes after you pass away. It includes creating a will, assigning power of attorney and considering trusts. According to Experian, planning ahead can avoid potential legal complications and ensure that your loved ones are taken care of. Estate planning can also help minimize taxes and protect your assets from creditors.

Without a will, state laws determine the distribution of your assets and the guardianship of your children. This could mean that your child ends up with a relative you haven’t spoken to in years or foster care. An estate plan allows you to choose guardians and ensure that your child’s future is secure.

A will is the foundation of your estate plan. It should:

Name a guardian for your children.
Name an executor to manage your estate.
Specify who inherits your assets.

Power of attorney allows someone to make financial and health care decisions on your behalf, if you become incapacitated. This includes:

Financial Power of Attorney: Give someone the power to manage your finances and property.
Health Care Power of Attorney: Empower someone you trust to make medical decisions for you.

The best time to start estate planning is now. Waiting until your baby arrives can lead to delays and potential financial hardships. Building an emergency fund, contributing to a health savings account and setting up automatic savings transfers are great first steps. Proactively managing your finances can help reduce stress and ensure a smoother transition into parenthood. Starting early also allows you to make informed decisions and adjust your plan.

When Joyce Marter, a financial therapist and author, was expecting her first daughter, she found herself living paycheck to paycheck with substantial student loans. In an article by the NY Post, she reflects and explains how she realized the immense value of having a solid financial plan before transitioning into parenthood. Marter recalls a conversation with her pregnant supervisor, who advised her that no one is ever truly ready for a baby: “None of us are really ever truly ready — you just take the plunge and figure it out as you go.”

Years later, as Marter prepared for her own child, she understood the importance of proactive financial planning. She began by building an emergency fund, contributing to a health savings account and avoiding unnecessary baby registry items. These steps provided a financial safety net and helped reduce stress during her pregnancy.

Don’t wait until it’s too late. Ensure that your child’s future is protected and your wishes are honored with proper estate planning. If you would like to learn more about planning for minor children, please visit our previous posts.

References: NY Post (Oct. 18, 2023) “Savvy expecting parents need to start financial planning now” and Experian (Oct. 13, 2020) “How to Plan Your Estate as a New Parent – Experian”

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Disability Insurance is a vital Component of Estate Planning

August 22, 2024

Disability insurance is a vital component of comprehensive estate planning. It ensures that you and your family can maintain financial stability in the event of a disabling condition. According to the American Medical Association (AMA), understanding the essential aspects of disability insurance is vital to choosing the best policy for your needs.

Disability insurance provides income replacement if you’re unable to work due to illness or injury. It is a safety net that ensures that you can continue to meet financial obligations, even when you are not earning a regular salary.

Imagine being the primary breadwinner for your family. One day, you suffer a severe injury that prevents you from working. Without disability insurance, the loss of income could lead to significant financial hardship. Disability insurance provides stability by covering these losses while you get back on your feet.

Selecting the right disability insurance policy requires understanding various factors and terms. For one, you need to understand the kind of liabilities you have to choose from to find the most suitable coverage. Combine this with Riders that match your needs to get customized, affordable disability coverage.

Own-Occupation: This type provides benefits if you cannot perform the duties of your specific occupation. It’s ideal for professionals, like doctors or lawyers, who have specialized skills.
Any Occupation: This type only provides benefits if you cannot work in any occupation suited to your experience and education. It’s less expensive but offers broader coverage.
Modified Own-Occupation: You receive benefits if you cannot perform your job and are not working in another job. This is a middle-ground option that balances cost and coverage.

What Riders are Available for Disability Insurance?

Residual Disability Rider: Provides partial benefits if you can work part-time but not full-time.
Cost of Living Adjustment (COLA) Rider: Adjusts benefits according to inflation, maintaining your purchasing power.
Future Increase Option Rider: You can increase coverage as your income grows without additional medical exams.

The cost of disability insurance varies based on several factors:

Age and Gender: Younger individuals and women typically pay higher premiums.
Occupation: High-risk jobs attract higher premiums.
Health: Pre-existing conditions can increase the cost.
Coverage Amount and Duration: Higher benefits and longer durations cost more.
Policy Riders: Additional features, like cost-of-living adjustments, can raise premiums.

Disability insurance is a vital component of comprehensive estate planning. Protecting your future requires careful planning. Once you’re injured, it’s too late to begin planning. That’s why you should contact an experienced attorney and start planning today. If you would like to learn more about disability insurance, please visit our previous posts.

Reference: American Medical Association (AMA) (May 21, 2024) “Evaluating a disability policy | American Medical Association”

Category: Guardian

Choosing a Guardian for Minor Children is Critical

Key Considerations in Choosing a Guardian

Emotional and Practical Suitability:

Financial Stability:

Location and Lifestyle:

Naming and Documenting a Guardian

Using a Will or Legal Document:

Open Communication with Potential Guardians:

The Role of Estate Planning in Supporting Guardians

Trusts to Manage Assets:

Regular Review and Updates:

Why Legal Guidance Is Essential

Health Care Proxy and Power of Attorney are Essential Tools in your Estate Plan

Parents with Young Children need an Estate Plan

Estate Planning for Single Dads

Proactive Legal Strategies for Cognitive Decline

Grandparents Raising Grandchildren need Specialized Estate Planning

Ensure your Child’s Future is Protected with Estate Planning

Disability Insurance is a vital Component of Estate Planning

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