If you are a family with young children, then your estate plan should ensure your child(ren) will always be protected, no matter what happens. A well defined Estate Plan goes above and beyond just a life insurance policy because without an estate plan, even the proceeds of insurance can be subject to government intervention and taxes.
At Cheever Law, APC one of our areas of greatest expertise is protecting minor children. You are obviously working and have worked hard to give your family a safe and comfortable life. Through a complete and customized estate plan, I can ensure that in the event of the unforeseen circumstances your estate is protected and continues to serve your loved ones.
Without proper planning and a Trust in place, if the unthinkable happens to you, here’s what could happen:
- Your children could be placed into Child Protective Services (CPS) even if you have a Will in place.
- A Judge who doesn’t know you, or your family, will decide who will raise your kids, even if it’s the last person you would ever want
- Approximately 5% of the total value of your assets could be lost due to probate
- A court process can tie up your assets for months or years and deprive your kids of the resources they need to live comfortably
- When your child(ren) turn 18, they get a check for whatever assets are left after all the other debtors and stakeholders have been paid, which does not have any asset protection attached to it, subjecting the money to creditors your child(ren) may have.
- There are unscrupulous people whose business is to review public records to find out what 18 year olds are coming into money
The vast majority of estate planning attorneys do not address these issues, and do not plan from a parents perspective. I make sure these things don’t happen! I prepare a Kids Protection Plan to ensure your children are protected for families with young children!
Feel free to click here to read more about naming Guardians for Minor Children.