How can parents provide security for their children’s future, financially and otherwise? That’s the top question I hear from estate planning clients. Fortunately, it does not take a plump trust fund. Here are five essential steps for parents.
In the United States, approximately 40% of adult medical inpatients and 70% of elderly patients facing treatment decisions are incapable of making medical decisions. Someone will make medical decisions for them. There are two key tools to plan ahead for medical decision-making in the event of incapacity: a health care proxy and a living will. Here’s what they do and which one matters more.
For most people, becoming a parent is the first time estate planning comes into the picture. Do you need a Will? How do you designate guardians? How do you preserve your assets for your child? Here’s the full rundown on estate planning considerations for new parents. (This article addresses married couples — stay tuned for an upcoming article on single parents.)