Picture this – you get an opportunity to spend some alone time with your spouse. What do you do to prepare for date night? You carefully select a babysitter. Then, you write detailed instructions; when to feed the baby, how often to change diapers, what snacks are allowed…and you leave a myriad of contact information including your cell phone numbers, the grandparent’s phone numbers, the neighbor’s phone number…you get the idea.
Putting this plan in place takes some time, but it provides you with a great sense of peace knowing that the babysitter you chose will have all that he or she needs to make sure your children are okay during your absence.
Now I’m going to ask you a question. Answer honestly. How much time have you spent planning for your children’s future in the event that you can no longer care for them?
If you are like most parents of young children, I already know the answer. It’s a sad fact that most parents of young children do not have an estate plan in place. If you think about it, you probably spend more time preparing to go out for a dinner and a movie than you do planning for the potential that you won’t be there to raise them.
I get it. The odds are in your favor. Chances are great that you will live a long, healthy life. But, accidents happen. Even young and healthy people can face the unexpected. You could be temporarily or permanently incapacitated – or worse. If something does happen to one or both parents, it can devastate a child’s world. Even though you can’t plan away the emotional trauma they will suffer, you can put a solid foundation under them that will ensure that they are cared for by the person you choose.
In a way, the process is similar to planning for a date night, but the first step is to select a guardian rather than a babysitter. This person will raise your child, so you should carefully consider who should fill this role. It’s often best to brainstorm with a Marietta will and trust attorney, as he or she can help you consider each person from all angles.
The next step is to make a plan that legally documents your wishes and preferences, including your preferences for your children’s upbringing, what type of education you envision, experiences you wish for them to have, at what age should they inherit money that you leave for them, etc. Again, an experienced Marietta will and trust attorney can help guide you through this process.
Just like having a detailed plan for date night, once your estate plan is in place, you’ll be able to relax and enjoy the peace of mind that your children will have a secure future even if you aren’t there. Call our office at 770-425-6060 today and schedule a Georgia Family Treasures Planning Session to get started.
You are pregnant! Congratulations! Your world is about to become brighter and sweeter than you ever imagined. I know that you are in the process of learning a lot of new things. So, as your neighborhood Marietta guardianship lawyer, I’m hoping that in between the baby showers and reading “What to Expect,” you spend a couple of minutes reading this.
You know that you are responsible for raising your child from newborn until, well, forever. You probably have things pretty well mapped out in your mind already. But, I’m going to ask you to think about something you probably haven’t yet…
What would happen to your child if you weren’t there to raise him or her?
I know that is no fun to think about. But this little human is solely relying on you to make sure they are able to navigate life – whether you are there or not. Don’t worry – the statistics are in your favor. Chances are you will never have to execute your plan, but you do need to decide who will raise your child if you can’t and then legally document this choice.
Here are a few things all new parents will need to consider when creating an estate plan:
- Guardians for your child. Selecting guardians for your children is the most important aspect of estate planning for new parents. By selecting a guardian, you ensure that your child will be raised by the person YOU choose and not a court-appointed guardian. You can also avoid potential legal battles among family members for guardianship.
- Put your child’s inheritance in trust. Leaving your estate ooutright to a child is never a good idea. Most teenagers and young adults are not financially responsible enough to be entrusted with a large sum of money. By creating a trust, you can ensure that your child will inherit your estate when they reach maturity.
- Trustees of your child’s inheritance. You will need to select someone to manage your estate while your child is still a minor. Some people select the guardian for this role, but you can select a separate trustee who will work with the guardian to make sure they have access to the funds they need for your child.
As a parent, you will do everything to protect your children. By creating an estate plan now, you can ensure that they will be safe in case you are no longer there. For more information about how estate planning can protect your new bundle of joy, contact our Marietta guardianship lawyers at 770-425-6060.
DID YOU KNOW…
That if you were to pass away or become incapacitated while your child is at school, the authorities may not release your kids to those you listed on the school emergency card?
Because by law, the authorities can only leave your kids with their “legal guardian” or surviving parent if something happens to you.
If the surviving parent is unavailable or something happens to you both during school hours, your child will may possibly be placed into the care of social services until a judge (who doesn’t know you or your wishes!) should decide where they should go.
That is NOT a position you want to put your kids in—especially during a time of grief!
Fortunately, putting a plan in place to make sure your kids are protected if something happens to you is EASY!
Here’s a brief checklist to help you “get your ducks in a row” before the school year starts:
- Have I legally documented short and long-term guardians to care for my kids if something happens to me and/or my spouse during school hours?
- Do the people I listed on my child’s school emergency card match those I’ve legally named as guardians? (If not, your emergency contacts will only have permission to pick your kids up if they are sick – not care for them if something happens to you).
- Have I provided my chosen guardians with the documentation they need and instructions on what to do if called upon in an emergency situation?
- Have I prepped the babysitter who watches my child either before school or after school on what to do if something happens to me so child services are not called in?
If you answered “no” to any of these questions, now is the perfect time to get a plan in place before the hustle and bustle of school season starts!
Just call me, Cobb County family lawyer, Steve Worrall. As a dad and a lawyer I am passionate about ensuring young families protect their children. Call 770-425-6060 and ask to schedule a Georgia Family Treasures Planning Session at no charge (up to $600 value) and get $100 off a Will based plan or $250 off your Trust based plan (see our 3 levels of planning packages here) with the mention of this “Back to School” Article.
Together we’ll legally document your choice of guardians and create a plan that ensures your kids are cared for by the people YOU want, in the way you want, if the unthinkable happens.
Marietta GA Estate Planning Lawyer suggests the Ultimate Gift of Love for your family : an up-to-date estate plan!
With budgets tight and uncertainty in the air, this Valentine’s Day is the perfect time to give your loved one a priceless gift that never grows old — financial security.
Sure, you can’t stuff it in a box or wrap it with a pretty bow, but taking the time to get your financial and legal affairs in order this month is the ultimate way to show your loved ones just how much you care now, and for the future.
Think about what would happen if you were disabled, incapacitated or passed away suddenly this year. That expensive night out you spent with your “special someone” won’t do much to ensure he or she will continue to thrive in your absence. A less exciting, but meaningful gift of life insurance, for example, would have been a better expression of your love during hard times.
And, when is the last time you updated your will or trust? Are you certain that your wishes would be honored and your loved ones would be taken care of exactly as you want in an emergency? This includes minor children who, without legal guardians named for them by mom and dad, will be at the mercy of the courts.
Legal and financial planning is the ultimate way to demonstrate your love for your family where it counts the most. Make a commitment to not put it off any longer and use this Valentine’s Day to give your loved ones the long-term financial security and peace of mind they deserve.
Steve Worrall is the Family Estate Planning Lawyer for Georgia Estate Plan: Worrall Law LLC in Marietta and Atlanta. If you’d like to give your loved ones and yourself the gift of peace of mind, please call Steve at 770-425-6060 or email him at firstname.lastname@example.org.
Image courtesy of cuteimage at FreeDigitalPhotos.net
Below is a fictional letter that my friend and colleague in Colorado, Martha Hartney, Esq., recently posted on her blog. The paragraphs at the bottom are from me. Martha agreed to let me post it here for everyone who reads my updates, so a BIG THANK YOU! goes out to Martha! Martha says, “I drafted it to anyone’s former partner because I know only too well what can happen when estate planning is not done properly. I hope you enjoy this outreach to an ex-spouse or partner and consider taking steps to do everything this letter suggests for yourself. You can even send the link to your ex!”
Though we’re not married (cohabitating, procreating) anymore, there are a few things I’d like to say about how you set up your affairs for our kids. You’re about to go on vacation—and I know you worry about being away from them and having an emergency or tragedy happen. I don’t have ANY say in how you set up your estate plan. But there are things that I’d like you to consider about the well-being and care of our beautiful children.
- Make sure your life insurance is up to date and your beneficiaries are listed properly. Don’t name our kids as direct beneficiaries! That will put them straight into a conservatorship (guardianship) where a judge will supervise their financial lives until 18, then they’ll get the assets outright in one fell swoop.
- Instead, leave your assets to them in trust, which will sidestep probate, keep the management of your assets private and in your control, and prevent loss of those assets to our kids’ future creditors and predators and reduce the estate taxes that can take valuable resources away from our kids.
- Name a trustee that I can work with, someone you trust with your life, because your trustee will have to deal with me. If I were the only parent left, I would be legally responsible for ensuring the assets left to our children are properly managed. I would be looking at the annual accountings. I would be the one asking for court intervention if they are mismanaged or embezzled.
- Don’t leave your assets to our kids outright and don’t leave too much. There is nothing more damaging to a kid’s life purpose than having too much money at their fingertips. There’s a saying, “Leave them with enough to do something, but not enough to do nothing.” If you have lots of assets, consider giving some to your favorite charity instead of the kids.
- Don’t cheap out on an estate plan. Whitney Houston did that. She bought a schlocky will that didn’t protect her assets from her daughter’s creditors, estate taxes, and probate. Spend the money to get it done right. It’s really not that much in the scheme of things.
- Plan for a very long life. I know you want to leave our kids your accumulated wealth, but think of yourself first. We’re all living longer lives and, even though we’re not “in love” anymore, I do care about you and your welfare. Create a wealth-plan that will give you lifelong, passive income.
- Make sure you have disability insurance. Your ability to earn is your greatest asset. Nothing will diminish your wealth, and put you in poverty quicker than not being able to earn money anymore. Even if you didn’t need care, if you couldn’t work, you would run through savings quickly and may have to cheap out on things like your lifestyle, vacations, then even necessities like good, wholesome food, the roof over your head. Please don’t let that happen to our kids or to you.
- Get long-term care insurance. The person who is going to live to 150 is believed to have already been born! People will routinely live to be over 100 and that could be you. Long-term care is EXPENSIVE and it’s only going to get more so. Since you’re over 50 and in good health, consider buying a LTC policy on you, or a rider on your life insurance policy.
- Name a guardian for our kids—and ask me who I named. We might be able to agree still on that. Of course, I’ve taken care of my guardianship nomination but if I didn’t, our kids would be subject to a guardianship proceeding—and you and I both know that would be bad because our families would duke it out. You can even do that for FREE online at www.kidsprotectionplan.com. [In Georgia, go to georgia.kidsprotectionplan.com] With that resource, there’s really no reason not to do that at the very least.
- When you decide to remarry, get great guidance from an attorney in advance because remarriage can cause complications to your planning. I’m sure you’ve heard of assets going to a spouse instead of to kids—and while you may eventually want that—don’t let that happen by accident or oversight.
- Make sure you have your own healthcare documents in place naming your agent for medical decision-making. Don’t name the kids as your agents until they are legally capable—over 18, and emotionally able to handle the job.
- Check with your attorney and your retirement account custodian to see if I need to sign any waiver to your retirement accounts. In some cases, if you haven’t remarried, as your previous spouse, I may retain some rights in a 401(k) or similar account that you may have had when we were married. I know that’s not what you want, and that’s okay.
- Most importantly, shoot a video of yourself telling the kids your life story. Tell them about how we met and what you liked about me. Tell them that it’s not their fault that we didn’t work out but that we did have some awesome times together. Tell them about your biggest life lessons, your values, your setbacks and victories. Tell them what a terrific businessperson you are and how you learned to be that. Tell them about your favorite hobbies and what you’re good at. Tell them what you love about them and how much blessed you are that we brought them into the world. [We are now offering Family Treasures Legacy interviews to our clients – call to set yours up today!]
So, dear Ex, I do want the best for our kids and I hope you consider my wishes so that if something did happen to you, they’d be okay. Because I promise that if something did, I would do everything in my power to make sure they’re able to heal, to thrive, to honor you every day of their lives.
If you haven’t gotten around to doing these things yourself, we can help. If you’d like to learn more about anything you read here, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because of the importance of divorced parent planning, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call today and mention this article.
I’m also happy to send you a FREE digital copy of the best-selling book “Wear Clean Underwear—a Fun, Fast, Friendly—and Essential Guide to Legal Planning for Busy Parents” so you can get even more education on your family’s legal needs. Just call my office at 770.425.6060 or email me at email@example.com and ask for the book. We’ll email it to you right away!
The Single Most Important Thing You Can Do Now to Feel Better About Yourself As a Parent – and Leave the World a Better Place – No Matter How Much Money You Have in the Bank
If you are like most of the parents I know, you feel guilty. It’s what parents do.
Whether your guilt is about not enough time with the kids, too much time with the kids, hovering incessantly, or being too laid back, you are worried you aren’t doing the right thing by your kids in some way.
Just the fact that you are worried about it tells me, you are an awesome parent. Bad parents don’t worry that they are being bad parents, they just are bad and don’t care.
And, at the same time, I know you’d appreciate a quick, effective and pain-free way to remove that guilt and start really feeling great about how much you do for your kids. Plus, make sure they know exactly how much you love them, no matter what.
I know that’s what matters most to me. I know that kids who feel loved as children grow up to be better people, better parents themselves, more successful, happier and contribute to the world more.
I’ve seen it again and again and been frequently surprised by how much the feeling of being loved can overcome any number of circumstances for a child.
Broken marriages, early death of parents, even being given up for adoption, each of these circumstances could lead to trauma, feelings of abandonment, persistent anxiety and fear. People who experience these challenges will have a harder time in life, be less able to maintain relationships and tend to do less well in their careers.
And, if a child feels loved through these exact same circumstances, truly and thoroughly loved and accepted, he doesn’t just survive them, he thrives. He takes the hard times and turns them into teachings. He is a joy to be around because he is so in service to life itself. He is loved by all because he knows the love of his parents.
It’s what makes life really matter, right? Knowing you’ve parented your kids well and left them well-prepared for the future — safe, secure and full of self-love.
Is there really anything more important than that?
But what have you done to prepare for the day you can’t be there for them? Will they feel your love then?
It’s not a pleasant topic, I know. It used to frighten me to paralysis when I used to think about it. Because I didn’t know what to do to make it okay. I love my children so much I couldn’t bear to think about them living on after me because I couldn’t envision who would care for them like I do.
And I knew that if I didn’t make decisions, a Judge would make them for me. I knew it wouldn’t have been what I wanted and my kids would be left wondering – why didn’t mom care enough to take care of the things that really matter?
Day after day the Courts process cases of families who have lost a loved one and now it’s left up to the overworked, underpaid, harried and hurried Judge to make the critical decisions you’ve struggled with yourself, and to do so with limited or no information.
Decisions such as who will be the guardian of the children left behind, who will make financial decisions for the family until all children have become adults and who will take care of ensuring it’s all done well are left up to a stranger who doesn’t know you, love you, or really even care about you.
When you make the decisions about these things (and document the decisions properly), you are doing the right thing by your children, letting them know they can feel secure, confident, and not grow up with the kind of issues that will keep them from having successful relationships, lives and careers.
Engaging in the process of making decisions for your kids care if something happens to you and getting clear on the kind of beliefs you want them to take into the world if you aren’t there to raise them makes you a better parent.
The best part is that even though you are planning for a long-time in the future or an eventuality that may never happen, it makes you a better parent immediately.
When you clarify the way you want your children raised and the beliefs you want them to carry into the world, you naturally begin to be more conscious about your relationship with your children now.
If you’d like to explore this process of Family Legacy Planning with a metro Atlanta family legacy planning attorney, come in for a visit with me and in just 90 minutes or so you’ll know exactly how you want your children raised, what beliefs and values you want them to take into the world and pass on to their kids, and who will be the best people to do that, if you can’t be.
Normally, a Georgia Family Legacy Planning Session is $750. It’s guaranteed to be a game-changer for you as a parent. You’ll be closer with your children. More relaxed. And more able to stay connected to yourself and what really matters through the parenting process.
The first three families to call us this month at 770.425.6060 and mention this blog post can schedule the Georgia Family Legacy Planning Session and we will waive the session fee. Be sure to mention the Blog and the code “ParentsLove” so you don’t get charged.
Image courtesy of photostock at FreeDigitalPhotos.net