Plan for Your Loved Ones’ SecurityUse these common estate planning considerations to trigger thoughtful conversation with your family today, ensuring them of your watchful assistance and giving you satisfaction of their future security. Planning for Mom and Dad Talking with your parents about their estate plan can dramatically reduce family tension and personal stress. Discuss questions like:
- Should your parents purchase long-term care insurance?
- How will the family decide when Mom and Dad need more assistance?
- Whom do your parents want to take on the role of agent for financial and medical powers of attorney?
- Which people and organizations do Mom and Dad want to receive their assets after they’re gone?
- Would a trust for your spouse’s benefit ensure that your spouse will receive proper care in the future?
- Whom should your spouse name as the agent for financial and medical powers of attorney?
- Should your spouse become the beneficiary of all your assets, or should some of the assets go to a trust, caregiver or charity?
- What ownership designations on property titles will ensure tax and legal efficiency?
- Have you talked about assisted living or paid home-caregivers?
- Are they eligible for subsidized services or financial assistance?
- Should your brother or sister be listed as a beneficiary in your will?
- Does your brother or sister need to name a backup agent to you on his or her financial or medical power of attorney?
- Who will act as their guardian (daily caretaker) and conservator (person who handles money)?
- Will your dependents receive your assets immediately or at a later date, should something happen to you?
- Will their inheritance be designated for a specific purpose, such as education?
- If your dependents leave behind no children, will the balance of their assets go to charity?
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The information in this website is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.