More than half of all American adults do not have a will. This means they do not have plans for their finances, family and estate after they pass away. This can be especially troublesome if they pass suddenly or fall into a state where they cannot make their own decisions. Nobody wants to think about these things happening and so subconsciously we tend to stay away from such planning but the inevitable is.. well inevitable. It is important that you face fears and start thinking about where your money, family, and real estate will end up when you pass. This is especially true for some of us who own businesses, employ children and other family, have multiple homes, are financially responsible for children or others and have finances you would like to see go to your family.
Here in Albuquerque we specialize in estate planning amongst other things. We are here to help you navigate the uncomfortable yet necessary process of getting things in order. Here are some topics that might apply to you when thinking about estate planning.
Planning for the “fair” or “equal” treatment of all of the children in a blended family:
The death of both parents in an unfortunate accident can leave the fate of your children up to a judge. This is not ideal if you have close relatives you would like to see your children with in a time of unfortunate circumstance. Children and step-children may be treated differently in different situations. In a blended family your finances may not be appropriated the way you intend. When you pass away without a will, state law determines who gets your assets.
Getting a family owned business transferred to your children working in the business, while treating your other children equally:
If you haven't properly prepared your family business to be transferred to another family member in a time of your passing, this can lead to massive confusion on partnerships, employed children, and other children in the family. If you are planning to give the family business in inheritance, this does not happen automatically. You will need a will to determine which children get what and where your business partners stand if you have any.
Continuing the charitable donations you made during your lifetime:
Are you passionate about the charitable donations you've been participating in? Do you have a certain amount that you would like given to respective organizations after you pass? These are important things to think about for your financial planning and will. What are your "last wishes" when it comes to you and philanthropy? Talk to us to help sort out the details and leave a legacy that will inspire others.
Finding the best way to care for an adult child with special needs after your passing:
For adults that may need lifetime care, losing a parent or guardian can be detrimental in more ways than one. Losing your parent is already a devastating loss but losing one that did not have any plans for them after passing can cause confusion and chaos for the ones left behind. Financially and physically, where those children end up will be determined by someone who does not know your family and may not know what is best. Think about those that will continually need lifetime assistance, even after you are gone.
We hope all these points are something you will take into consideration when looking at the future. Let us help and schedule an appointment today!
Here in Albuquerque we specialize in estate planning amongst other things. We are here to help you navigate the uncomfortable yet necessary process of getting things in order. Here are some topics that might apply to you when thinking about estate planning.
Planning for the “fair” or “equal” treatment of all of the children in a blended family:
The death of both parents in an unfortunate accident can leave the fate of your children up to a judge. This is not ideal if you have close relatives you would like to see your children with in a time of unfortunate circumstance. Children and step-children may be treated differently in different situations. In a blended family your finances may not be appropriated the way you intend. When you pass away without a will, state law determines who gets your assets.
Getting a family owned business transferred to your children working in the business, while treating your other children equally:
If you haven't properly prepared your family business to be transferred to another family member in a time of your passing, this can lead to massive confusion on partnerships, employed children, and other children in the family. If you are planning to give the family business in inheritance, this does not happen automatically. You will need a will to determine which children get what and where your business partners stand if you have any.
Continuing the charitable donations you made during your lifetime:
Are you passionate about the charitable donations you've been participating in? Do you have a certain amount that you would like given to respective organizations after you pass? These are important things to think about for your financial planning and will. What are your "last wishes" when it comes to you and philanthropy? Talk to us to help sort out the details and leave a legacy that will inspire others.
Finding the best way to care for an adult child with special needs after your passing:
For adults that may need lifetime care, losing a parent or guardian can be detrimental in more ways than one. Losing your parent is already a devastating loss but losing one that did not have any plans for them after passing can cause confusion and chaos for the ones left behind. Financially and physically, where those children end up will be determined by someone who does not know your family and may not know what is best. Think about those that will continually need lifetime assistance, even after you are gone.
We hope all these points are something you will take into consideration when looking at the future. Let us help and schedule an appointment today!
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