Estate Planning Attorney|
Winkler Legal Services, LLC
Estate Planning for Families with Young Children:
Estate planning for families with young children is necessary to
plan for the care and support of a child and loved ones. Planning
for the care of a child or loved one, requires preparing for all
contingencies, including the person or persons that will raise their
children should both parents pass away and the use of assets in
support of the child. To that end, more forethought must be given
to planning to care for a child while also planning for their future
once they reach adulthood.
Designating a Guardian for Your Children: When
neither parent is able to care for a child, a Guardian must be appointed
by the Probate Court to care for the child. A Guardian can be an
immediate or extended family member, close family friend or, if
no one is available, the state of Ohio will assume custody. To avoid
the state of Ohio from taking custody of your child, it is important
to designate in your will the individual(s) you wish to be appointed
as Guardian(s). This one decision will have a lasting impact on
Financial Support for Children: Another consideration
is providing the Guardian with the financial resources to meet your
child’s basic and long-term needs such as clothing, financing
a post-secondary education, or other important life events. You
may wish for the Guardian to have control and access over your child’s
funds, under the supervision of the Probate Court, or you can designate
an independent third party to oversee the management of the funds
through a revocable living trust. In either case, the funds must
be used to meet the child’s financial needs.
Additional safeguards are available when planning for your children
after your death. For instance, just because your child is an adult
does not mean that you would allow them unfettered access to a large
inheritance without restrictions. In estate planning terms this
is how parents can continue “parenting from the grave”.
Although you may not be here physically, you can promote certain
conduct by conditioning the payment of certain expenses, e.g. automobile,
down payment on first home, college tuition, etc. based on your
child’s conduct or achievement. For instance, often deceased
parents will offer to pay up to a certain amount each year for the
child’s tuition, room and board and books, so long as the
child maintains a certain grade point average. The condition should
be something important to you and be “measurable” (grade
point average, joining the military, valedictorian, graduated top
ten percent in class, volunteers for charity, etc.). With older
children, deceased parents often have a scheduled pay-out (distributions
to the child) based on pre-conditions or the child attaining a certain
age, or a combination of both. Regardless, the values you wish to
impart to your child can be reflected in your estate plan after
you are gone.
You do not hire a law firm; you hire me, an experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law lawyer you can count on to be there when you need.
An experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law, Lawyer
Meet with your lawyer when and where you can.
If you would like to speak with me regarding probate administration, estate planning, trusts, wills, power of attorney, living will, divorce, dissolution, child custody, child support, establishing parental rights, legal separation, spousal support, grandparent / companionship rights, stepparent adoptions and annulment of marriages, please e-mail or call (614) 461-5708 for a FREE initial telephone consultation.
| |Columbus, Ohio, Probate and Estate Planning & Family Law Lawyer
Dirken D. Winkler
- serving clients in Central Ohio, including Delaware, Fairfield, Franklin, Licking, Madison, Pickaway, and Union counties and the cities of Bexley, Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper Arlington, Westerville, Whitehall, and Worthington. Give me a call at (614) 461-5708. I look forward to representing you.
Columbus, Ohio, Family Law Attorney Winkler Legal Services, LLC
/ Page updated
Tuesday, July 4, 2017