Estate Planning for Families with College Children
Parents may be astonished to find that they are not entitled to access medical information or participate in important decisions regarding their adult children’s healthcare or finances during times of emergency. Why? Although they may still be students or have just started working, in the eyes of the law they are adults. As adults, their parents have no automatic right to know or do anything. Unfortunately most adult children, whether away at college or newly working, have not executed powers of attorney or other advance healthcare directives. At Legacy & Trust Legal Counsel, PLLC
we will help you and your children be prepared for any of life uncertainties. We can prepare all of the necessary documents that can authorize you, as a parent, and make sure your adult children have these important documents in place. This will allow you to rest a bit easier when your children leave the nest.
Planning for Grown Children
Although your nest may be empty, your children remain the focus of your concerns and will always be your children regardless of age. In the past it was common to distribute outright to children. Times have changed and doing so today risks what you have worked so hard to build. Outright distributions may wind up in the hands of your child’s ex-spouse, a bankruptcy trustee, or a child’s creditor. Unsteady job markets, divorces, and litigation are now commonplace and parents want to protect their children. In some situations, parents need to protect their children from themselves. In planning for your children, we will discuss opportunities to insulate your child’s inheritance from all of those risks.
Planning for Families
At Legacy & Trust Legal Counsel, PLLC our guiding principle is to provide quality estate planning services tailored to each family’s specific needs and goals. We work to provide you with the knowledge needed and to implement tailored safeguards to protect your family’s future. It is our honor and privilege to help families make sure their loved ones are taken care of. Having a plan in place is truly one of the greatest ways in which to say “I love you” to your family.
To create an estate plan that ensures that your children will be provided for in Northern Virginia, Arlington, Alexandria, and Fairfax, contact Legacy & Trust Legal Counsel PLLC today
