Kansas City area estate planning lawyers offer assistance to people with all different kinds of family structures and personal family situations. Everyone’s estate plan must be customized to meet specific goals, which often involve providing for and protecting loved ones. Since no two families are the same, getting personalized advice is vital to establishing the best plan for you.
While estate planning is important for everyone, single parents especially need to ensure they have an estate plan that addresses the unique legal issues that could arise because of their family situation. This is vital in situations involving single parents with young children they want to protect, but it also applies to single parents of adult children as well.
To discover more about the estate planning issues faced by single parents – and to get help with the right legal tools to address these estate planning issues – give Parman & Easterday a call today to talk with an experienced and compassionate member of our legal team.
Estate Planning Advice for Single Parents With Young Children
If you have young children and are a single parent, it is important to think about who will take care of your children if you cannot. If there is another parent, he or she will normally assume this role if something happens to you. If there is not another parent involved in your children’s lives and you have sole custody of the kids, you need to decide who should be guardian for your children if you cannot raise them to adulthood.
If you want to provide financially for your kids should something happen to you, you also need to decide how to make this happen. An estate planning lawyer will assist you in naming a guardian and making a plan using a trust or other appropriate estate planning tool to ensure your children have money for health needs, education and other life goals even if you are no longer around to provide for them.
Estate Planning Advice for Single Parents with Adult Children
If your children no longer need a guardian, you still want to protect them. Do you want your children to make medical decisions for you if something happens to you? If so, or even if not and you want to spare your kids from having to make these difficult life-and-death decisions, you should use a health care power of attorney and an advanced directive (which includes a living will) to specify your preferences for care and to name the healthcare proxy or proxies who will make these decisions on your behalf.
You’ll also need to make smart choices about how to structure any inheritance you leave for your children. Many single parents use a living trust to allow assets they pass down to their children to transfer without probate or court involvement to avoid the children incurring unnecessary expense and having to wait months or even years before they can receive their inheritance. The entire probate process can be avoided with careful estate planning, which will save your children time, money and stress.
If you have a larger estate you are planning on leaving to your children, you may need to address estate tax issues. While you can leave assets to a spouse tax-free, you cannot pass wealth to your child without federal estate tax if your estate exceeds $5.49 million as of 2017. If you don’t want your heirs or beneficiaries to lose a significant portion of their inheritance due to a large tax bill, talk with Kansas City area estate planning lawyers about how to avoid this tax.
Getting Help from Kansas City Estate Planning Lawyers
Kansas City estate planning lawyers at Parman & Easterday provide invaluable help to single parents and others who are interested in creating comprehensive estate plan to protect their loved ones. To find out more about the estate planning process, join us for a free seminar.
You can also give call today at (405) 843-6100 or (913) 385-9400 or contact us online for personalized advice on making an estate plan that is right for your family situation. We’ll help you create the perfect plan to protect your assets and loved ones. Call us today.