Estate Planning Advice for Single Parents
Cincinnati estate planning attorneys can provide advice to people in all different life situations with their estate planning process. Everyone needs to have an estate plan in place to address end of life issues and to plan for their legacy. However, for some people, it can be especially important to work with an experienced attorney to make plans to protect your loved ones. For example, single parents need to make absolutely sure they have the right plans in place for the care of minor children and to spare adult children from having to make difficult choices.
Zimmer Law Firm can help single parents to make an estate plan that works for their needs, given their current life situation. Give us a call today to work with our Cincinnati estate planning attorneys right away so you and your child are not left unprotected and facing an uncertain future if tragedy strikes.
How Cincinnati Estate Planning Attorneys Help Single Parents with Young Children
If you have young children and you are a single parent, your primary concern in making an estate plan should involve determining who will take custody of your children and raise them to adulthood if something happens to you and you cannot be there.
If the child’s other parent is involved in the children’s lives and has shared custody, that parent will likely raise the kids if you pass away or if you become incapacitated. However, if the other parent is not involved and you have sole custody, you want to ensure you name a guardian who you can count on to take responsibility if you become unable to raise your children. You don’t want the courts making this important choice.
You also need to make a plan to provide financially for your children, both to help them pay for college if this is a priority and to ensure that there is money to care for them and pay for their educations if something happens to you. Cincinnati estate planning attorneys can help you explore opportunities to invest tax-free for college using 529 savings accounts and can assist you in purchasing life insurance and appropriately structuring an inheritance for your young children in case something happens to you.
If you don’t want the court appointing a guardian for money you leave to your kids and you don’t want your child to receive his entire inheritance without any conditions or money management help when your child turns 18, you need to talk with a lawyer about your options.
How Cincinnati Estate Planning Attorneys Help Single Parents with Older Children
When your children are adults, there are still estate planning issues that you may need to address as a single parent.
You may not want to put your children in a position where they have to make difficult decisions on medical care if you become incapacitated. For example, you may not want your child to be forced to determine if you would have wanted life-saving care in a medical emergency or if you would have preferred not to be kept alive by a ventilator or breathing tube. Creating advanced directives can help you to make decisions in advance and will allow you to name the person who should make difficult choices about your medical care.
If you have a lot of money to leave behind for your child, you also need to address estate tax issues so you can avoid your estate facing a large tax bill that reduces your child’s inheritance. While there is no estate tax charged on any size estate if money is left to your spouse, more careful tax planning may be necessary if you want property and assets to transfer to your children tax free.
Getting Help from Cincinnati Estate Planning Attorneys
Cincinnati estate planning attorneys at Zimmer Law Firm can provide you with assistance at every phase of your life in creating an estate plan to protect your child. If you are a single parent, it is especially essential to make a plan and keep it updated. Our legal team will help you to use the legal tools that are right for you.
To find out more about the estate planning process and about what your plan should involve, join us for a free seminar. If you are ready for personalized advice with the estate planning process, give us a call at 513.721.1513 to talk with an experienced attorney who can make a plan that is right for you. Call today to learn more about how we can help.