See below for an exclusive Macaroni Kid giveaway!
You've probably heard the term "Estate Planning" from friends and online, but you may be wondering, "Exactly what is Estate Planning? Is this something I should be doing now that I'm a parent?"
Estate planning is a legal process that helps you protect your children and provide them with a financial future if you are not here to raise them. Estate Planning gives you peace of mind knowing your family and your assets are taken care of in the event something happens to you.
Every Estate Plan should include:
- Kids Protection Plan: Names long term guardians (the people who will raise, love and care for your kids until they are adults) and short term guardians (the friends and neighbors close to your home who can stay with your kids until your long term guardians arrive) for your kids.
- Will: Names long term guardians and details how and to whom you want your money and property distributed. All wills must be filed and approved by the Probate Court and become public documents.
- Living Trust: A living trust keeps all of your assets private and makes it as easy as possible for your family to manage things after you’re gone.
- Health Care Proxy: Names the people you want to make health care decisions for you if you cannot make decisions for yourself.
- Durable Power of Attorney: Names the people you want to make legal and financial decisions for you if you become incapacitated.
For those parents who have named guardians for their kids, have you made one of these 6 COMMON MISTAKES that could leave your kids in the care of someone you would never choose?
- Named a couple to act as guardians but you haven’t said what should happen if the couple broke up or one of the partners in the couple died.
- Only named one possible guardian. What if something happens to that only choice?
- Considered financial resources when deciding who should raise your children. Your guardians do not have to (and often should not) be financial decision makers for your kids.
- You only have a Will, which means the Court will distribute your money, it’s totally public and doesn’t protect your money if your kids ever face divorce or lawsuit.
- Did not exclude anyone who might challenge your guardian decisions or who you know you would never want to care for your kids
- Only named guardians for the long-term and did not make any arrangements for short term guardians who care for your children until your long term guardians arrive.
Protecting your children and your estate is vital, and Attorney David Feakes can ensure that your family is protected. Acton-based estate planning attorney David R. Feakes is a certified Personal Family Lawyer® at The Parents Estate Planning Law Firm. David helps families talk about and plan for sensitive subjects like money, death, and taxes. David can be contacted by telephone at (978) 263-6900 or by email at david@parentsestateplanning.com. Please visit www.parentsestateplanning.com for more information.
The Parents Estate Planning Law Firm is giving away an Introductory Estate Planning Package to a Macaroni Kid reader! The winner will receive a Family Wealth Planning Session, a Kids Protection Plan (naming short and long term guardians), and a free copy of the book Wear Clean Underwear, A Fast, Fun, Friendly – and Essential – Guide to Legal Planning for Busy Parents. During the Family Wealth Planning Session with David, couples will discuss their desires, concerns and goals for their family, appropriate tax avoidance strategies, guardianship and disability planning, appropriate estate planning options and their fees and costs, and also name guardians for their children.
ENTER TO WIN this Introductory Estate Planning Package from The Parents Estate Planning Law Firm! Giveaway closes on Sunday 10/4/15 at 6 PM and a winner will be randomly chosen and notified on Monday 10/5/15. For TWO bonus entries:
- Fill out and submit this entry form
- Like our Facebook giveaway post
- AND comment on the giveaway post by tagging a friend who would be interested in estate planning
NO PURCHASE NECESSARY TO ENTER OR WIN. A PURCHASE OF ANY KIND WILL NOT INCREASE YOUR CHANCES OF WINNING. ODDS OF WINNING WILL DEPEND ON THE TOTAL NUMBER OF ENTRIES RECEIVED. VOID WHERE PROHIBITED BY LAW. DO NOT ENTER THIS SWEEPSTAKES IF YOU ARE NOT EIGHTEEN (18) YEARS OF AGE OR OLDER AS OF September 15, 2015 AND A LEGAL RESIDENT OF AND CURRENTLY RESIDING IN ONE OF THE FIFTY (50) UNITED STATES OR THE DISTRICT OF COLUMBIA. MUST BE A LOWELL MACARONI KID SUBSCRIBER TO WIN. CLICK HERE FOR COMPLETE RULES.
