There are many worries a person may have in relation to their family. One thing in particular they may be worried about is what will happen with their family when they pass away. Thus, a question many may have is: what can I do to help ensure there will be proper protections in place for my family when I die?
One thing that can help with protecting one’s family is proper estate planning.
One thing a person can do in regards to their family in their estate plan is set up after-death gifts for their family through things like wills and trusts. This can provide financial protections for their family after their death.
Also, steps can be taken within an estate plan to try to protect assets a person wants to go to their family after their death from being swallowed up by long-term care costs, having an estate tax liability or being lost or reduced by other means.
If a person has minor children, they can also take steps to protect the wellbeing of their kids in their estate plan. For one, a person can use their estate plan to specify their preference for who they would want to care for their kids if they were to die while their kids were still in need of a caregiver.
Our firm understands how big of a priority protecting one’s family can be for a person when it comes to their estate planning. We work hard to understand what goals our estate planning clients have regarding protecting their family and help our clients figure out what kinds of estate planning strategies would be best suited for achieving those goals.