Winter 2019 Bulletin

Peace of mind in an uncertain world
Winter 2019

Up next...
Spring 2019: Planning Essentials
For People With Retirement Savings -
Opportunities & Obstacles
Start the year off with peace of mind by effectively protecting your minor children in case of emergency
All About Guardianship -
New York Legal Life Planning Essentials
For Families With Minor Children
Why Name A Guardian? Naming a guardian lets YOU - and not a court - decide who will care for your children in the case of your incapacity or death. Even if you aren't 100% sure who to name, your choice is better than a Judge's choice as someone who doesn't know your family and your children.
Use A Separate Guardianship Document!
Be sure to name a guardian in a document outside of your will. A guardian appointed only in your will is ineffective during incapacity.
FAST FACTS
  • Naming A Backup. It is often important to name a backup or successor guardian in case the person you appoint is unwilling or unable to step in.
  • Separate Guardianship Document. Be sure to name a guardian in a document outside of your will. A guardian appointed only in your will is ineffective during incapacity.
  • Naming A Couple Or An Individual. It is important to think about what you would want to happen if you name a couple and they get divorced. If you have a preference for who should retain guardianship under those circumstances, you may want to simply name that person individually as guardian so there is no question.
  • For Single Parent Families: Under state law, a non-custodial parent may be next in line for guardianship if something happens to the custodial parent.
How Far Away Does Your Guardian Live?

? Does the guardian you are naming live within 15 minutes of your home? If not, consider naming a short term guardian who lives within 10-15 minutes of you as a first responder. Otherwise, in the immediate aftermath of an accident, there may be no one available to care for your children.
8 "Musts" For Effective Guardianship Nomination
1.Name guardian(s) in a separate freestanding document - NOT just in your will. Your will is completely INEFFECTIVE for naming a guardian in the event of your incapacity rather than death.

2.Exclude - in writing - anyone you would NEVER want to be the guardian of your children or be able to contest your guardianship decisions.

3.Provide detailed instructions and documentation of what to do and who to call in an emergency. This includes health care proxies for your minor children in case of your inability to make decisions on their behalf and detailed instructions for your guardian about the values, faith and family relationships that you feel are important to be passed on to your children.
Don't Forget....
If you have a family pet, be sure to provide for the guardian of your children to be the guardian of your family pet so your pet can be a source of support for your child in the event of your incapacity or death.

Financial Considerations
It is important to think about the financial resources you are making available to whomever you appoint as guardian of your child. This can be done using a revocable trust, life insurance planning, retirement assets, or other investment tools.
Guardianship of Your Child
vs.
Guardianship of Your Child's Property
You can often appoint different people as guardian of your child and guardian of your child's property. This might be something to consider if you would like someone other than the guardian to handle your children's inheritance. Additionally, this approach can be useful for oversight of funds that can be spent by your guardian but that are meant for your children's benefit.
For More Information about Kids Protection Planning & other legal life planning tools


Schedule a Free Planning Consultation

Up next....Spring 2019:
Legal Life Planning Essentials for People With Retirement Savings - Obstacles & Opportunities

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This bulletin is designed for general information purposes only. The information presented in this bulletin should not be construed to be nor relied upon as legal advice or the formation of an attorney-client relationship.