Estate Planning Done with a Love for Family

An inheritance isn’t always the best way to leave a legacy for loved ones.

An estate plan should:

  • Take care of those you love
  • Leave matters in the hands of someone you trust
  • Ensure your loved ones’ comfort and welfare

Unfortunately, many inheritances do not do the above.

In addition, heirs often make mistakes with their inheritances. An article in US News pointed out some of the mistakes heirs frequently. Therefore, it is wise to consider taking a personalized approach to estate planning.

Make an Inheritance Personal

When I work with clients, we often address sensitive issues. At times, I have to ask tough and personal questions. Does your loved one have an addiction problem? Many families have loved ones who struggle with medication, drugs or alcohol. All too often, receiving a large cash inheritance could reinforce a drug or alcohol habit or even lead to fatality. This would be the opposite of what you intended. In situations like these, trusts typically allow for distribution that is tailored to the person’s specific needs.

Elderly relatives may be receiving financial support from you. However, they may also be receiving government assistance through Medicaid, social security or other assistance programs. As a result, an inheritance can upset the delicate financial balance and make them ineligible for such programs. Good estate planning addresses these details and devises a plan that supplements their existing resources.

Tailor the Plan for Your Loved One

Through a trust, you can provide for particular needs. You can provide for the person’s education, healthcare or daily living expenses. With a special needs child, tailoring an estate plan is vitally important. Your children can receive your wealth under the guidance of a trustworthy individual who cares about them. Children in general benefit from a plan that gives them access to funds when they are old enough or responsible enough to use the provisions wisely.

I understand that you love your family and want them to have what they need, to be comfortable and happy. Personalizing your estate plan can help you take care of those family members who are depending on you.

Warm regards,

Jennifer Richardson

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