Experienced estate planning lawyers can provide you with help in responding to life’s milestones. When you experience big life changes, like marriage, divorce, buying a home, or the birth of a child, you need to ensure that you have an estate plan in place to protect yourself and your family in light of the new circumstances. This can be especially important when you have a baby, as you now have a child depending upon you.
Fabisch Law Offices is here to help if you welcome a new child into your life through birth or adoption. We can work with you to understand the steps you need to take to make sure the child is provided for, no matter what happens in your future. Give us a call today to find out more about how our Massachusetts estate planning lawyers can help you and to discover why it is so important to make or update an estate plan after a baby is born.
Why You Need Help from a Massachusetts or Rhode Island Estate Planning Lawyers After a Baby is Born
When a baby is born, you should get help from an estate planning lawyer because:
These are just a few of the key reasons why hiring an attorney to make an estate plan is so important after your child is born or after you adopt a child. You may have many other issues specific to your family that need to be addressed, so you should reach out to an experienced attorney to get personalized advice on how best you can prepare an estate plan after a son or daughter comes into your life.
Getting Help from Massachusetts and Rhode Island Estate Planning Lawyers
Massachusetts and Rhode Island estate planning lawyers at Fabisch Law Offices will guide you through the key steps you need to take to save for college, ensure your child is financially provided for, and make plans for the care of your child if something happens to you. As soon as your little bundle of joy comes into your life, you should reach out to our legal team so you can have the peace of mind of knowing you’ve done all you can to protect your child.
To find out more about the services we can offer you when you become a new parent, join us for a free seminar, give us a call at 401-324-9344 or contact us online to get help putting your personalized plan in place.
This week, as we all gather with friends and family to take stock and give thanks for all that we have, it makes sense to take a few of those moments to consider and discuss estate planning with loved ones. It is estimated about half (56%) of American parents have a will or living trust document. Yet, the same survey tells us that in more than half of the families where parents have estate planning documents in place, adult children don’t know where their parent’s estate planning documents are, or what is in them. Even worse, too often adult children learn too late that their parents never put in place a plan for a time when age or disability limit the parent’s ability to care for themselves. As a result, in far too many cases families loose much of their intergenerational wealth to the state or wind up incurring expenses and delays they could have easily avoided.
For this reason, many advisors, myself included, suggest using the thanksgiving and other end of the year holiday gatherings to discuss wishes for elder care and estate planning. Though it isn’t always the most lighthearted conversation, the family is already gathered and opportunities for reflection and frank cooperative discussion abound. A stroll around the block with mom after the turkey is in the oven, commercial breaks during the Cowboy’s game, or over a cup of coffee with that one-to-many piece of pumpkin are all opportunities to broach the topic. Because we often have the chance to gather on multiple occasions over the holidays, I often suggest using the Thanksgiving holiday to mention the importance of making sure mom and dad have a plan in place, instead of going ‘full turkey’ into an in-depth conversation about wills, trusts, fiduciary obligations, and healthcare proxies. Then, follow up with your parents about their plan before the end of the year.
Depending on your parent’s goals and objectives, it may make sense to schedule a dedicated family meeting separate from holiday festivities to discuss estate planning specifically or to let everyone know that some of the conversation at the next family gathering will involve family estate planning. While everyone may not always be happy with whatever decision the older generation makes about their care or assets, at least everyone will be on the same page. In my experience, this alone often helps to reduce litigation after a parent passes.
While you are at it, Thanksgiving may also be a perfect time to discuss YOUR estate plan with family or close friends who you would like to name as a guardian for your children or executor for your will. Shockingly, it is estimated that nearly one third of parents do not have even a simple will that would nominate a caretaker or guardian for their children in the event they were to pass. So, while you are finding a quiet moment to talk to your parents about their estate plan, find some time to discuss your own plans with those you would rely upon in the event of your incapacity or passing.
Massachusetts and Rhode Island living trust lawyers provide help in planning ahead in case of incapacity. Though no one wants to think about it, illness or an accident could leave you incapacitated and unable to manage your own affairs. When this happens, it is helpful to have a plan in place to ensure that someone you trust will immediately begin to take control over your money and property.
Fabisch Law Offices attorneys can work with you to identify the right tools to use to plan ahead for incapacity. Typically, a plan for incapacity should include, at minimum, an advanced directive or health care proxy, to allow someone to make medical decisions in accordance with your wishes, and a financial power of attorney, to allow someone to manage your finances. But while a healthcare proxy and financial power of attorney can be helpful both for making advanced plans for medical care and for giving someone authority to make decisions on your behalf, many people also choose to consider a living trust as part of their incapacity plan. Our Massachusetts and Rhode Island living trust lawyers explain how living trusts work, why they are a valuable part of your incapacity plan, and how we can help you with trust creation. To find out more, give us a call today.
Why Should a Living Trust be Part of Your Incapacity Plan?
A living trust, also sometimes called a revocable trust, is a trust that you create during the course of your lifetime. You can manage the assets that are held in the name of the trust and you have control and flexibility that you would not have with other types of trusts, such as an irrevocable trust.
Though a living trust will not keep your trust assets safe from creditors or to shield those assets from counting if you need to qualify for Medicaid to pay for nursing home care, a living trust will be helpful in case of incapacity because you can name a backup trustee.
The backup trustee can immediately take over the management of the trust assets if something happens to you. You will not need to worry about the delays that can come with a guardianship or conservatorship, while a court determines if you are incapacitated and who should be the guardian of the assets that you own. Instead, the backup trustee can immediately move to keep the wealth that you transfer into the trust safe by managing it in an effective and appropriate manner if something has happened to you.
In addition to providing flexibility and safekeeping during your lifetime, your living trust can also be helpful after you pass away. Assets that are held within the living trust will not need to pass through the probate process, which is a lengthy and expensive process that can leave an executor in charge of assets for many months or years instead of the heirs or beneficiaries who will become the new owner of those assets.
While there are other tools that can, and should, be part of an incapacity plan, because of the substantial benefits that a living trust provides, many clients choose to include this type of trust in their plan. Let Fabisch Law Offices help you to decide if you want to make a living trust part of your incapacity planning tools.
How Can Massachusetts and Rhode Island Living Trust Lawyers Help You?
Massachusetts and Rhode Island trust attorneys can work with you to understand the risks to your wealth and independence in case of incapacity. Some assets must be more carefully managed than others, for example, and the creation of a living trust can be especially important under these circumstances.
We can also help you to follow the formal process required to create a trust and can guide you through the process of funding your trust (putting the assets you want to protect, into the trust) with the assets that you are trying to protect. Your backup trustee will be the person who takes control over the trust assets if something happens to you, so our legal team will also explain the duties of the backup trustee and help you to determine who is best suited to this position based on the responsibilities that the trustee will have in case you become incapacitated.
Contact Massachusetts and Rhode Island Living Trust Lawyers Today
The Massachusetts and Rhode Island living trust lawyers at Fabisch Law Offices can provide you with the help that you need to figure out if creating a trust should be a part of your incapacity planning. We can also work with you to identify other incapacity planning steps that you should take in order to protect your wealth and maintain your independence as long as possible in the event something happens to you.
To find out more about living trusts and other legal tools, including financial powers of attorney, healthcare proxies, and medical orders for life sustaining treatment that you can use to plan ahead in case of incapacity, give us a call at 401-324-9344, or contact us online to get personalized help with your incapacity planning and with your trust and estate plan creation process.
Matthew Fabisch is the Managing Attorney of Fabisch Law, L.L.C. and assists elderly clients and their children with a full range of elder law services including estate planning, wills, trusts, probate, business successions, Medicaid planning, disability planning, and tax planning. Attorney Fabisch also practices in the areas of IRS Tax Controversy and Appellate matters.