When everyone is together for the holidays, that can be a great time to discuss Estate Planning with your family.When the family gathers together for the holidays, that can be a joyous and happy occassion. However, when everyone is together, it is also an excellent time to talk about something that a lot of people avoid – Estate Planning.
Generally, the parents can announce their intention to do some sort of estate planning, and then tell everyone their general outline, such as, leaving everything to all the children equally. At that point, the discussion may take some surprising turns that would help the parents craft and customize their estate plan. For example, a child who is very well off may decide he is okay with leaving the family home to another sibling who has not done so well. Or a chile may say she definitely wants particular items of personal property because of their sentimental value. Every parent wants to be fair in their estate plan. But, if the children have input into the process, the parents may find out the children have their own idea of what is “fair”, and make suggestion that makes everyone happier than a simple, equal, split.
Also, at that time, the parents can talk about advanced planning for Medicaid Asset Protection, and talk about the care they want to receive once they are in a nursing home.
Estate planning is something every family should discuss, and the family gathering for the holidays is an excellent opportunity to do that. Once you have had these discussions, then Brightwell Elder and Probate Law can help you turn those discussions into reality.