Often, parents delay engaging in estate planning because they believe that they do not have significant assets to protect. However, regardless of the size of your estate, it is important to engage in estate planning if you have children.
Perhaps most importantly, you should name a guardian for your minor children. Otherwise, the courts will appoint a guardian who will make personal care decisions for your child in the event you become incapacitated or die. You may have different ideas than the court regarding the selection of a guardian.
Selecting a guardian is not an easy decision. Our office helps clients select an individual who would be an appropriate choice by evaluating several factors, including age, commitment to responsibility, temperament, religious and moral beliefs, the nature of existing relationships with your children, location, and finances.
In addition to helping clients select a guardian for their minor children, we advise on numerous other services for parents with children, including:
- Safeguarding a child’s inheritance
- Protecting and preserving a family home
- Planning for future education, wedding, or start up business costs
- Transitioning a family business
- Establishing trusts to protect children from the risks of divorce, insolvency, spendthrift behavior, or drug and alcohol addiction
- Techniques to protect children from a previous marriage, or to deal with the effects of divorce or re-marriage
- Counsel on generation-skipping transfer tax, annual gifting to children or grandchildren, and irrevocable gifting trusts
Please call us at 650.329.9500 if you would like more information.