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ESTATE PLANNING BASICS FOR PLANNING FOR MINOR CHILDREN

This blog article will cover the basics of estate planning for parents with minor children. The primary goal of estate planning is to protect your financial status, the financial status of your family, and your assets. This is often accomplished by using various documents.

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Why Having a Business Succession Plan Is Important

A business is a vital asset. You want to make sure that your interest, or stake, in the business is protected. The last thing you want is to face the unforeseen and become incapacitated and unable to direct your business or transfer it to your loved ones. If you have no succession plan in place, the business could fall into the hands of someone unanticipated.

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MANAGING YOUR CHILDREN’S INHERITANCE

Many relatively young people do not want to think about their children’s inheritance. It raises the uncomfortable question of mortality in general, and the eerie specter of one’s potential untimely death. Moreover, many young parents do not have that many assets, or think they don’t, so one might think that it is unnecessary to set out a document distributing their worldly possessions. Finally, some young parents may think it costs too much to do any kind of estate planning other than assuming one’s own parents will step in to care for young children.

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MEDICAL CONSENT AUTHORIZATION FOR MINOR CHILDREN

One issue that can sometimes fall through the cracks of estate planning for minor children is medical authorization. Parents are not always with their young children and that’s normal. Preparing a medical authorization form for your minor children ahead of time is one way of ensuring that adult individuals who take care of your children in informal settings, like grandparents or friends’ parents, have the authority to make medical decisions on your children’s behalf. Places like schools and camps usually have their own forms.

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GUARDIANSHIP OF MINOR CHILDREN

In terms of planning for the needs of their minor children, the guiding star for parents is meeting the children’s needs in the event of the parents’ untimely death. This raises questions, first and foremost, of who will raise the children.

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Marital/QTIP Trust

For some married couples—especially those with children from a previous marriage—one of the most beneficial documents you can have is called a Qualified Terminable Interest Property Trust (QTIP).

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What is an Educational Trust?

An educational trust is a kind of irrevocable trust specifically designed to pay for education expenses. There are many variations, but essentially, an educational trust involves the following:

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What is Heirs’ Property?

Heirs’ property is passed down from generation to generation. An individual often gets ownership of property from their ascendants, and when they pass away, their wealth is transferred to their descendants. This is the same way heirs’ property works, but with the addition of other complexities.

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Creating Estate Plan in an Emergency

Preparing a comprehensive estate plan takes time, sometimes weeks or even months. However, as we all know, life sometimes throws us a curve ball and emergencies happen. Perhaps an emergency caused by a physical condition, such as a newly discovered, imminent, and terminal condition, or a highly risky surgery must be undergone. It can also be triggered by external factors, such as unexpected travel plans to an unstable region, a likely militarized conflict, or an environmental disaster. Although it may be tempting to skip certain procedures suggested by your attorney, it is wise to make every effort to follow these protocols in order to ensure that the prepared estate plan is in the proper legal format and carries out the testator’s wishes.

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Should NFTs Be Included in My Estate Plan?

Although NFTs are considered “a new kid on the block,” many experts predict that they will become mainstream and valuable in the future. These credible forecasts are accelerating the popularity of NFTs (NFT sales up 38,000% year-on-year according to DappRadar). The rapidly developing popularity of NFTs is also confirmed by their impressive price tags – for example, Beeple's image collection sold for over $69 million! Some are purchasing NFTs for their own amusement, while others see them as a worthy investment. The question is whether they should be included in one’s estate plan.

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