Most parents in Texas would probably love to leave behind a large inheritance that leaves their children well taken care of in the future, but many seniors have a set amount of money that they must prioritize what to do with. Many retirees must make difficult choices with their savings while others choose to use their money in different ways.
According to CNBC, here are a few reasons why adult children are inheriting less from their parents:
Some retirees may have lost money in the economic crisis a few years ago while others have realized they need more money than what they have saved. Because of financial difficulties, some seniors cannot leave large gifts behind for their kids as they deal with living expenses and healthcare costs.
Spoiling The Grandkids
If retirees have assets to share when they pass away, some are deciding to give inheritances to grandchildren instead of their children. With more people having children later in life, grandparents might not get to have a significant relationship with their grandchildren. This gives a grandparent a way to make an important contribution to a child’s life, and grandparents can even include a note with trusts to share their wisdom about finances.
A Good Cause
Others may decide to leave money to a charity instead of their children. This is a chance to support a worthy cause that needs financial assistance, and one might want to donate money so that children are motivated to work hard since they are not taken care of by an inheritance.
Regardless of how you divide your assets and belongings, estate planning allows you to ensure that your wishes are met when you are gone.
Contact us so that we can help you when establishing or editing documents like wills or trusts.
You may not want to think about estate planning yet but it is important to think about. It takes time to delegate how you want to settle your estate. Most people assume that they are going to pass all of their belongings to their children but what if they don’t have any (or their children don’t want it)? Where do you even start?
Here are some tips to planning your estate when you don’t have any children.
- Don’t worry about hurting people’s feelings. If you don’t make a will, someone else will decide how your estate gets divided. Your family might not end up getting any of it. Do you really want to let someone else make the call?
- Make a will and divide up your assets the way that you want. It is your choice and only your choice. Do what you feel is right.
- Make gifts and charitable donations as you see fit. You can donate money to friends and family without getting taxed. You can help others with college the same way. You can also donate money to charities.
- Choose advocates that you trust. You want people who will follow your wishes, even if they don’t agree with your choices. You will want to choose people who are younger than you so that they will be there to make decisions for you as you age.
It can be difficult to plan your estate when you don’t have children. You will have to think carefully about who you want to pass your money and belongings to. Don’t worry about hurting anyone’s feelings. That should not stop you from making a will. You don’t want someone else making the choice do you? You should also think about gifting some of your money and making some charitable donations. Also, you will need to think carefully about who you want to help take care of you as you get older. Pick someone that you trust. You need someone who will follow your wishes, even if they don’t agree.
Contact us for more tips on estate planning.
When someone is named the legal guardian of a person who is now incapacitated, they have now taken on a big responsibility. The person who is the guardian has to be diligent and responsible about everything that has something to do with the ward’s medical needs and financial needs.
If someone in your family has become incapacitated, and the appointed legal guardian is not properly fulfilling the ward’s needs, your family may have to consider guardianship litigation. You can tell the court why you feel as if the guardian is not doing the best things for the person you love. If you present this information to the court, the current guardian may be removed.
What are some reasons why a guardian can be removed?
- Not fulfilling the duties he/she is responsible for
- Abusing the responsibility or power
- The guardian is not managing the ward’s finances properly
- Has been convicted of a crime
- Not following the court’s orders
- Has not done what has been asked in the guardianship report
If you feel that your loved one is not being properly taken care of by the appointed guardian, you can show the court that the current situation is not in the best interest of your loved one. If you can show this to the court, the court can appoint a new guardian.
We understand you want to keep your family safe. If you need the help of an attorney with experience in guardianship litigation, feel free to contact us today. We want to help you find the right guardian who will care for your loved one the right way.