Estate planning is similar to the game of chess in that you need to be thinking one, two, sometimes three steps ahead. What are your answers to the questions below? Depending on your answers, you may need to create or update your existing Will and other estate planning documents.
- If your spouse survives you, to whom do you want your assets to ultimately pass – to your children or to their new step parent?
- If your spouse survives you, would you like to shield the assets you leave him or her from creditors? From possible financial elder abuse? From nursing home costs?
- After you and your spouse die, would you like the assets you’ve left to a child who dies to ultimately pass to your grandchildren, or to your son-in-law or daughter-in-law?
- If your child inherits your assets and he or she divorces, would you prefer your assets to end up with your child or with his or her ex-spouse?
- If your child inherits your assets and is sued, would you like to protect your child’s inheritance from claims of his or her creditors and from lawsuits?
- If your child inherited your assets, are you concerned that the inheritance will be spent quickly? Is your child good at handling money?
If your answers to the any of the above give you pause, it’s time to schedule an estate planning consultation. Call us today at (301) 468-3220 to make an appointment.