Estate Planning Can Help with Family Harmony

 No two families are alike. They are unique in their dynamics, sometimes in good ways, other times, less so.
Long dormant family issues can quickly come back in heartbreaking ways in the wake of the loss of a parent. Petty jealousies, born in childhood and nursed through adulthood, bubble to the surface when fueled by grief. The arguments can be as sad as they are trivial. Who gets mom’s wedding ring or dad’s baseball card collection? What about loans mom made to her son but were never paid back? What about the daughter who could never manage money – she will run through any inheritance in days unless there is some planning. Are some children on accounts held with dad, but others are left off? There is a way to avoid these common problems. By putting clear wishes in a well-written estate plan, it ensures the parents get the final word.
In addition to getting the final word, there are many other benefits to proper estate planning: tax minimization, ensuring the court is not involved later, protecting assets, allowing for proper management should a parent become ill or incapacitated, and the list goes on. It is important to get sound legal advice – advice that involves options for long-term care and how to pay for it (Medi-Cal, VA benefits, Medicare, etc.), giving trusted individuals legal authority to make the hard decisions, and advice regarding potential asset protection should skilled nursing care be required – which often costs in excess of $90,000 per year.
Find a good time and place to sit down with senior parents, and talk about the need to maintain family harmony even after they pass on, and who should make decisions legally should the parents fall ill. Parents should want to lessen any burden on adult children in the event of stroke, illness, or dementia. Parents should also want to make the after-death tasks and inheritance matters as simple as possible.
Even the most well-intentioned family members can channel their sorrow into arguments when a parent is ill or passes away. It is an awful thing to watch, and such arguments can be expensive, too. So, if your senior parent does not have an estate plan, they should do one now. Trusts, Durable Power of Attorney documents, HIPAA releases, Advance Health Care Directives, and more – all are extremely important. It’s not too late for your parent becomes incapacitated, or dies. Find the time to talk to them about it. It will save you and your family a lot of pain, heartbreak, and money.
For a consultation, please visit www.themcnamaralawfirm.com or call 661-287-3260.