Make a Specific Plan for Your Children’s Inheritance
When you work with an estate planning attorney, you can create a specific plan to leave your children their inheritance in a way that incorporates your values. Before meeting with an attorney you and your spouse should consider the following:
- How much money will be available to your children?
- Real Estate
- Life insurance proceeds
- Pensions
- Stocks/retirement Funds, etc.
- How much money should a guardian spend caring for your children?
- What kind of lifestyle do you want them to have?
- Private schools and travel to Europe?
- Public schools and learning the value of money by working part-time?
- At what ages do you want your children to receive money?
- Do you want your children to get all the money at age 18?
- Do you want a third of the money to be given at age 22, a third at age 30 and the rest at age 40? Or any combination of percentages and ages…
- Do you want to set aside money for specific purposes?
College? Buying a first home? A wedding? Starting a business?
Getting Legal Help
Experienced estate planning attorney Elga Goodman can help you take an inventory of all your goals and make a plan that incorporates your values for your family and for possible changes in the future. Call us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning
Information accurate as of the publication date of 2011