Chipman Mazzucco Emerson LLC

How parents can help their children with estate planning

Some parents and their adult children in Connecticut may encounter some friction over estate planning. Many baby boomers feel that their children need to create estate plans. However, these children may feel too overwhelmed by debt and other issues to address this. For some families, the solution is for the parents to pay for the estate plan. In such situations, most adult children will follow through on the process.

However, it is necessary for parents to be careful and respectful in how they raise estate planning issues. Family dynamics can be tricky. That's why parents may want to consider raising the issue when a family member dies or a child is born. A family meeting that includes a third party can also be helpful, but children may object if they feel their parents are trying to push them into something. Parents must choose their time and approach carefully.

This is not the only boundary parents must respect. They also must realize that paying for the estate plan does not include the right to know what it is in the plan. While children can authorize access to the plan, some parents may be shut out.

There are a number of estate planning considerations for people at any age. At minimum, they might want to have a will, which specifies who will get what assets, and powers of attorney that appoint someone to take over medical and financial decisions in cases of incapacitation. In addition, trusts can be created to protect assets for minor children, control how distributions are made and take care of loved ones who have special needs.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Schedule Your Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Danbury Office
44 Old Ridgebury Road
Suite 320
Danbury, CT 06810

Phone: 203-501-1712
Fax: 203-790-5954
Fax: 203-744-5371
Map & Directions

Southbury Office
325 Main Street South
Southbury, CT 06488

Map & Directions