You may think it’s rare for both parents to be killed at the same time, but it’s not.  Three such cases and their resulting custody battles have occurred in just the last year because guardians for the children had not been named.

One case involved a young couple driving their newborn home from the hospital for the first time.  If you have don’t have an up-to-date Will appointing guardians for your children, name guardians now.  Otherwise, you’re putting your children at risk.

What Happens if You Don’t Name Guardians

If you don’t name guardians in your Will, the court (not you) will decide who raises your children.

• Will family members fight over who gets custody?  Will the family feud last for generations?

• Will your brother-in-law, the drunk, get custody?  Will your sister, who screams at her children, be awarded custody?

• Will no one step forward so the court is forced to place your children into foster care?  Have teenagers?

How to Appoint Guardians

You name guardians for minor children in your Will.  Be sure to have a serious conversation with those you wish to appoint before naming them.

Also, be sure to appoint back-up guardians in case your primary guardians are unable or unwilling to serve when the time comes.  Have that same conversation with them as well.

Execute a Will

It’s time; if you want to be the one to choose who raises your children if you are unable to, consult with a qualified estate planning attorney and appoint guardians in your Will now.

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Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

There are two types of guardians, guardian of the person and guardian of the estate.  The same individual can be both guardian of the person and guardian of the estate or two separate individuals can fulfill these separate roles.

A guardian of the person makes health care, general welfare, educational, and life-style decisions for an incapacitated person.  The person may be incapacitated due to age (minors do not have legal capacity), ailment, or level of mental functioning.

On the other hand, a guardian of the estate handles the money.  That’s the individual who is responsible for paying bills, managing assets, and investing assets.

If proactive estate planning is done:

• Guardians for minor children are named in a will.
• Powers of attorney (finances and health care) are in place.
• Disability trustees and beneficiary trust trustees are in place.
• All of these helpers have been asked and agreed to serve.
• Contingent helpers have been named in case the primary helpers are unable or unwilling to serve.
• Estate planning documents are up-to-date and in accordance with current law and current goals.
• Estate planning documents are available to helpers when needed.
• Helpers know how to contact the estate planning attorney for help.

If reactive estate planning is required:

• The court must be petitioned.
• The court will appoint guardians of the person and of the estate.
• The court will continue to supervise the guardianship.
• There are ongoing fees and reporting requirements.

Use your will to name guardian of the person for your minor children; if an adult is or becomes incapacitated, petition the court to have a guardian named, unless the proper estate planning documents are already in place.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you’re looking to execute a will for the first time, you may be considering creating your will online.  Many people think this is a great option because it saves on legal fees and can be completed quickly.  However, this method of planning is not recommended.  It’s important to take extra care so that you have the best will possible that fits your personal financial and family situation.  Take a look at the following information, to learn more. If you have any questions, or if you’d like to create a will, contact an estate planning attorney.

You Get What You Pay For; How Much Will it Cost if Your Estate Plan Doesn’t Work?

Using online software or downloading forms to create a will or any other estate planning document can be a huge mistake.  It may seem like it’s a simple way to handle your planning affairs, but it can be easy to make errors. You may not even realize that your will is not valid or not appropriate for you.  Additionally, these software options aren’t fully customizable.   It’s recommended that you consult with a qualified estate planning attorney, so that you create a will that works.

You Will Benefit from Legal Counsel

Your attorney will be able to listen to your needs and create a will that reflects these needs.  He or she can also address your concerns and answer your questions throughout the planning process.  This can help you feel more comfortable about planning.  An attorney is able to understand the law and explain your options so that you can make the right choices.

Estate Planning as an Investment

If finances are a concern, you can set up a fund for your estate planning or you could address these concerns with your attorney.  There may be ways to make your planning more affordable.  It’s important not to sacrifice quality because of money concerns.  You should consider your planning expenses as an investment towards your future and know that a good estate plan will likely end up costing you less than an ineffective estate plan, in the long run.  If you choose not to invest properly, you and your family may not be fully protected.

If you have any questions, or if you’d like to begin creating a will, consult with a qualified estate planning attorney. To lean more about the dangers click here:  http://www.duffylawoffice.com/estate_planning/wills/

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

When creating your estate plan, you will need to consider your needs and goals.  There are many aspects of planning that people choose to include in their individual plan.  If you’re just beginning your planning, and need ideas of what to include, take a look at the information below.  If you have any additional questions, or if you’d like discuss your individual estate plan needs, consult with a qualified estate planning attorney.

When creating your estate plan, consider the following:

• Asset protection. Do you have certain assets that you want to protect as they pass to your loved ones? You can make sure that your loved ones are able to receive and keep their inheritances, regardless of bankruptcy, divorce, business failure, or lawsuits.  Because you never know when the in-law will become the out-law, it is wise to give assets in trust.
• Incapacity planning. You never know when an unexpected event may occur.  If you ever find yourself incapacitated and unable to make your own decisions, it is important to have a plan in place. This can allow you to have the support that you need to make decisions and get the right level of care.  Incapacity planning ensures that the court won’t interfere with your family, your money, or your health.
• Protecting your family. With an estate plan, you can protect your loved ones in a number of ways. This may include purchasing life insurance so that your family always has necessary income.  You may also use a will to appoint a guardian for the care of your minor children.

The above needs are just some things that you may want to consider implementing in your estate plan.  If you have any questions, or if you’d like to begin developing your estate plan, consult with a qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Many young adults assume that they’re too young to do their estate planning.  The truth is, everyone age 18 and older needs a plan.  If you don’t have proper planning in place, you and your family will be unprepared.  Take a look at the information below to better understand the importance of planning.  If you have any questions about your planning needs or if you’d like to start your estate planning, consult with our qualified estate planning attorney.

• Do you want to be in control of your future?  If so, you need to handle your estate planning affairs!
• If you want to decide how your assets will be given away after your death, then you need an estate plan.
• Do you want to be prepared for medical emergencies?  Then, it’s important to plan.
• If you want to choose the trusted helpers who will assist you with your estate’s affairs, you need to meet with an estate planning attorney to start your plan.
• Would you like to make sure that all of your last bills and expenses are paid after your death? You will need to plan!
• To you want to take a great burden off of your family?  If so, you need a comprehensive estate plan.

Just because you’re a young adult does not mean that you’re too young to plan.  Many people assume that they don’t yet make enough money nor have enough assets to plan.  You probably have more assets than you think and everyone needs health care directives!

If you’re unsure of your individual estate planning needs, meet with our estate planning attorney.  We will be able to help you develop goals and create a plan that meets your needs.  If you have any questions, or if you’d like to start your estate planning, consult with our qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you’re an Iowa resident looking to begin saving for your child’s college expenses, contributing to a college savings plan can be a great option.  This makes it easy to save, no matter how old your child is.  If you’re looking for more information on your college savings plan options, read the information below.  If you have any questions about contributing to a college savings plan, meet with an estate planning attorney.

This is a two-part blog post that discusses Iowa college savings plans.  This first post will explain the College Savings Iowa 529 Plan.

What is the College Savings Iowa 529 Plan?

This plan makes it easier for Iowa residents and non-residents to take advantage of the opportunity to save for college expenses.  This plan makes it possible to save for anyone, even yourself!

Many people use this plan to save for their children and or grandchildren.  You’re able to contribute as little as $25 at a time.  There are also many convenient ways to make your contributions.  With this plan, you’re able to continue contributing until the account reaches a maximum of $320,000.  There are also many different investment options to fit your individual needs.

What are some of the benefits of the College Savings Iowa 529 Plan?

This college savings plan offers many benefits.  For one, it’s free to enroll and the fees are extremely low.  You’re also able to access your account online, whenever needed.

Additionally, there are many tax benefits to this plan.  Your assets will grow tax-deferred as you continue to invest.  You’re also able to withdrawal your account funds tax-free for education related purposes.

Another benefit is the ability to deduct some of your contributions from your state tax return.

If you’re looking to save money for your child or a loved one’s college expenses, you will want to consider an Iowa college savings plan.  If you have any questions about a specific college savings plan, consult with a qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you’re an Iowa parent, you may be thinking about contributing to an Iowa college savings plan in order to help fund the costs of your child’s college education.  This can be a great way to build up an investment over time so that your child is able to follow his or her educational goals.  Take a look at some of the information below to learn more.  If you have any questions about the use of college savings plans, meet with an attorney to discuss your specific needs.

This blog post discusses the Iowa Advisor 529 Plan.

What is the Iowa Advisor 529 Plan?

This is a plan that makes it possible to save for your child’s education.  An initial contribution of $50 must be made, and $50 a month or $150 a quarter must be contributed continuously. There is no income limit in place, so you’re able to take advantage of this plan no matter what.  You’re in full control of the account and are also able to change beneficiaries, if needed.   You’re able to continue contributing until the account reaches a maximum of $320,000.

What are some of the benefits of the Iowa Advisor 529 Plan?

There are many benefits to this plan.  This plan makes it easy for anyone to contribute to your child’s future investment, including friends and relatives.

The account also has a low maintenance fee.  Additionally, there are many tax benefits to this plan option.  Your earnings will be both federally and state tax deferred.

All of your education related expense withdrawals are free of state and federal taxes.  You can also can take a deduction from your state tax return, based on the contributions that you’ve made.

If you’re looking to save for your child’s education, now is the time to get started.  If you have any questions about your college savings plan options, consult with a qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

You are wise to know that you need an estate plan even though you are only 24 and likely have a long life to live.  Everyone, age 18 or older, needs an estate plan.  And, you are ahead of the pack because half of the people in the United States don’t have an estate plan in place.

Having no legal documentation of your estate planning wishes can wreak havoc during your lifetime if you become incapacitated and after death.

If you are not yet married and have no children, it is likely that your estate plan will be quite simple.  However, if you are a tech wizard, belonging in Silicon Valley, you likely need a more advanced plan because of your asset base.

For most 24 year olds, a simple will, health care power of attorney, financial power of attorney, living will, HIPAA release, and organ donation form will be a great estate plan.

It is important to remember to update your estate plan if you experience significant changes such as you get married, have or adopt a child, or move to a new state.  Otherwise, you can check in with your estate planning attorney every three to five years to review your estate plan and determine whether updating is necessary.

When you get married and have children, more complex planning is prudent.  For example, the center of your estate plan will then be a revocable living trust which has many benefits, including asset protected trusts for your beneficiaries.

For those with children, a will, naming guardians, and a child care power of attorney, naming guardians, is necessary.  In addition, most parents want to authorize first responders to stay with their children until guardians arrive.  This keeps your children from being taken into protective custody, commonly known as foster care.  These documents are an important part of an estate plan for parents of young children.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Along with selecting a guardian for your minor children, you will also likely want to leave assets to your children and take care so that someone is carefully managing the assets that you leave. With proper estate planning techniques, you can ensure that your children will be taken care of and that they will be using the assets that you leave responsibly.  If you have additional questions about managing assets for your children, consult with a qualified estate planning attorney.

• Some people choose to name a property guardian in their will.  This person can be the same person as the guardian or a different person altogether. This person will be responsible for handling finances for your children.  If you choose to select someone other than the physical guardian, make sure that both people will be able to communicate effectively on a regular basis.
• Others choose to utilize the Under the Uniform Transfers to Minors Act.  This is valid in all states except for South Carolina and Vermont.  With this option, you name a custodian who will be responsible for managing the assets for your children until they reach a certain age, which is 18 or 21.  You’re able to outline these wishes in your will, but this should only be considered for smaller inheritances.
• Another option to consider is creating a trust for your children.  You will include all assets that you wish to leave to each child in a trust.  The trustee that you name will be responsible for managing the assets and following the rules outlined in the trust document.  A trustee will have additional responsibilities besides managing assets such as filing tax returns for the trust and reporting to beneficiaries.

If you have any questions about managing assets for your minor children, consult with a qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

When you go on vacation with your family, the last thing you want to think about is an unforeseen disaster, but as a parent it is your responsibility to take all things into consideration. One thing particularly relevant when traveling with children is what would become of them if something happened to you while traveling with them. This can be a major problem if you are traveling in a foreign country.

Suppose you were traveling with your family overseas and there was an accident that killed or incapacitated you and your spouse? What would happen to your children? This scenario is not unheard of, and should be taken seriously when you travel with minors.

Fortunately there are some steps you can take that will be very helpful if this unfortunate situation should ever occur.

• Always contact the State Department in the country you will be traveling to and inform them of your itinerary. You should do this whenever traveling abroad, even without children.
• Make sure that your family and friends back home know what your itinerary is and make arrangements to contact them at specific times. Let them know that if you fail to contact them at these appointed times, they should try to contact you. If they cannot contact you, they should contact the State Department and the local authorities.
• Make sure you have a legal document appointing someone with temporary guardianship of your children. This person should have a copy of this document, as well as a passport, in case they need to travel on short notice.
• It is also important that you carry emergency contact numbers on you at all times while traveling, along with a copy of the temporary guardianship document.

All countries have their own laws when it concerns the guardianship of children and these laws take precedence over provisions you have made, but your plans will give the State Department something to work with. In most cases, countries will honor a temporary guardianship document, especially if your assigned guardian is working with the State Department.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.