Planning for your Children

Ensure Your Children Are Taken Care Of No Matter What Happens

Various surveys and studies indicate that a significant number of parents have not completed essential estate planning documents including name guardians for their minor children. An Estate Plan is crucial for ensuring the well being of minor children if the unthinkable happens to you, whether that is because you died, or you became incapacitated!

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Custom Designed Estate Plans

Your uniquely designed estate plan will protect your minor children when you are unable:

Unless you establish a legal guardian in your Will, Your children could be placed into the custody and care of someone you would never want, like that one family member who has good intentions but who you would never want to raise your kids. A judge who doesn’t know you or your family will decide who will raise your kids, even if it is the last person you would ever want. Or Your family could get into a long drawn-out custody fight or there could be a challenge to the guardians you have designated.

Is naming a Godparent enough? Do I still need to go through the formality of naming a guardian? Importantly, Godparents and guardians are not the same. A legal guardian is someone who has the legal authority to make decisions on behalf of your child, especially if you, as the parent, are unable to do so. This could occur due to your passing, incapacity, or any situation in which you cannot provide care or make important legal, financial, healthcare or education decisions for your child.

If you become incapacitated or die, and have not legally nominated a guardian, there could be a complex and expensive custody dispute among your family members. Grandparents, aunts, and uncles may assume you would want your children to live under their care rather than the people you named as godparents. This is especially likely if the people you’ve named as godparents are not related to you by blood or marriage.

Without a legal guardian designation in writing and signed with the formalities of a Will, godparents may find themselves in an expensive court battle over custody rights, and they may not even be named as the legal guardians of your children at all. In fact, the court could name someone you would never want raising your kids as their legal guardian.

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Avoid Probate

A plan can avoid probate!

Unless you proactively plan, everything that you own will go through Probate and will be distributed according to the laws of the State of Michigan. This can be a lengthy and costly proceeding where the court will ultimately require all the minor’s assets to be deposited into a restricted account where withdrawal of the minor’s funds without court approval. Investments other than savings accounts or CDs will require court approval. A conservator will be appointed by the court. According to the website trustandwill.com, the cost of Probate in the State of Michigan is from 4% to 8% of the estate value. The cost varies by complexity, but rest assured an unplanned estate with minor children involved is a complex proceeding.

Without a plan, all the assets in your child’s restricted account will be released to your child on their 18th birthday. This gives your child access to money that can be subject to predators, creditors, and your child’s own bad interests. We believe that you will agree that releasing a significant amount of money to an 18 year old may not serve their best interest. Unscrupulous people out there find out when 18-year olds are getting that inheritance check by searching the public court records.

Unfortunately, the vast majority of estate planning attorneys do not address these issues and do not plan from a parent’s perspective. Yes, these things scare us too. That’s why we’re so passionate about helping parents like you make sure your children don’t experience any of the above if the unthinkable happens to you. Please do not put your children and loved ones through this anguish. Prepare a fitting plan today!

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Law's Impact on Parenthood

How the law changes your role as a parent:

On the day that your child turns 18, your ability to make legal, financial and healthcare decisions for them essentially disappears in a blink. To give you a sense of how impactful this can be, if your now 18-year old or older child is hospitalized and unable to communicate their wishes, healthcare providers won’t even legally be able to share your child’s medical information with you. Similarly, financial institutions won’t permit you to access your child’s accounts or make financial decisions on their behalf without their consent – or unless you’re a co-owner of their accounts.

This shift in decision-making authority can feel unsettling and can be particularly challenging if your child is still financially dependent on you, is in a medical emergency, or requires assistance in managing their affairs due to a disability. Thankfully, there are legal tools that can help parents and young adults navigate these new challenges. We offer a young adult package with age appropriate planning tools. Contact us today for a personal meeting to discuss your specific situation.

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Our Practice Areas

  • Asset Protection Planning

    Asset Protection Planning safeguards your wealth against unforeseen threats. It's a strategic approach to secure assets from creditors, lawsuits, and financial uncertainties.

  • Customer Care Package

    Our Customer Care Package enhances Estate Planning with a complimentary year of personalized support, including secure storage, annual reviews, and updates for legal changes—your lifelong legal partnership.

  • Estate Planning

    Estate Planning ensures your legacy’s protection and peace of mind through comprehensive document preparation, future-proof strategies, and personalized legal guidance.

  • Medicaid Planning

    Medicaid Planning navigates healthcare costs, preserving assets while ensuring eligibility for benefits, offering strategic advice for long-term care preparation.

  • Planning For Your Children

    Planning for Your Children secures their future through tailored estate strategies, safeguarding assets and ensuring care in life’s unexpected moments.

  • Probate

    Probate manages and distributes a deceased’s estate, legally transferring assets to heirs, ensuring wishes are honored and legal requirements met.

  • Special Needs Planning

    Special Needs Planning creates secure futures for loved ones with disabilities, ensuring tailored care, financial protection, and quality of life enhancements.

  • Trust Administration

    Trust Administration efficiently manages and distributes estate assets according to the trust agreement, ensuring legal compliance and beneficiary satisfaction.

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