Louisiana parents understand the importance of making certain types of estate plans that will protect the interests of their children. These types of plans will address issues such as guardianship of minor children and their financial needs. Aging parents would be wise to consider how their current estate plans will affect their children once one or both of them pass. It may be necessary to adjust current plans.
Children with special needs may need support and care into adulthood. Aging parents will find it beneficial to consider a special needs trust as a way to set aside funds for a child with specific needs well in to the future. Benefits from a special needs trust will not affect the recipient’s eligibility for certain types of benefits. Leaving assets for a special needs individual directly through a will could lead to various complications.
Parents who are older will also want to rethink leaving assets to their children by simply putting them in their names during their lifetimes. Events such as divorce or filing for bankruptcy could affect an adult child’s ability to keep the asset the parent intended for him or her. Additionally, aging parents will want to establish power of attorney and possibly draft other documents that will reduce the burden on the children in case the parent becomes incapacitated.
Aging parents aren’t done providing for their children simply because their kids have reached adulthood. It may be prudent to revisit estate planning decisions and ensure that they won’t leave children dealing with complex legal concerns, fighting over assets and making difficult medical decisions on behalf of their parents. A Louisiana estate attorney can review an existing plan and current decisions and provide guidance regarding potential changes that may be beneficial.