Many people who work hard for their money want their children to do the same. It’s not that they don’t want to share; it’s that they want their children to be independent and self-reliant. They subscribe to the theory: Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.
But this does not mean that these people should avoid creating estate plans. On the contrary, everyone should have an estate plan. No one knows when he or she might die. If death happens sooner than expected, a person could die with far more assets than the person expected to own at that time.
Everyone should create an estate plan so that he or she can spell out who gets what and how they get it. People with complicated lives should think through every possible scenario, such as those that involve subsequent marriages, irresponsible children, and stepchildren. Planning for different contingencies guarantees that your estate will be distributed according to your wishes.
People may also wish to dictate how their personal belongings should be distributed. They can determine which family member gets which family heirlooms.
People should also consider long-term care. Medicaid covers most nursing home stays after a person has already exhausted her resources. Paying for nursing home care could drain a person’s assets unless a plan is in place.
Contact our estate planning attorneys in Orange, California, for more information. You may reach us by calling (714) 459-5481 or by filling out an online contact form.