Years ago, you created an estate plan that left your assets to your children in equal shares upon your death. It is still your intent to provide for each of your children equally. However, the circumstances have changed and it could be that one child needs help now. How do you continue your estate plan being fair to all children.
One Child Needs Help Now
Your child needs financial help and you are in the fortunate position to provide that assistance to your son or daughter. For example, your child may need money for:
- An advanced degree
- Purchasing a home
- Medical care
- Supporting his family while he was out of work
- Starting a business
- Another unexpected and significant expense
You are glad to be in a position to help and you are proud of what your child is doing with the money. However, it remains your intent to provide for all of your children equally and your other children have not received the financial gifts that you provided for this child during your lifetime.
It May Be Time to Modify Your Estate Plan
You may be able to modify your estate to ensure that the lifetime gifts and property that are inherited after death are substantially equal. An estate planning attorney can provide you with information about how to do that and about how to make sure that your intentions and accounting are clear so that all of your children can understand your decisions. We would be pleased to provide you with more information. Please contact us via this website today to learn more and please subscribe to our free newsletter for more tips on how and when to modify your estate plan.