Nowadays, it’s not uncommon for seniors to raise young children. There are a number of reasons for this. For example, many people today have kids later in life, resulting in situations in which individuals approaching retirement age still have children they must take care of. Also, many seniors raise their grandchildren when their own children are unable to do so. Below are some estate planning considerations for seniors with young children.
If you already have a plan, make sure it’s up to date
If you already have an estate plan in place, make sure it’s up to date. If you have young children, it’s imperative that you name a guardian for them in your will, and this is particularly important for parents who had children later in life. If you fail to name a guardian, then the court will choose one for you. Therefore, you should discuss this matter with an experienced estate planning attorney to ensure that your children are placed with a trusted individual in the event that you become incapacitated or otherwise unable to care for them.
Establish a trust for your children
After naming a guardian, you should consider establishing a trust for your children. A trust will ensure that your assets are available for your children when they reach adulthood. And if you have a child who is the product of a second marriage, a trust can be particularly important.
Social Security considerations
Social Security matters should be considered during the estate planning process. Children are eligible to receive benefits on a parent’s work record under specific circumstances if the parent is also receiving benefits. When eligible, children may receive an amount equal to one-half of the parent’s primary insurance amount up to a certain amount.
Financial considerations
There are a number of financial issues that seniors must consider during the estate planning process. For example, you should consider how to allocate retirement savings during the estate planning process. You should ensure that they have high levels of life insurance that extend through your children’s college years. In other words, there are myriad financial issues that must be considered by seniors with young children during the estate planning process, and an experienced Mississippi estate planning attorney will be able to assist you in their identification and execution.
Mississippi Elder Law Attorneys
Whether you need assistance with any of the topics discussed above or require guidance on end-of-life decisions, unexpected incapacity, public benefits eligibility, or other important matters, the experienced Mississippi elder law attorneys of Palmer & Slay, PLLC, are here to help. At Palmer & Slay, PLLC, our Mississippi elder law lawyers utilize our education, experience, talents, and abilities to provide excellent legal service to clients in Rankin County and the Jackson metropolitan area. Whether practicing in the areas of elder law, estate planning, probate law, or others, our goal is to help our clients achieve peace of mind by providing the most effective and efficient legal assistance possible. Please contact us today for a free consultation.