"In this situation, it's pretty clear that the OP needs to talk with an estate planning attorney now, not when he is in his 60s. In fact, even if he did not have $5.3 million, it would be important for him to talk to a lawyer. That's because he has three young children. Any parent with young kids should have an estate plan in place because they need to: Name a guardian for their children"
"If the OP does not put a plan in place and he and his wife both die in an accident or from some other cause, they could lose the chance to determine who will raise their kids. The court would have to decide both who should take custody and who should manage assets for the children. This is not something most parents want left in the hands of a judge."
Estate planning is critical for parents of young children. A mid-thirties parent with $5.3 million, three young children, and a high household income should consult an estate planning attorney now. Estate planning allows parents to name guardians, establish trusts, and designate who manages assets and when children can access funds. Without a plan, a court would decide custody and asset management, and children could receive unrestricted inheritances at age 18. Larger estates increase the urgency of planning to control distributions and protect children's financial futures.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]