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March 6, 2013
Estate Planning for Couples Without Children
If children are not involved in your estate plan, you don't have many of the financial obligations of other estates, and you also need to plan for a future that does not involve the helping hand of children. Whether you have children or not, estate planning is important. The Madison gives some tips to help ensure that your wishes can be fulfilled.?
- Assign decision makers: If you are a couple without children, you can each execute a power of attorney naming your spouse to act on your behalf. ?A living will is also good to have because, in the event of an incapacitating illness, ?it specifies your wishes and allows a designee to make decisions based on those wishes.
- Decide how you would like your assets to be distributed: Your estate plan could include strategies for giving financial gifts before or after your death. ?
- Create avenues for charitable giving: If you don't plan to leave a large amount of your assets to family, you may want to give charitably to causes that inspire you. ?You can do this while you're still alive to receive tax benefits as well.?
- Plan for the unexpected: Your estate should include adequate insurance coverage for unexpected events. Make sure you name the appropriate beneficiary on your policy. ?Since living with children is not an option for couples without children, you may want to consider buying long-term care insurance policies to cover assisted living costs as needed later in life.?
As always, it is best to consult an estate planning attorney to create a comprehensive estate plan tailored to your needs.?
See Ronald Garver, Estate Planning When It's Just the Two of You, Mar. 6, 2013.?
March 6, 2013 in Estate Planning - Generally | Permalink
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