We are more than halfway to Christmas. Many people may be starting Christmas shopping already! Before you know it, Christmas cards and wrapping paper will be on the shelves.
What meaningful gift will you give this year?
We live in a community where many people are retired. Many have worked hard to accumulate sufficient assets to live a comfortable retired life. I have met wonderful people – people who are often helping their children with finances, babysitting, chores, everything. But, like me, and like many of us, they wonder, every year, what to get their families for Christmas. More ties? More games?
But this year can be different. Think outside of the proverbial “box”. Have you noticed that most people wait until their retirement years to formulate an estate plan? Many young families don’t even think about estate planning. We all want to assume that life is long.
Many young families feel that they cannot afford to have an estate plan drafted. Many young people do not think they have sufficient assets to worry about estate planning. Many fail to consider their life insurance policies as part of their estate. And, more importantly, they fail to recognize that their most valuable “asset” is not found in their financial statement or life insurance policies but rather under the covers each night of the children’s beds and bunk beds.
A significant number of parents and grandparents are forced to bear the financial and emotional burden of sorting out the mess that ensues when their child with a young family dies without an estate plan. A proper estate plan can set forth who the minor children will live with throughout their lives and who will make the decisions in the face of illness or incapacity. The emotional stress is significant, especially while at the same time dealing with grief and loss. To prevent this from happening you could give your adult child(ren) the gift of an estate plan.
For peace of mind, for the benefit of families and young children, for the good that can be accomplished to protect young children, nothing beats the meaningful and important gift of helping your posterity to set their affairs in order. It may well be called “the gift that keeps on giving.” It is a wonderful way to give “peace of mind” during a time when we celebrate the birth of the Prince of Peace.
Start now and have a plan in advance of the end of the year rush. Merry Christmas in August.
Jeffery J. McKenna is a local attorney serving clients in Nevada, Arizona and Utah. He is a shareholder at the law firm of Barney McKenna & Olmstead, PC, with offices in Mesquite and St. George. If you have questions you would like addressed in these articles, you can contact him at (435) 628-1711 or email@example.com.