Peace of Mind for Parents, Grandparents

Wealth Planning by Bradley B. Anderson Anderson, Dorn, & Rader, Ltd.

Posted on

Peace of Mind for Parents, Grandparents – Here is some outstanding advice from the AAEPA to pass along to the parents of your granchildren.

Guardianship – A guardian is the adult you name in your Will to take responsibility for your child in the event your child is orphaned before he or she reaches adulthood. (…)  If you do not have a Will when you die, a judge will appoint a guardian for your child.

(…) After you’ve settled on a guardian, you’ll want (…) to discuss your thoughts with the potential guardian before you make your Will. (…) make sure the potential guardian has enough funds to care for and educate your child. Many young families find that the best way to accomplish this is with life insurance. (…) keep the following in mind when creating your complete plan.

Revocable Living Trust – A Revocable Living Trust is the cornerstone of many people’s estate plans.(…)

Financial Power of Attorney – A Financial Power of Attorney is a disability planning tool that lets you choose a responsible person – known as an agent – to manage any assets not included in your Revocable Living Trust.

Healthcare Power of Attorney – With a Healthcare Power of Attorney, you can choose an agent to make medical decisions on your behalf. (…)

HIPAA Release – (…) A HIPAA Release lets you name the individuals who should have access to your medical information. (…)

via Wealth Planning by Brad Anderson, Ltd.

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