Planning For Every Possibility
Did you know that 69% of parents have not yet named guardians for their kids?
And, of the 31% who have, most have made one of six common mistakes? Click this link to review the 6 common mistakes most parents (and their lawyers!) make when naming legal guardians and then schedule a Family Wealth Planning Session with us today so we can fix those mistakes with you.
Having a Will Alone Simply Does Not Ensure the Care of Your Kids If the Unthinkable Happens to You!
If you are a parent of minor children (or those with special needs) who are counting on you, your estate plan must begin with your children. At Stovall & Associates, one of our areas of greatest expertise is planning for the well-being and care of the children you love.
Without proper planning, if the unthinkable happens to you, here's what could happen:
- Your children could be placed into Child Protective Services (CPS) even if you have a will in place – even if you have a living trust while your legal documents are located or your family is identified.
- A judge who doesn't know you or your family will decide who will raise your kids, even if it's the last person you would ever want;
- Approximately 5% of the total value of your assets could be lost due to probate, a court process that can tie up your assets for months or years and deprive your kids of the resources they need to live comfortably;
- When your kids turn 18, they get a check for whatever assets are left – outright with no protection;
There are unscrupulous people who make it their business to review public records to find out what 18 year olds are coming into money. The vast majority of estate planning attorneys simply do not address these issues, and do not plan from a parent's perspective.
Yes, these things scare us too. That's why we offer a Kids Protection Plan® with every estate plan we prepare for families with young children.
What is a Kids Protection Plan®?
A Kids Protection Plan® is a set of instructions, legal documents, and even an ID card for your wallet, which you need to have if you have kids at home who count on you for their wellbeing and care.
If you are in an accident, your Kids Protection Plan® will help ensure that your children are never taken into the custody of Child Protective Services, strangers, or anyone you wouldn't want because the authorities don't have clear instructions from you. Your Kids Protection Plan® will help ensure your children are raised by people you choose, not someone chosen by a judge who doesn't know you.