Your daughter runs her own company and brings home over $1 million per year. That's not even counting all of the value in her company itself. If she chose to sell, she would be set for life.
Are you ready to tackle the estate planning process? Are you wrestling with the idea of whether it's better to create a revocable living trust or a will?
Most people with young children understand the importance of planning for their care in the event of death or incapacitation. For many families, a life insurance policy and carefully crafted will may be enough to protect the children and ensure they have care and assets for the future. However, if your family includes a child with autism, Down syndrome or another serious disability, a standard last will and estate plan may not suffice.
A revocable trust has many benefits over a will. Even if you choose to have a will along with a trust, the trust still gives you additional protections that help keep your estate safe.
It is all too easy to think about your estate plan as just creating a will and letting it be. There is much more to getting the estate plan together than just naming off your heirs and what they are going to get.
When it comes to estate planning, there are things you need to do and things you need to avoid.
Are you concerned about what will happen to a loved one with a disability after you pass on? If so, one of the best things you can do is create a special needs trust. This may not put your mind entirely at ease, but it will go a long way in helping you feel better about the future.