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Guide to Choosing a Legal Guardian for Your Minor Children

October 10, 2024/in Family Law /by Virginia Lively

One of the most important decisions you can make when thinking about your family’s future, is choosing a legal guardian for your minor children. A legal guardian will be responsible for raising, caring for, and protecting your children, including making vital decisions about their education and healthcare, if you are unable to care for them yourself.

Given the importance of this role, you should have a clear plan in place rather than leave it to the courts to decide. The following guide outlines important considerations to help you choose the best legal guardian for your minor children and what to do once you’ve picked one. 

What To Look for in a Potential Guardian

Of course, you need your children’s guardian to be someone you trust to make decisions in their best interests. Although many people immediately look to family members, close family friends can often be an excellent choice as well, especially if your family dynamics are complicated.

Besides trustworthiness, though, you want to evaluate a potential guardian’s:

  • Values – Does the potential guardian share similar values and beliefs about issues like education, discipline, and religion?
  • Existing relationship with your family – Do your children know the potential guardian and genuinely like them and feel comfortable with them?
  • Health – If your children are younger, it’s especially important to consider the health of the potential guardian. Are they physically able to meet the physical and emotional demands that come with raising children long term? 
  • Location – Where does the potential guardian live? Will your children be able to stay in the same schools and maintain stability in their lifestyle?
  • Finances – Does the potential guardian have a steady income? Will they be able to provide financially for your children’s needs?

Book with title Guardianships and children's picture showing the importance of deciding on a legal guardian for your children.

What to Do Once You Have Chosen a Potential Guardian

Once you have some candidates in mind, you should have an honest discussion with them before actually naming them as the guardian. It’s also a good idea to have alternates as well, in case your first choice becomes unavailable. Make sure all candidates are willing and able to take on this role and the responsibilities that come along with it. You might also want to discuss your choice with family members to avoid later conflicts and negative repercussions.

Talk to Your Children

Depending on your children’s ages, explain the situation in a way that is age appropriate and helps them feel secure.

Make Financial Arrangements

Consider establishing a trust to help provide appropriate financial resources to ensure the guardian can take care of your children the way you want. If your child has special needs, a special needs trust might be the best option. 

Talk to an Estate Planning Professional

Once you’ve chosen a guardian and they have agreed, you should consult with an estate planning attorney like the ones at Lonich Patton Ehrlich Policastri (LPEP). Schedule a free, no-obligation consultation with LPEP’s Estate Planning Group to discuss your options and needs. They can help you draft the appropriate documents to put your choice in writing and include specific instructions about your wishes related to your children’s upbringing and future to help the guardian make good decisions. Don’t leave it to chance. Having a plan in place is an important part of protecting your family’s future.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

https://www.lpeplaw.com/wp-content/uploads/2024/10/bigstock-Father-And-Son-On-A-City-Backg-65170369.jpg 521 900 Virginia Lively https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Virginia Lively2024-10-10 18:53:192024-10-10 18:53:19Guide to Choosing a Legal Guardian for Your Minor Children

How to Protect Your Retirement Savings in Your Estate Plan

October 3, 2024/in Estate Planning /by Michael Lonich

A common worry among older adults is that they will go into a nursing home and spend all of their retirement savings on skilled care. This is a realistic concern, considering that 70% of people aged 65 and older will spend some time in a nursing home. When you realize that the monthly cost of a nursing home in California is about $13,000, you understand that it won’t take long before your savings are thoroughly depleted.

However, with advance planning and examining your options, you can create an estate plan that will protect your retirement savings, no matter what may happen in the future.

Estate Planning Goes Beyond Asset Distribution

There’s a misconception that estate planning is something only done by rich, elderly people to ensure their belongings are distributed to their heirs after they die. In truth, estate planning is something every adult should do.

Estate planning is more than just creating a will outlining your final wishes. It’s also planning for the unexpected and asset protection. Estate planning also involves:

  • Naming a power of attorney to act on your behalf if you’re incapacitated
  • Providing advanced directives regarding end-of-life care
  • Creating trusts and naming a guardian for minor children or ones with special needs

Asset Protection Trusts

You’ve spent several years saving for your retirement. Ensuring your savings are well-protected within your estate plan is just as important. 

Medi-Cal is a joint federal and state program that can help pay for nursing home care if you meet certain financial eligibility requirements. This means that you will need to pay for your care until your savings have been spent far enough to be eligible for Medi-Cal.

An irrevocable trust can help protect your assets from being counted towards Medi-Cal eligibility. Assets transferred to this trust are no longer considered your property, allowing you to qualify for Medi-Cal. By transferring your assets into an irrevocable trust, you can protect them from being used to pay for long-term care. You can still receive income from the trust’s assets, providing financial support during your lifetime. 

Not only will a properly structured trust protect your retirement savings, but it can also offer tax advantages. When you pass away, the assets will automatically transfer to your beneficiaries without going through the probate process.

Documents sitting on desk for long term care insurance for a retirement savings plan. Documents are on a clipboard with a pen, calculator, and money.

Protecting Your Retirement Savings with Long-Term Care Insurance

Long-term care insurance is another effective strategy to protect your retirement savings. This type of insurance specifically covers the cost of nursing home care, in-home care, and other long-term care services.

You should choose a policy that covers a broad range of services and provides sufficient coverage to meet potential future needs. 

Early Planning is Critical

Protecting your retirement savings requires careful planning and the right strategies. The earlier you start planning, the more options you have, and it helps ensure you are not caught off-guard by sudden healthcare needs. Our attorneys at Lonich Patton Ehrlich Policastri have extensive expertise in estate planning and asset protection. We will work with you to develop a comprehensive plan tailored to your situation. 

Contact us for a free consultation by calling (408) 553-0801. Being well-prepared for any eventuality will allow you to enjoy your retirement with peace of mind.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

https://www.lpeplaw.com/wp-content/uploads/2024/10/bigstock-Retirement-Vacation-Concept-H-109874129.jpg 600 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2024-10-03 17:17:172024-10-03 17:17:17How to Protect Your Retirement Savings in Your Estate Plan

October 2024 LPEP Spotlight: Sonora Vanderberg

October 1, 2024/in 2024, Spotlight /by Lonich Patton Ehrlich Policastri
Read more
https://www.lpeplaw.com/wp-content/uploads/2024/10/LPEP-Spotlight-Featured-Thumbnails.png 490 718 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Lonich Patton Ehrlich Policastri2024-10-01 18:37:392024-10-01 18:37:39October 2024 LPEP Spotlight: Sonora Vanderberg
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Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com

LONICH PATTON EHRLICH POLICASTRI

Phone: (408) 553-0801
Fax: (408) 553-0807
Email: contact@lpeplaw.com

1871 The Alameda, Suite 400
San Jose, CA 95126

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Benito, and San Francisco. For a full listing of areas where we practice, please click here.

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