Advisers, are your clients considering their parents' future needs in their estate planning?
As parents age, they may become financially dependent, which can significantly affect estate plans. It's essential to ensure they are cared for should something happen to your client. Here are some key considerations to share:
Assess your parents' financial needs: Plan for their future care, especially if they may outlive your client.
Set up trusts or designate assets: Ensure provisions are in place for their well-being.
Evaluate tax implications: Minimize taxes while maximizing inheritance for your parents.
Appoint guardians or caretakers: Ensure someone can manage their affairs if needed.
Communicate openly: Involve parents in planning to avoid surprises and ensure their needs are met.
Update legal documents regularly: Keep everything aligned with current circumstances.
Seek professional advice: An experienced estate planning professional can help navigate these complexities.
Inherit Australia platform offers a 360 family review, from partners, siblings, and children (even ex partners and more). This holistic view helps our lawyers gain a full picture when providing legal advice and drafting documents, ensuring all aspects of the family’s needs are considered.
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