By now, if you have followed my blog, you understand the importance of putting together a comprehensive estate plan. You have worked with our office or another attorney to put together your unique estate plan and feel peace of mind knowing that you have a plan for your children and loved ones when you can no longer care for them. However, it is also important to talk with your loved ones, especially elderly parents, about creating an estate plan. As the Baby Boomers retire and move onto to this next phase in their lives, careful estate planning and disability planning is crucial. I know that it is difficult to have these conversations, which is why I have a few tips to help start this conversation:
Be sensitive to your loved ones’ feelings. Put yourself in their shoes and keep in mind that people rarely want to talk about their own passing. One way to begin the conversation is to talk first about the need for disability planning in case they become too ill to communicate with doctors or handle financial matters for themselves. The conversation can then progress to the importance of having an estate plan to, upon their passing, transfer their assets in the way that they wish, provide for the care of any dependents or pets, and minimize taxes, court costs, and legal fees. Communicate that you are not trying to control their decisions but only want to ensure that their own wishes regarding their medical care and property are known—and that their instructions are in writing so loved ones can carry them out.
Involve others in the conversation. If you speak to your parents about the need for an estate plan, try to include any siblings to avoid giving the impression that you are attempting to influence or control your parents’ choices. You and your siblings should emphasize to your parents that the meeting is not about your inheritance but focus on their wishes for a serious illness or their passing. For example, if it is important to a loved one that they have care at home and not in a nursing home, it is vital that their disability planning and estate planning documents include provisions to pay for that care.
Consult an estate planning attorney. An experienced estate planning attorney can help you and your loved ones create an estate plan and disability plan tailored to meet each of your unique needs and carry out your wishes. If your family members already have an estate plan, I can work with them to review or update that existing plan. In my practice, I can provide each person with guidance and information about the options available to them. Further, I assist my clients to put a plan in place to prevent unnecessary stress, legal expenses, and taxes, as well as uneven inheritances, disputes among loved ones, and delays in passing your assets to your loved ones or charities. In addition, the guidance I offer will give you and your loved ones the peace of mind that comes with knowing that plans are in place if any of you become ill and that your wishes will be honored when you pass away.
With 2022 ending, a lot of people are thinking about their 2023 New Year’s resolutions. If you have already worked with me to draft your comprehensive estate plan, encourage your loved ones to add estate planning to their 2023 resolutions. Call attorney Lauren Kaplan to set up a free consultation at (312) 952-1077 ext. 2 or lkaplan@curlerlaw.com. To a happy and healthy holiday and New Year!