BALANCING 2 GENERATIONS
Estate Planning Tips for Your Aging Parents and Children
and make health-related decisions for your parents if they cannot. With an Advanced Health Care Directive, you can speak in-depth with their doctors, access their medical records, and see any upcoming appointments. It’s important to talk as a family about how you will handle aging issues and identify potential caregivers for your parents. We help clients navigate the complexities of this and help put them in touch with the right resources. Children One of the most common mistakes that parents often make is leaving assets outright to minors. However, minors cannot inherit assets outright, as they are not legally allowed to own property until adulthood. Make sure your estate plan spells out what your children will receive and when they can receive these assets. Additionally, if your child’s grandparents want to gift them assets or money, it must be done through a trust. Many times, we have had parents who unnecessarily go through the probate court because this was not done the right way. You also need to select someone who will be
responsible for taking care of the assets you are leaving to your children. Decide how and when your children will receive their inheritance. A common strategy is to instruct your trustee to distribute funds to your children once they turn 18, again when they are 25, and a final allotment when they turn 30. In your trust, you can spell out what that money can be used for, like health, education, and support. Think about it like creating a road map for your trustees You also need to make sure that you appoint a guardian to care for your children if something happens to you. You never want the Department of Children and Families or someone other than yourself to choose who will care for and raise your children. Estate planning for the sandwich generation requires careful thought and preparation to ensure the protection of both your aging parents and children. Take action now and put the right plans in place to provide peace of mind for your entire family, no matter what the future holds.
The sandwich generation — adults caring for their aging parents while supporting their own children — face unique challenges regarding estate planning. Whether you’re managing your parents’ medical care or preparing for your child’s future, it’s crucial to know the plan elements you need to have in place. Parents If you care for your parents, it’s essential to make sure they have an estate plan — either a will or trust — including an Advanced Health Care directive and HIPAA release. These legal documents allow you to discuss medical matters
Our London-Based Attorney Changing Lives From Across the Pond MEET MATTHEW MICHAUD
At The Manely Firm, our attorneys show clients compassion and understanding during some of their most challenging life experiences. Associate Attorney Matthew Michaud has a passion for family law that stems from his own similar experiences. “Having been through some of the same situations, it made me realize the challenges and rewards of this area of law,” he said. “Going through that personally made me understand this is a good area to impact people’s lives positively.”
Matthew represents Georgia clients remotely through Zoom from London, drafting documents and attending virtual hearings. He said conducting law digitally presents unique challenges and opportunities. One of his favorite aspects of The Manely Firm is our experience level and the quality of our systems and procedures. In his spare time, Matthew plays bass guitar, and he likes to learn new songs when he’s not serving clients. He and his wife, an internationally recognized reggae singer, had a band together while still in the U.S. As an avid history buff, Matthew has enjoyed exploring the many historical sites in the UK and getting acclimated to a new culture. The most rewarding aspect of his career is positively impacting the lives of people facing stressful times. “Family law issues are emotional and contentious, and helping people get through a time like that requires more than legal expertise,” he said. “It requires sensitivity, empathy, and the ability to connect with someone on an emotional level.” We are proud to have attorneys like Matthew at the firm. His personal experiences and compassionate approach enrich our practice and provide invaluable support to our clients.
Matthew didn’t always want to be a lawyer. While earning his master’s degree in English,
he planned to become a professor, but took a job with a large corporation to save money before beginning his doctorate. After experiencing corporate life and growing accustomed to eating decent meals on a regular basis, he decided that a Ph.D. in medieval English literature would probably not provide much financial security, so he went to law school instead. Matthew had a successful career in Atlanta, beginning in commercial real estate before transitioning to litigation with a focus on family law. Last year, Matthew moved to the UK with his wife, who is attending law school in England. With the recent launch of our first overseas office in London, our paths serendipitously crossed.
2
www.allfamilylaw.com
Made with FlippingBook Ebook Creator