Estate Planning for Single Parents

Estate Planning for Single Parents

Estate planning for a single parent can be difficult. Single parents have more "What ifs..." than many others. Who will raise my children? Will they need any special financial help? If there is no other parent in the picture, how will you financially provide for them after you are gone? Does your family know who you don't want to raise your children? What if your former spouse predeceases you? What if your former spouse remarries? Will the children receive any financial assistance from the estate? What if you remarry? What if you have more children? No one can prepare for all the "What ifs...", but it is in your children's best interest to try through the use of various legal documents to ensure that your wishes are known and will be carried out.

What are the benefits of an estate plan?

  1. It allows you to provide for your immediate family, most importantly, your young children by assuring education and the upbringing of minor children. A will can allow for a personal guardian to be nominated if you die before your children reach the age of 18. Without a will and without your input, a court will decide where the children will live, who will raise them, and make important decisions for them regarding money, education and way of life.
  2. It allows your children to receive property quickly. You can ease, simplify and expedite probate through insurance paid directly to your children or a living trust.
  3. It allows you to plan for incapacity. For example, a Healthcare Directive and Durable Healthcare Power of Attorney enable you to decide in advance about life support and allow you to choose someone to make the important decisions for you when you are unable to. You can also plan for disability with insurance before you become disabled.
  4. It can minimize expenses by keeping costs low when transferring property to your children, which leaves more money for them.
  5. It allows you to choose executors and trustees of your estate, and it gives them the authority to save money, reduces the burden on survivors, and simplifies the administration of your estate. It can also reduce the court's involvement upon your death.
  6. It eases your children's burden of planning your funeral.
  7. It reduces taxes on your estate by giving the maximum amount permitted by law to your children and giving the minimum amount to the government.
  8. It allows your small business to operate successfully after you die by designating what happens with your interest in the business before you're gone.
  9. It can allow for your assets to transfer to your children, whether over or under the age of 18, through trust.
  10. It provides guidance and direction regarding your retirement accounts, namely 401(k), IRA, etc.

If you would like more information about Pennsylvania Elder Law, Business Law or Tax Law, please contact an experienced Pennsylvania Attorney who is also a Certified Public Accountant (CPA) via email or phone us at (724) 216.6551 at our Greensburg, Pennsylvania office.

The Iezzi Law Office serves clients in southwestern Pennsylvania, including Greensburg, Pittsburgh, Delmont, Monroeville, Murrysville, Latrobe, Irwin, Uniontown, Connellsville, Indiana, Somerset, and other towns located in Westmoreland County, Allegheny County, Fayette County, Indiana County, and Somerset County.

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To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.