Brian C Maier
Indiana adoption attorney concentrating on navigating adoptive parents through the legal process.
ESTATE PLANNING
An area of the law that fits well with my adoption practice is estate planning. A growing family, of course, triggers thoughts of the need to have wills and, perhaps, trusts in order to address the care (physical and financial) of children in the event that both parents are deceased. I have found through the years that many parents who I have represented in adoption matters also have used my estate planning services.
For example, adoptive parents may have made no provision for their minor child or children in the case of the parents' untimely deaths. They likely will want to provide for the person, or persons, who will have the actual care and custody of the children under such circumstances. They may choose to designate primary and alternate, or successor, guardians of the children. Further, they may choose to establish trusts for the children, whereby a trustee holds and administers the marital property, including insurance proceeds and retirement benefits, on behalf of the children until the children reach certain ages. The purposes for which assets can be used, for example, education, support, maintenance and medical care, can be specified. Also, in addition to other provisions, the primary and alternate personal representatives of each person's estate can be designated. All of these provisions can be included in the wills of the husband and wife.
Some marital estates are of an extent and nature that tax planning also is advisable. In other words, steps can be taken that are designed to minimize, if not eliminate, death taxes. Your particular needs and desires will be discussed with you openly and confidentially. Many couples may feel that estate planning is unnecessary because all of their property is "jointly" held or will pass automatically to a designated beneficiary. However, what happens to property upon the death of the second spouse to die is often what has not been addressed. Finally, you also may want to consider the preparation and signing of additional documents, such as powers of attorney, living wills and health care representative appointments. These "non-dispositive" documents often are signed at the same time wills and trusts are executed.
Certified Estate Planning & Administration Specialist - Indiana State Bar Association
Brian C Maier
Maier & Olvey
114 N Delaware St
Indianapolis IN 46204
Tel: 317 238-6202
Fax: 317 636-1507
Votes:18
Comments: 0