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Home » Estate Planning Articles » Estate Planning When You’re Child Free

Estate Planning When You’re Child Free

June 30, 2015

Estate Planning When You’re Child Free

 Compliments of Our Law Firm,

Written By: The American Academy of Estate Planning Attorneys

Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may have married and divorced early on and have no desire for domestic life and others say they worry about the future and what it might look like twenty years from now. Still, there are long-term planning objectives that are as important for childless men and women as they are for parents. Estate planning as a whole should remain a priority.

Estate planning is far more than creating a will; it’s about ensuring your financial bases are covered through every aspect of life. Not only that, but there are healthcare considerations, taxes, insurance, creditors, and other legal considerations.

Don’t underestimate the importance of powers of attorney. Who do you trust to make medical decisions if you are unable to speak for yourself? Who pays your bills if you’re in the hospital? Who ensures the mortgage is paid and the utilities are covered? A financial power of attorney as well as a healthcare proxy are vital.

Have you:

  • Bought a home?
  • Saved for retirement?
  • Invested in stocks?
  • Opened your own business?
  • Maybe you’ve won the lottery?

These are all assets that are part of your overall estate plan and unless you want the state to determine what happens to those assets, it’s important to cover those bases with properly prepared legal documents.

Your nieces and nephews could benefit from your years of hard work. A trust is a great way to help them as they begin their lives. Whether you set money aside for college or a down payment on their first home, you could make a difference in their lives as they transition into adulthood.

Speaking of making a difference, don’t overlook the importance of charitable giving. This is a great way to give back to your community and regardless of which charity benefits from your generosity, you can be sure you’re leaving the legacy you envision.

Don’t forget to set up a pet trust, if appropriate. These are simple documents that allow you to express your wishes for your furry family members while also financially providing for their care. We love our dogs and cats and we want to be sure they’re cared for and loved if we are unable to do so or are no longer here.

Many Americans may choose to remain childfree, but that makes the need for a strong financial and estate plan all the more important. A qualified estate planning attorney can assist you with putting your legacy in place. Contact our offices today to schedule a consultation.

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July 29, 2020
    

We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

Frank & Jutta R
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July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
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July 29, 2020
    

We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
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July 29, 2020
    

When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
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July 29, 2020
    

We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
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July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
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July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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