“Thought for the Day” #786 – by Stephen R. Elville, J.D., LL.M.

August 19, 2016

A strong argument can be made that estate planning for seniors should be done in a collaborative fashion with children – planning that is inclusive of and not exclusive of children.  Of course this is not always possible.  But where practical, huge benefits may inure to the entire family.  Reduction of cost, time, and effort in administration, avoidance of mistakes due to gaps in knowledge or timing issues, continuity in asset protection planning, higher likelihood that any special intra-family issues will be properly handled and/or that the intent or purpose of the overall planning is accomplished, and enhanced prospect that children will take the initiative to accomplish their own planning represent some of these.