“Thought for the Day” #663 – by Stephen R. Elville, J.D., LL.M.

February 12, 2016

Worry is a two-way street.  Children are just as concerned about the state of their parents’ planning as parents are concerned about their children’s affairs being in order.  Many children are frustrated with parents who are past sixty but refuse to acknowledge the need for estate and incapacity planning, leaving the younger generation in a state of complete uncertainty about the future and the looming prospect  of elder care and eventual estate administration without guidance or legal roadmap.  Parents should (1) take stock of family resources, (2) consider the enormity of the tasks responsible children will undertake on their behalf, (3) structure a comprehensive estate plan, and (4) communicate that plan to the responsible child or children.