For better or worse, dynamics within families are often complex. For aging parents; a desire to leave possessions, real estate and assets to adult children may create unexpected tensions between both parents and adult children and between siblings. To mitigate possible conflicts, parents are advised to establish and regularly upon an estate plan which may include a number of estate planning tools to accomplish several related goals.
Many individuals who are in their 30s, 40s and 50s may have concerns about their aging parents' health and general wellbeing. While completely normal, too often adult children fail to voice their concerns directly with a parent until a major health or life event occurs which forces the conversation or a major decision.
In this blog, we often discuss the importance of establishing a comprehensive estate plan to provide for one's own future financial needs as well as those of heirs. Unfortunately, at times, unexpected life events can result in an individual facing uncertain circumstances and force one to adjust his or her long-term financial goals and strategies for achieving those goals.