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How To Choose The Best Guardian For Your Child

 

In this Elder Law Minute, Wes Coulson discusses important considerations when choosing a guardian for your minor child or adult special needs child.

Transcript:

Today I want to talk about some considerations in choosing a guardian for if you’re younger, minor children; if you’re older, then an adult special needs child in planning your estate. Maybe a bit of an eye-opener: First, when people look at that, they tend to think of everyone being frozen in time at the age that they are now. Keep in mind, if you are thirty years older than your child, that there’s a good chance that they’re going to still be around for another thirty years after you die. So, naming someone who is a good choice now or initially, that may not mean that they’re going to be the best choice down the road.

If you’re younger, take into consideration also that your kids have important relationships not only with you, but with their school district, with their friends, so whereas your sister in Atlanta might be really good if your kids are at that point going to be in high school, moving them away from all of their social circles might not be the best situation.

Other things as part of that planning, I had someone that I talked to recently who has six minor children and we were talking about the choices, and I said, “You know, you need to set aside some money in your estate plan so that the people that you’ve chosen can buy a bigger house, because I have yet to meet someone who has enough empty bedrooms in their house to accommodate six new kids coming in and needing bedrooms.”

So, think practical and think forward, and make sure that you have backups in place because the first choice isn’t always available, and the first choice may also decide that they’re not available or not the best choice.

Also looking for information about Medicaid and Asset Preservation? Visit these articles:

    • Do Living Trusts Protect Assets From Medicaid or VA Spend Down?
    • How an Asset Preservation Trust Protects Your Life Savings From Long-Term Care Costs
    • Why Do I Need an Asset Preservation Plan?

“Your Trusted Advisor on the Elder Care Journey”

Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

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Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Join us for one of our highly informative and FREE workshops and find out how you can protect your family's hard-earned life savings.

Visit Free Workshops for more information.

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774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

Front office building of Coulson Elder Law

Front office building of Coulson Elder Law

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774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

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