The Legal Wordsmith for Businesses, Individuals, and Professionals
*NON-TRADITIONAL ESTATE PLANNING*
While many families consist of a never-before-married male husband to a never-before-married female wife, their two children and a dog, society continues to make room for other family forms: like blended families, multi-generational families, same sex spouses, and unmarried couples. The one-size-fits-all estate plan is a plan of the past. Contract Solutions takes pride in its nontraditional estate planning capabilities and in its ability to help business owners craft estate plans that meet their goals.
- Blended Family Estate Planning
- Unmarried Couples
- Same Sex Spouses
- Multi-Generational Families
- Wild Card
- Estate Planning for Business Owners
A “Blended Family” is a family that includes children (or other descendants) from previous relationship(s) of one spouse or both. The ordinary married couple estate plan typically fails to work for both spouses in a blended family.
It can be a difficult, complicated, and emotional process for spouses in a blended family to plan for leaving assets to each other and to children, stepchildren, grandchildren, step-grandchildren, siblings, nieces, nephews, possibly ex-spouses, and others who become family when existing families merge.
Add to that concerns about your children’s future blended families and their spouses and ex-spouses hijacking assets intended for children and grandchildren, and the task of blended family estate planning can be quite challenging.
The fact that you recognize the concerns about leaving your assets to the right people is an indicator that you have solved thornier problems in the past and that with patience, dignity, and a little help you can create a family estate plan that will strengthen your family.
A Blended Family Estate Plan may include two nontraditional wills, complex trusts, Durable Powers of Attorney, HIPAA Release forms, and Health Care Proxies (Durable Powers of Attorney for Health Care). In some circumstances, you may want to include Advance Directives (Living Wills). In many instances, one or more will contracts will prove necessary. Concerns about guardianship, digital assets (all that stuff on your iPhone as example), and property deeds need to be addressed.
Tom O’Donohue can help you identify, express, and coordinate your concerns and goals regarding:
- how you will provide for each other,
- how you will provide for your children and grandchildren,
- how you will each provide for children and grandchildren from previous relationships and for other family members, and
- how you will protect your hard-earned assets from falling into the wrong hands.
Call 978-296-4758 or email tom.odonohue@contractsolutions for a consultation.
The Unmarried Couple’s Dilemma
Without a written estate plan and a sound probate avoidance strategy, an unmarried person is likely to leave his or her life partner with nothing. Under state default laws, everything will go to the deceased person’s relatives.
Such unintended consequences can be devastating for the life partner left behind. And, unless valid documents like a Durable Power of Attorney, HIPAA Release, and Health Care Proxy are in place, financial affairs and health care decisions – during lifetime illnesses – may go unattended to, or be managed by remote relatives or a court appointee rather than by the person who knows you best.
The Unmarried Couple’s Solution
Carefully crafted wills and living trusts, along with other tactics and sound guidance help the unmarried couple avoid unintended consequences and enable the partners to provide for one another. Your chosen life partner will be able to benefit from your retirement fund and continue living in the home you share without risk of losing those things to relatives or to the state.
Help is Available to Unmarried Couples
At Contract Solutions, we help our clients plan and we help them take action. We work with clients to prepare the needed documents. We will coach you on beneficiary designation, joint ownership, pay on death options, and trust funding strategies so that your property will pass quickly to the right persons, without the need for court intervention. Our services include preparation of critical documents and counsel regarding financial and health care decision making.
Call or email for a consultation regarding your particular concerns as an unmarried couple.
Contract Solutions is the Legal Wordsmith you can count on to help you articulate the estate plan you need.
The multi-generational family sharing a household is as (or more) common than ever. At one time the reasons for such living arrangements may have been based in economics or culture. Today, add a third reason: health concerns and a fourth: Child care availability.
Whatever the reasons, multi-generational households can be complex systems of financial responsibilities, caring, property ownership, and expectations.
As you might expect, there are significant privacy and confidentiality concerns and issues in corroborating on a comprehensive estate plan. But if you are of the will to tackle those issues, Contract Solutions is the Legal Wordsmith you can count on to help you articulate the estate plan you need.
If you are unmarried same sex partners with children from prior relationships and have one or more of your parents living with you (or you with them), know that you are not alone. While your situation may be complicated, Contract Solutions is the Legal Wordsmith you can count on to help you articulate the estate plan you need.
For each of the situations contemplated within these tabs, your Estate Plan may include:
- Durable Powers of Attorney,
- HIPAA Release forms, and
- Health Care Proxies (Durable Powers of Attorney for Health Care).
- Advance Directives (Living Wills).
- Concerns about guardianship, digital assets (all that stuff on your iPhone as example), and property deeds need to be addressed.
- In certain instances, one or more will contracts may prove necessary.
For the business owner, an effective estate plan that preserves your wealth will require much more careful thought than the ordinary traditional plan. One or more trusts supported by comprehensive wills for business owners and their family members may be necessary. Contract Solutions is also available to help you tailor life insurance policies, powers of attorney and other estate planning tools to fit your unique goals.
Any contract among business owners can create difficulty for your business partners and your family after you are gone. When you enter into a buy-sell agreement with business partners, a review and tune-up to your estate plan is essential. At Contract Solutions, you will find a lawyer who will help you ensure compatibility between your important business and personal documents.
Business Succession Planning
If you are the sole owner of the business, what will you want to happen to the business when you are no longer able to run it? Will it remain in the family? Will it go to a trusted employee? Will it be sold? If you are a partner in a business, the question that will need to be answered is what will happen to your stake in the business? Do your children wish to step into your shoes, or is it more appropriate to sell your stake? We take great care to ask the questions appropriate to building an effective business succession plan as an integral component to our estate planning for business owners service.
Contemplating Marriage? A Good Time to Begin the Succession Planning Process
Your business interests are property interests. A prenuptial agreement prepared by Contract Solutions is an important protective measure for both spouses to prevent undesirable consequences.
Contemplating Retirement? It is Never Too Late or Too Soon.
Even if all you have is a vague notion of whether or how you want your business to go on, Contract Solutions is worth a call. We will help you identify your many options and assist you in considering their legal practicalities.
Contact an Estate Planning Lawyer Servicing Newburyport and North Shore Business Owners
We will welcome your call at 978-296-4758 or your email to our estate planning for business owners attorney.
ATTORNEY ADVERTISING: The Contract Solutions website provides general information only. Nothing on this site constitutes a legal opinion related to any facts or circumstances. Nothing on this site is intended to be legal advice, and nothing should be interpreted as legal advice.
Neither the information presented on this site, nor the use of any content accessible by way of this site, forms a Lawyer-Client relationship.