Parents’ estate planning for both bar bouncers and ballerinas

| Oct 26, 2017 | Estate Planning, Firm News

When you look at your kids as an Arkansas parent, a kaleidoscope of thoughts likely swirl in your mind.

They’re loving, yet sometimes maddening, right?. They’re thoughtful, but also stubborn and self-centered at times. They can be clearly focused on your best interests at one moment, while at the next, well … they just took off on a road trip and are calling you for money from California.

Here’s a certainty, though, which is itself couched in variance: When considered alongside each other, your kids are as different as the planets.

And the differences between them become more obvious and pronounced as they reach adulthood and begin advancing in years.

Which leads to the above blog headline in today’s post underscoring the fact that legions of American families have kids that are as different from each as can possibly be stated.

And that can result in both distinct challenges and opportunities for parents when it comes to estate planning.

Noted financial writer Liz Weston notes that in a recent column, pointing to an example where one adult child is highly stable in her career and income, with her brother being a struggling actor who forgoes a regular job in order to be free for auditions.

In such a case, how can parents logically — and fairly — provide for both kids through estate planning?

It might not be easy, but neither does it have to be notably problematic, says Weston. In fact, it can spell a real opportunity for providing in a manner that underscores family values while simultaneously helping a child pursue life-long dreams.

Meaningful estate planning starts, says Weston, through parents’ close engagement with an experienced attorney who routinely works with diverse clientele to implement optimal solutions in tailored ways.

Your children are flatly precious to you, of course, and you want to assist them in every way you can. A seasoned attorney can help promote that important goal.

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