Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
While “estate planning” may not be the first phrase that comes to your mind as you prepare for your child’s high school graduation, it is one of the most important.
After your child turns eighteen, medical and financial decisions can legally no longer be made by the parents. The only person with this authority is the child. For instance, if your child ends up unconscious from a car accident, you won’t be able to authorize medical care or access their bank accounts without a court order or a power of attorney. This is where some crucial pre-planning is necessary, and the team at Parman & Easterday is eager to help!
