law py
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • About The American Academy
    • Advantages of Working With Our Firm
    • Speaker Connection
  • How We Help
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Pet Planning
    • Remarriage and Blended Families
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Coping With Alzheimer’s
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning FAQs
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQ’s
      • Medicaid Planning FAQs
      • Probate FAQ’s
      • Trust Administration & Probate FAQ’s
      • Wills and Trusts FAQs
    • LGBTQ Resources
    • Special Needs Resources
    • Newsletters
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
  • Contact Us
  • Attend a Free Webinar

Vitt Law Offices, PLC

Helping Other People Preserve Their Wealth

Attend A Free Webinar

Call Now
(434) 971-3025

header-logo
Home » Parenting Your Grandchildren? You Need a Solid Estate Plan

Parenting Your Grandchildren? You Need a Solid Estate Plan

January 31, 2011 by Vitt Law

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Most grandparents act as caregivers for their grandchildren to one degree or another. For some, it may be watching the little ones while mom and dad enjoy a much-needed evening out, while for others caring for grandchildren may be a long-term arrangement.

According to data collected in the 2010 census, 4.9 million children under age eighteen live in grandparent-headed households. Most of these children live in multi-generational homes, including their grandparents plus at least one parent. However, in 20% of these grandparent-headed households, neither parent is present in the home and the grandparents are responsible for meeting the needs of the children.

If you are a grandparent who is caring for your young grandchildren, you’re experiencing the blessings and responsibilities of parenthood all over again. One of the pressing responsibilities that accompany your role as caregiver is to make sure that you have a plan for your grandchildren in the event that something happens to you. And because you’re older now than you were the first time around, planning becomes all the more important. What should your basic plan include?

  • A Will that names a guardian and a successor guardian to care for your grandchildren in the event of your death.
  • A Durable Financial Power of Attorney designating someone you trust to serve as agent to take over your financial affairs in case of your disability. Your Power of Attorney should include language specifically permitting your agent to conduct Medicaid planning on your behalf.
  • A Durable Power of Attorney for Healthcare designating a trusted agent to make medical decisions on your behalf, should you be too ill or injured to make those decisions yourself.
  • A Health Insurance Portability and Accountability Act (“HIPAA”) release form, authorizing the release of your medical records and information as well as your grandchildren’s medical records and information to the appropriate agent.

Just as you likely did when your own children were young – and especially if you have adopted your grandchildren – you may want to consider life insurance as a way to ensure that your grandchildren’s financial needs are met in the event that you pass away before they are old enough to provide for themselves.

If you have substantial assets, your estate plan will likely need to go beyond the basics in order to provide fully for your grandchildren’s futures. Our ever-changing federal estate and gift tax laws mean that a flexible estate plan is indispensible when it comes to ensuring that your grandchildren receive every penny of the inheritance you intend for them.

Taking your grandchildren into your home means you’ve accepted the task of providing them with the emotional support and parental guidance they might not otherwise receive. An effective estate plan is one step in ensuring that your grandchildren continue to enjoy as much stability as possible, come what may. A qualified estate planning attorney can help you develop a plan that is tailored to your needs and those of your grandchildren.

Primary Sidebar

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Address
Texting Permission

SUBSCRIBE TO OUR E-NEWSLETTER

Address
Texting Permission

Where We Are

Vitt Law Offices, PLC
880-A Rio East Court
Charlottesville, VA 22901
Phone: (434) 971-3025

Map

OFFICE HOURS

Monday8:30 AM – 6:00 PM
Tuesday8:30 AM – 6:00 PM
Wednesday8:30 AM – 6:00 PM
Thursday8:30 AM – 6:00 PM
FridayClosed

Footer

  • About The Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us
  • Facebook
  • LinkedIn
  • Twitter
Logo

Vitt Law Offices, PLC

© 2023 American Academy of Esate Planning Attorneys, Inc.

© 2023 American Academy of Esate Planning Attorneys, Inc.