As we reach the end of the year, I find myself struggling with the age-old question, what am I going to get my parents for the holidays this year? Each year, this question becomes increasingly challenging. I know that as my parents have gotten older, they have gotten less interested in tangible things. At this point, they enjoy spending time with family more than they do any tangible personal gift. If that sounds like your parents or another loved one, then maybe an estate plan is the best gift you could give this holiday season.
First, an estate plan is like a good wallet. It is convenient to have one; everyone needs one, but it can be challenging to justify the expense of one. By taking the financial aspect out of estate planning, you remove a large hump that prevents many people from procrastinating on getting their affairs in order.
Second, an estate plan helps minimize family conflicts after parents have passed. I’m sure my mom finds comfort in knowing that she has an estate plan in place, which outlines her wishes and will be easy for my sister and me to respect without conflict.
Third, by creating an estate plan, you can help your parents leave a legacy for both their loved ones and the causes they care about. An estate plan can help them support not just their loved ones but also the charities, foundations, and other causes they care about after he passes.
Finally, the best gift you can give over the holidays is the assurance that loved ones will be taken care of. An estate plan can help establish trusts to protect family members with special needs from losing their benefits after inheriting large sums of money. It can also name guardians for minors and provide financial support for years to come through well-invested and managed trusts. It can hold on to funds until people are mature enough to handle them. It can even help protect inheritance from creditors. A carefully drafted and invested estate plan can act as a guardian angel even after someone has passed.
If you do decide to give your parents, or another loved one, an estate plan, it is important to remember that it does not entitle you to make decisions on their behalf, but it by no means takes away from the gift you are leaving them. The gift allows them to settle their affairs in a way that brings them joy and peace, not just during the holidays.
If you are interested in gifting and estate planning for a loved one, contact Sinclair Prosser Gasior to set up a consultation.
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