Father’s Day is this coming Sunday (June 15). It is a day to celebrate the sacrifices and contributions that fathers and father figures have made on their families, especially children. On Father’s Day, much of the focus is on giving dad gifts or giving him a rest from most of his duties. The gifts typically focus on power tools, fishing tackle, baseball tickets or even ties. However, it may be difficult to shop for the dad who has everything.
If you have this problem, you may consider the gift of an estate plan. Indeed, planning for the unexpected may be a morbid proposition, but it is something that is necessary for men who have children and assets that must be distributed in the event of his passing. Essentially, without a will, power of attorney or healthcare directive, a man may not have the ability to direct how he may be cared for in the event he became incapacitated. Also, he would not be able to divide and distribute assets according to his wishes. Instead, he would be forced to do so according to California law.
While asset division according to the law may be okay for some, for others it may not be. A detailed plan can help prevent (and resolve) disputes over property ownership and a parent’s wishes regarding care. The situation involving Casey Kasem and his children is an unfortunate example.
An estate plan may also help in avoiding high estate taxes. Estates valued at more than $5 million may be subject to federal and state estate taxes that can severely limit the value of the estate.
With that we wish all of our readers who are fathers a happy Father’s Day.
Source: Forbes.com “Eight common estate plan objectives of married couples,” Lewis Saret, May 13, 2014