Parents

Estate planning attorneys frequently hear from their clients, “I’d like to leave something to my grandchildren. What’s the best way to do that?”

Naturally, grandparents love their grandchildren and want them to succeed in life. And when grandparents are in the twilight of their lives, their hearts often turn to the younger generation with a desire to give them whatever advantages they can, especially if they were unable to give their own children those same advantages when their children were younger.

According to data provided by the Center for Disease Control (CDC), approximately 1.9% of all infants born in the United States, 81,478 in 2018, were conceived using assisted reproductive technology (ART).^[1] ART is defined by the CDC as all fertility treatments in which both eggs and embryos are handled: It can involve a number of procedures, the most well-known being artificial insemination, in-vitro fertilization, and cryopreservation (genetic material frozen for later use). Another related arrangement involves surrogacy, where a woman other than the one who will take on the role of mother carries and gives birth to a child.
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Franchise and multilevel marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model. However, they present different estate planning challenges than other types of small businesses because the rights and obligations of franchisees and multilevel marketers are spelled out in contractual agreements.

What Is a Franchise?

When you purchase a franchise, you are purchasing a unit from a company that is already established in a particular industry. As a franchisee, you are entitled to use the company’s business model, advertising resources, and products, and receive training and ongoing support from the company to enhance your chances for success. In return, you must adhere to specified business practices and standards.
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A guardian is an individual who cares for someone, often a minor child, who needs special protection. Parents can nominate a guardian in their will, but typically a court must confirm and officially appoint the guardian after both parents have passed away. Sometimes the need for a guardian arises when the parents are still alive. For example, if the parents become very ill or are unable to care for the child for some other reason, a court can appoint a person nominated by the parents. If a guardian has not been nominated, the court will appoint a person it believes will act in the child’s best interests, often a family member or friend who is familiar with the child.
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July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. This topic is particularly germane at present, as many parents are not only parenting their children but have also spent the last few months homeschooling them. Older children who have lost their jobs or were unable to return to college after spring break due to the coronavirus may now be living at home. At the same time, those parents may already be acting as a caregiver for one or more of their parents who are no longer able to look after themselves, or they may have become more involved in caring for aging parents who are at a higher risk for contracting COVID-19.

Self-Care Is Crucial

Those who are also working—either remotely or outside of the home—have additional responsibilities beyond caregiving.
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Setting money aside for your children’s or grandchildren’s education is a great way to provide for their future. However, it is possible that not all of the money you have set aside will be used for college expenses. For example, your child may receive a large scholarship and will not need to use all the money you have saved, or your grandchild may choose a trade school that is less costly than you expected. Alternatively, your child or grandchild may decide to join the workforce immediately upon graduation. When confronted with this scenario, you may wonder what you can do with the excess money.
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Intergenerational estate planning is important. This type of planning is about more than just helping one generation build as much wealth as possible. These plans help prepare heirs to both manage and preserve those assets into the future for long-lasting enjoyment. Below are five steps that can facilitate successful intergenerational estate planning.

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If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan -- no matter how late in life it is created -- is an absolute must.

The thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you can in the opposite direction. Nonetheless, having this conversation is the key to helping make sure your parents are able to live their golden years without financial worries and that their wishes are carried out after their death.

Estate Planning for Your Parents

Talking about the future with your parents -- including their estate matters, finances, and memorial wishes -- is one of the most important conversations you can have with them.
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