Amy's Angle

How Naming Guardians For Your Kids In Your Will Can Leave Them At Risk by Amy Clemmons Brown, Esq. If you are a mom or dad with children under the age of 18 at home, your number-one estate planning priority should be selecting and legally documenting both long and short-term guardians for your kids. Guardians are the people legally named to care for your children in the event something happens to you. And if you’ve named guardians for your children in your will—even with the help of another lawyer— your kids could still be at risk of being taken into the care of strangers !  One of the most disturbing aspects of this situation is that you probably have no idea just how vulnerable your kids are, since this is a blind spot inherent to the estate plan of countless parents around the world. Even many lawyers aren’t fully aware of this issue—and that’s because most lawyers simply don’t understand what’s necessary for planning and ensuring the well-being and care of minor children. Why? ...

  Does Your Family Need Umbrella Insurance? by Amy Clemmons Brown, Esq. In today’s highly litigious society you are at near-constant risk for costly lawsuits—even if you’ve done nothing wrong. This is especially true if you have substantial wealth, but even those with relatively few assets can find themselves in court facing a potentially devastating lawsuit. If you are sued, your traditional homeowners or auto insurance will likely offer you some liability coverage, but those policies only cover you up to a certain dollar amount before they max out, and you can be held personally liable for anything beyond that limit. For this reason, you should consider adding an extra layer of protection by investing in personal liability umbrella insurance. An Extra Level Of Protection Umbrella insurance offers a secondary level of protection against lawsuits above and beyond what’s covered by your homeowners, auto, watercraft, and other personal insurance policies. Umbrella policies can cover ...

  Protect Your Children’s Inheritance With A Lifetime Asset Protection Trust by Amy Clemmons Brown, Esq. As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the primary factors motivating your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as divorce, serious debt, devastating illness, and unfortunate accidents.  In some cases, a sudden inheritance windfall can even wind up doing your kids more harm than good. Creating a will or a revocable living trust offers some protection for your kid’s inheritance, but in most cases, you’ll be guided to distribute assets through your will or trust to your children at specific ages and stages, such as one-third at age 25, half the balance at 30, and the rest at 35. If you’ve created an estate plan, check to see if this is how your will or trust leaves assets to your...