MY PHILOSOPHY:
“I WILL FIGHT TO PROTECT YOUR LEGAL RIGHTS UNDER THE LAW.”
I have a lot of training and certification as a lawyer!
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University’s like this little world, a bubble of time separate from everything before and everything after.
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Serious car crash →
Brain injury →
Truck accidents →
Semi-truck collision →
Motorcycle accidents →
Wrongful Death →
“Every mountain top is within reach if you just keep climbing.”
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MY PRACTICE AREAS
Family Law
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Business Law
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Trust & Estates
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Civil Litigation
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Civil Litigation
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Family Law
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Civil Litigation
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
Family Law
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum.
WHAT SAY MY CLIENTS:
Rodney Stratton
The Law is hard, but it is the Law.
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The Law is hard, but it is the Law.
Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum. Mirum est notare quam littera gothica, quam nunc putamus parum claram, anteposuerit litterarum formas humanitatis pe.
Useless laws weaken the necessary laws.
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My BLOG & GALLERY
It is a daunting task to prepare for your child to go to college. Now that the enrollment deposit has been paid, the dorm application is complete, and you’ve purchased their first official college sweatshirt, you can breathe – right? Not necessarily. College is an exciting and emotional time for both parents and students. As parents, we are sometimes so consumed with raising our children, that we tend to see them as just that – children. However, the truth is, in the eyes of the law, the apron strings are cut the moment they turn 18.
Any number of emergencies or disputes could arise when a student goes off to college. Issues such as a disagreement with a landlord, a speeding ticket, or heaven forbid – an accident. Parents lose the ability to make medical decisions, financial decisions, or obtain grades and disciplinary information from their child’s school once the child is 18 years old, even if the parents are the ones writing the check. So what does this mean for you and your child?
If your student would like for you to continue to be involved in those important decisions, they would need to complete legal documents that would allow you to intercede on their behalf.
Here are five important legal documents recommended for your college aged child:
- Family Educational Rights & Privacy Act (FERPA) Waiver
- Healthcare Power of Attorney
- Living Will
- HIPAA Release
- Financial Power of Attorney
FERPA
The Family Educational Rights & Privacy Act transfers the rights of educational information such as transcripts, GPAs, enrollment status, financial aid, and class schedules to the student when they reach the age of 18 (with few exceptions). The FERPA waiver allows the student to appoint a parent (or other adult) to receive educational records and information.
Healthcare Power of Attorney
A medical power of attorney allows parents the ability to make vital medical decisions if their adult child is incapacitated or otherwise unable to do so.
Living Will
A living will outlines the student’s preferences for end-of-life medical care, donating of organs, and life-extending medical treatment in the event they are in a vegetative state for an extended period of time.
HIPAA Release
The Health Insurance Portability and Accountability Act (HIPAA) Release authorizes healthcare professionals to release medical information such as diagnosis, medication, treatments, and test results to a designated person(s). Without this authorization, doctors are prohibited from giving this information to parents.
Financial Power of Attorney
Once your child reaches the age of 18, their finances also become private. While it is a good idea to set up a joint bank account so that you can deposit money for food, books, and other necessities, it is also important to have a financial or durable power of attorney in place. This will allow the parents to pay bills in the event the student is incapacitated. This also allows parents to be able to renew car registrations, sign titles, or complete financial transactions for students in the event they are unable.
These important documents should be completed when your child turns 18 or at the latest, when they leave for college. If the student is going to a college out-of-state, it may be necessary to complete documents that comply with each state’s requirements.
At Axis Estate Planning, we specialize in preparing families for every stage of life. Whether your child is heading to college or you’re planning for your future, we’re here to help. Contact us today to schedule a consultation and ensure your family is protected, no matter where life takes you.
In our previous blog, we discussed the general challenges of estate planning for blended families and why careful planning is essential. Now, let’s delve into specific types of trusts that can help you navigate these complexities while protecting your loved ones and honoring your wishes.
Qualified Terminable Interest Property Trust (QTIP)
A QTIP Trust offers an excellent solution for providing financial support to your surviving spouse while ensuring that your assets are distributed according to your wishes after their passing.
- How It Works: The QTIP Trust generates income for your surviving spouse during their lifetime. After they pass, the remaining assets are distributed to your children from a previous marriage or shared children, based on your predetermined instructions.
- Protecting Minor Children: If your children from a prior marriage are still young, the QTIP Trust’s assets can be transferred into another trust managed by an independent trustee, preventing an ex-spouse from gaining control of the inheritance.
Long-Term Discretionary Trust (LTD Trust)
A Long-Term Discretionary Trust provides enhanced control over your children’s inheritance.
- Independent Trustee: You can appoint a trusted individual or professional as the trustee, ensuring that the inheritance is used solely for your children’s benefit, even if they reside with an ex-spouse.
- Multigenerational Protection: If one of your children predeceases your ex-spouse, the inheritance can remain in the LTD Trust for your grandchildren or other beneficiaries of your choosing.
- Spendthrift Provisions: This feature protects inherited assets from being squandered due to reckless spending, divorces, lawsuits, or bankruptcies, ensuring your children’s financial security for the long term.
Estate Tax Exemption Trust (ETE Trust)
An Estate Tax Exemption Trust is a powerful tool for minimizing estate taxes and maximizing the inheritance available for your loved ones.
- Tax Efficiency: This trust shelters the maximum allowable exemption amount upon your death, ensuring that your assets are not unnecessarily reduced by estate taxes.
- Complementing the QTIP Trust: Often used in conjunction with a QTIP Trust, an ETE Trust ensures that both your spouse and your children benefit from tax-efficient planning.
Tailored Planning for Your Unique Family
Every blended family has unique dynamics, and a one-size-fits-all approach simply won’t do. By leveraging these trust options, you can protect your loved ones, provide for your spouse, and ensure your wishes are respected long after you’re gone.
At Axis Estate Planning, we understand the challenges of planning for blended families and are here to help you navigate every step of the process.
Contact us today to schedule a consultation and learn how these trusts can address your specific concerns and goals.
Call (248) 920-9398 or visit www.axisattorneys.com to get started.
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