Patch Blog: Are Your Kids Protected If Something Happens to You?

If you didn't get a chance to view my live WEB TV interview on the Intentional Parent a few weeks ago, just click here.  I talk about estate planning in general and get into quite a bit of detail about Kids Protection Planning®. I think this is a very important topic that all parents should think about. So what's Kids Protection Planning about?

Well, did you know that a whopping 69% of parents do not have any safeguards in place for their kids? Of those parents that do, many of them have made at least one of the six common mistakes that could leave those protections ineffective. I believe that a primary responsibility as a parent is to ensure that your children are properly cared for should the unthinkable happen to you.

If you are a parent with minor children, your estate plan must ensure your children will always be taken care of by the people you want, in the way you want, no matter what happens.

Without legal planning for the care of your children, if the unthinkable happens to you, here's what might happen:

• Your children could be placed into the care of Child Protective Services. (Yes, even if you have a will and living trust in place. And, yes, it would very likely only be temporary, but I'm sure you'd never want your children in the arms of strangers. Not even for a minute).

• Your children could be put into the custody and care of someone you would never want, like that one family member who has good intentions, but you'd never want raising your kids.

• A judge who doesn't know you, or your family, will decide who will raise your kids, even if it's the last person you would ever want.

• Up to 5 percent of the value of your assets could be lost to court costs and other unnecessary fees through the probate process, a court process that can tie up your assets for years and deprive your kids of the resources they need to live comfortably, which can totally be avoided with advance legal planning.

• Your family could get into a long, drawn out custody fight or there could be a challenge to the guardians you have designated.

• When your kids turn 18, they get a check for whatever assets are left.  There are unscrupulous people out there who make it their business to look at the public records to find out when 18 year olds are getting that inheritance check.

The vast majority of estate planning attorneys do not address these issues, and do not plan from a parents perspective.

A Kids Protection Plan® is a set of instructions, legal documents and even an ID card for your wallet, which you need to have if you have kids at home who count on you for their well-being and care.  It will ensure your children are raised by people you choose, not someone chosen by a Judge who doesn't know you. 

Wishing Everyone All the Best in 2012! 

To find out more about Kids Protection Plans®, call me today at: 818-864-6174, email me at: vanessa@vterzianlaw.com, or visit www.vterzianlaw.com for more information.