The Flanigan Law Group, A Professional Corporation
Call Our Office: 949-450-0041 800-732-2413

Should you talk with your parents about their estate plans?

For adult children, asking about a parent’s estate plan may be a taboo that they feel they should not approach. After all, asking about what one’s part is in a will, or what is being left to them may make an adult child seem petty, opportunistic or downright greedy; none of which are particularly endearing to an aging parent.

However, broaching the topic of an estate plan can be of significant benefit to a parent with a large estate. Talking about goals and methods could allow beneficiaries to save a great deal of money in estate tax savings. After all, a federal estate tax return must be filed with estates that are worth more than $5.34 million. Perhaps it may be worth it to a parent to learn more about how their legacy may be passed on to others without it being encumbered by taxes. 

Additionally, some parents may have a strong emotional connection to a charitable organization, and it may be that it is worth it to them to leave a legacy to such an entity. Educating a parent on what tools are available to them is essentially the opposite of a child who simply wants to know if they will be taken care of.

Suffice it to say, talking about a parent’s estate plan does has its risks, but it really depends on one’s intentions and their prior relationship with a parent. If the child has been helpful, responsible and self-sufficient for most of their adult life, the conversation should be easier than you may think. 

No Comments

Leave a comment
Comment Information
Learn How We Can
Help You
Send Us An Email

How May We Help? Send Us An Email

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Flanigan Law Group, A Professional Corporation

15615 Alton Parkway
Suite 450
Irvine, CA 92618

Toll Free: 800-732-2413
Fax: 949-271-6346
Map & Directions