Estate Planning for Families with Young Children in Bucks County and Northeast Philadelphia
Protect Your Children’s Future with a Solid Estate Plan
As a parent, your top priority is ensuring your children’s safety and financial security—even if you’re no longer around. Estate planning is essential for families with young children, helping to protect your loved ones, designate guardians, and secure their future. At the Law Offices of Leonid Mikityanskiy, we specialize in estate planning for young families, offering legal guidance on Wills, Trusts, Guardianship Designations, and Asset Protection Strategies adapted to your family’s needs.
Serving Bucks County & Northeast Philadelphia, PA
Why Estate Planning is Essential for Young Families
If you have recently started a family and think you may not need an estate plan, think again. If you have minor children, creating a Will (Last Will and Testament) that nominates Guardians for your children is important. Many young parents assume estate planning is only necessary for the wealthy or elderly. However, if you have minor children, having a legally binding Will and estate plan is critical. In the unfortunate event that something happens to you, having Guardians named in your Will makes it much easier for your relatives to gain custody of your children.
Strategies for Effective Estate Planning
Attorney Leonid Mikityanskiy works closely with young families to explain estate planning strategies that work, beyond simply signing a Will or Living Trust. Here are some key strategies:
- Guardianship and Trustee Designation – Specify a guardian who can manage your assets on behalf of your children, giving them the flexibility to make the best decisions in your children’s interests.
- Asset Protection Trust – Design a structured estate plan where your children receive income from assets while the principal remains protected until they reach a certain age. This ensures their financial security while safeguarding the assets from creditors and potential divorces.
- Structured Inheritance Distribution – Raise the Age for Inheritance and Create a Trust that specifies your children will receive their inheritance at an older age (e.g., 21 or 25 instead of 18). This approach helps ensure they have the maturity and responsibility needed to manage their inheritance wisely.
- Milestone Payments – Instead of a single distribution at a specific age, consider making payments tied to significant milestones. For example, distributions can occur upon graduation, marriage, or purchasing a home, providing financial support when it is most needed.
- Special Needs Trust – For children with special needs, including physical or developmental disabilities, establishing a Special Needs Trust can help cover supplemental expenses while preserving their eligibility for means-tested government benefits like Medical Assistance. This trust can pay for education, transportation, travel, entertainment, and other necessary expenses not covered by Medicaid.
Did You Know?
Comprehensive Planning Tailored to Your Family
The Law Offices of Leo Mikityanskiy is committed to creating personalized estate plans that accommodate your family’s unique needs and goals. We help families with:
- Setting clear financial goals for children’s support.
- Planning tax-efficient strategies for wealth transfer.
- Ensuring smooth transfers of family assets and wealth.
- Providing for the financial support and care of loved ones, including those with special needs.
When to Start Planning
The best time to begin estate planning is now, before any potential issues arise, such as lawsuits or creditor challenges. If you have accumulated significant assets, discussing your asset protection plan with a knowledgeable attorney is vital.
We understand that estate planning can feel overwhelming; that’s why we make the process simple, clear, and customized for your family’s needs.
For professional estate planning services for families with young children, contact attorney Leonid Mikityanskiy today at 215-357-1400 to schedule an appointment at our Southampton, PA office.
