One of the main motivations for most adults who create a Florida estate plan is to ensure their minor children are taken care of in case they die unexpectedly. However, with more and more adults joining the “sandwich” generation – taking care of kids and aging parents – it also makes sense to consider including parents as estate beneficiaries as well.
If your parents are dependent – even somewhat – on you for financial and/or healthcare assistance, you may want to consider setting up a trust in case they outlive you. Then, when they die, the money in the trust can go to your children.
You will need to appoint a trustee – a sibling or other close relative may be a good choice – and give them the authority through your trust to terminate it once your parents are gone and dispense the rest of the funds to your children.
You can also utilize Florida estate planning tools to help your parents while you are still living, through trusts that leverage the federal gift and estate tax exemptions, through annual exclusion gifts or by paying for their medical expenses (which you will need to pay directly to the provider).
Our experienced and trusted estate planning attorneys have been serving Treasure Coast families for decades, and Michael Fowler is one of only four Treasure Coast attorneys who is Board Certified by the Florida Bar in Elder Law. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.