The number one planning obstacle that couples with young children face is
deciding who will be named the children’s guardian if the parents die.
CPA financial planners can play a role in this crucial decision by
helping clients work through issues such as the financial status of the
prospective guardian, how the guardian will be compensated, and
whether to name a trustee.
Considerations your clients will need to ask include:
- A potential guardian’s financial status and whether the
guardian will be able to provide the lifestyle they desire for their
- Having another person or institution serve alongside the guardian as trustee.
- Whether to nominate one person or a couple as guardians
Any estate plan designed for the parents of minor children will have to
take technical, financial, legal, and psychological components into
account. A skilled financial planner will combine technical skill with
emotional sensitivity to help his or her clients craft a plan that
brings them all into balance.
Click here to read Patricia’s complete article as it appears in CPA Insider.