• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Estate Planning Articles » Parenting Your Grandchildren? You Need a Solid Estate Plan

Parenting Your Grandchildren? You Need a Solid Estate Plan

January 31, 2011

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Most grandparents act as caregivers for their grandchildren to one degree or another. For some, it may be watching the little ones while mom and dad enjoy a much-needed evening out, while for others caring for grandchildren may be a long-term arrangement.

According to data collected in the 2010 census, 4.9 million children under age eighteen live in grandparent-headed households. Most of these children live in multi-generational homes, including their grandparents plus at least one parent. However, in 20% of these grandparent-headed households, neither parent is present in the home and the grandparents are responsible for meeting the needs of the children.

If you are a grandparent who is caring for your young grandchildren, you’re experiencing the blessings and responsibilities of parenthood all over again. One of the pressing responsibilities that accompany your role as caregiver is to make sure that you have a plan for your grandchildren in the event that something happens to you. And because you’re older now than you were the first time around, planning becomes all the more important. What should your basic plan include?

  • A Will that names a guardian and a successor guardian to care for your grandchildren in the event of your death.
  • A Durable Financial Power of Attorney designating someone you trust to serve as agent to take over your financial affairs in case of your disability. Your Power of Attorney should include language specifically permitting your agent to conduct Medicaid planning on your behalf.
  • A Durable Power of Attorney for Healthcare designating a trusted agent to make medical decisions on your behalf, should you be too ill or injured to make those decisions yourself.
  • A Health Insurance Portability and Accountability Act (“HIPAA”) release form, authorizing the release of your medical records and information as well as your grandchildren’s medical records and information to the appropriate agent.

Just as you likely did when your own children were young – and especially if you have adopted your grandchildren – you may want to consider life insurance as a way to ensure that your grandchildren’s financial needs are met in the event that you pass away before they are old enough to provide for themselves.

If you have substantial assets, your estate plan will likely need to go beyond the basics in order to provide fully for your grandchildren’s futures. Our ever-changing federal estate and gift tax laws mean that a flexible estate plan is indispensible when it comes to ensuring that your grandchildren receive every penny of the inheritance you intend for them.

Taking your grandchildren into your home means you’ve accepted the task of providing them with the emotional support and parental guidance they might not otherwise receive. An effective estate plan is one step in ensuring that your grandchildren continue to enjoy as much stability as possible, come what may. A qualified estate planning attorney can help you develop a plan that is tailored to your needs and those of your grandchildren.

Primary Sidebar

Law Office of Michael Robinson, P.C.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

A pleasure as always dealing with the entire staff. Always willing to explain the answers to our questions.

- Joseph and Julie Ann M.

Over the years we have been to many programs regarding Estate Planning. We were most impressed with Mr. Robinson’s presentation - both in subject matter and explanation in an understandable manner. We have put our “trust” in his competent hands. We were not aware of the complexity and the volume of paperwork generated for this undertaking. We found his staff to be most capable and client oriented in their knowledge and delivery.

- F.T. & L.T.

Our overall experience was one of thoughtfulness, clarity and comprehensiveness on the part of Michael Robinson, his staff and associates. We attended Michael’s seminar on legacy wealth, and found him to be clear and well-spoken. He touched on all aspects of Estate Planning in which we were interested. Our first of two visits to his office was timely and helpful enough for us to consider developing a plan. We finalized our document at a necessary meeting. His staff was accommodating and virtually spelled out every aspect of the plan. We highly recommended Michael and his system for developing a trust.

- Sharon T.

“From the first visit I was welcomed (like family). The office & girls have all their ducks in order! Very friendly! Mr. Robinson explained everything in detail. 100% satisfied. Will pass the word on. Great Law Firm. Thank you so much.”

- Geraldine P.

Establishing a Family Wealth Trust through the Law Office has been a positive experience, the staff is congenial, patient, thorough, professional and knowledgeable. Thank you for all your kindness. We certainly are comfortable and confident with our decision.

Beverly L.

<
>

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2022 American Academy of Estate Planning Attorneys, Inc.