I want to extend a big thank you to Newborn Network for hosting us in North Routt and South Routt on April 6th and 13th! Together, we learned about the Bliss family and benefits of planning for the unexpected – some serious stuff for sure but it was made more fun with puppets.
We discovered potential pitfalls and blissful outcomes when Bonnie’s ex-husband, Kerry, passed away unexpectedly leaving their 10 year old daughter, Hazel, as beneficiary to his life insurance policy.
We discovered how the inheritance might impact the family dynamics, particularly between Hazel and her mother and stepfather; the financial anxiety when child support from Kerry ended abruptly and the drawn out process of court oversight for Hazel’s money; then, the likely consequences of Hazel receiving the life insurance proceeds at age 18 with no strings attached.
We found better options by advance planning using Kerry’s responsible brother, Joe, to oversee Hazel’s money.
Without an estate plan, Hazel would likely receive inheritance at age 18 with no strings attached.
Blended families make estate planning all the more urgent.
Then, the heat turned up as we explored what would happen if Billy (Dad) was off the grid for a few days on a rafting trip while Bonnie (Mom) went out for a bike ride leaving Baby Cooper at Neighbor Sarah’s house. We came to understand the peace of mind of having a Kid Safety System® if Bonnie was injured; how the police protocol would play out on the scene of Bonnie’s accident, at Hazel’s school and Neighbor Sarah’s house; what would become of the kids until Billy could be reached or while their next closest relative, Bonnie’s sister, Barbara, traveled from her home in Wisconsin and where Kerry and Joe’s Mother, Grandma Hazel, would fit in if Bonnie were to pass on.
We touched on the different results if Baby Cooper had also been in the bicycle accident with Bonnie. We learned the value of various healthcare advance directives to smooth the road for Billy and Barbara as they made decisions for Bonnie and Baby Cooper’s care.
Finally, we considered how a revocable living trust or a will with a financial power of attorney would apply if Billy needed to access emergency funds in Bonnie’s bank account, if Billy remarried or if one of the children had special needs.
If you know of a group that could benefit from such a fun and informative educational talk, please call 970-879-1572 or email assistant@swanlawoffice.com today for more information. We love community education and would be happy to meet and talk with your group!