May 16, 2023

Organizing the (E)State of Your Affairs with Amy Holzman

36 minutes

Amy Holzman is a seasoned trust and estate attorney with over 25 years of experience. Specializing in estate planning and administration, Amy prepares wills, trusts, estate and gift tax planning, and healthcare proxies, for a wide range of clients including US citizens, international families, and LGBTQ+ clients. In this episode, Amy and Stacy Francis discuss the ins and outs of estate planning. Amy shares key considerations for single mothers with young children, highlighting the importance of appointing a capable and willing guardian for minors, the use of trusts for managing children's inheritance, and other critical elements of estate planning.

The cornerstone of any will for parents with young children is appointing a guardian. This person should be capable and willing to raise the child in case something happens to the parents. It's also critical to have a detailed letter outlining how the child should be raised, to prevent family conflicts and misunderstandings later.

Trusts are a viable way to manage and protect children's funds. Parents need to choose a responsible trustee, who can be guided by a financial advisor, to ensure that the child's funds are used appropriately.

Healthcare proxies should be in place for children over 18. For families with substantial wealth, early gifting can help preserve wealth for future generations. Revocable trusts can also be used to avoid costly court procedures.

Setting up a Roth IRA for children, regardless of whether they have income, can provide them with a financial head start. Moreover, parents should talk to their children about financial matters to prepare them for financial responsibility in the future.

Resources

Amy Holzman on LinkedIn

Email: [email protected]

Law Offices of Amy Holzman

Stacy Francis on LinkedIn | Twitter

Email: [email protected]

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

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