Presentation by Vince Sullivan

Vince Sullivan spoke about the two most neglected areas of estate planning. First, planning for the needs of children, and planning for the needs of the elderly.

Parents need to consider what appears to be best for their children regarding receiving funds from their parents’ trust for education, marriage, purchase of a home, starting a business, etc. Trust provisions need to be relatively specific, and also need to be reviewed as the child or children become older.

In planning for the elderly, estate planning has to include provisions for possible incapacity, and specify the persons to make decisions concerning the elderly individual’s residence, care, transportation, recreation, medical care, etc. Trust provisions are important, as are powers of attorney for finances and powers of attorney for health care decisions.