• Skip to primary navigation
  • Skip to main content

Krueger Hernandez & Thompson SCEstate

Attorneys at Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Attorney and Staff Profiles
    • Communities We Serve
      • Adams County
      • Columbia County
      • Dane County
      • Madison
      • Sauk County
  • Estate Planning
    • Asset Protection & Business Planning
    • ESTATE AND GIFT TAX FIGURES
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Practice Areas
    • Business Needs
    • Divorce / Family Matters
    • Real Estate
  • Resources
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Pre Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
  • Testimonials
    • Review us
    • Our Testimonials
  • Blog
  • Contact Us
  • Call Us Today (800) 431-9776
  • ATTEND FREE WEBINAR
    • Medicaid Planning
    • Estate Planning
  • Show Search
Hide Search
Home / Estate Planning Articles / Parenting Your Grandchildren? You Need a Solid Estate Plan

Parenting Your Grandchildren? You Need a Solid Estate Plan

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · Jan 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.

  • Author
  • Recent Posts
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Latest posts by Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC (see all)
  • Spring Summit 2022: Celebrating Friendship in the Lone Star State - June 15, 2022
  • What Makes a Will or Trust Invalid - June 2, 2022
  • How Estate Planning Documents Help Prevent Elder Abuse - May 26, 2022

MIDDLETON

8215 Greenway Blvd, Ste. 590
Middleton, WI 53562
United States (US)
Phone: (608) 824-9540
Fax: (608) 824-9140

BARABOO

120 Third Street, Unit A
Baraboo, WI 53913
United States (US)
Phone: (608) 356-3961
Fax: 608-824-9140

By Appointment Only
All Mail Should be Directed to the Middleton Address

Opening hours

Monday7:00 AM - 5:30 PM
Tuesday7:00 AM - 5:30 PM
Wednesday7:00 AM - 5:30 PM
Thursday7:00 AM - 5:30 PM

Map

map for Krueger Hernandez & Thompson SC Estate ofice

  • Facebook
  • LinkedIn
  • Twitter

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us