Mountain Views News, Pasadena Edition [Sierra Madre] Saturday, December 10, 2016

B3

BUSINESS NEWS & TRENDS

 Mountain Views News Saturday, December 10, 2016 

FAMILY MATTERS By Marc Garlett


ESTATE PLANNING FOR 
YOUNG FAMILIES

Young families face different estate planning needs and 
challenges than their more established counterparts. 
While established families may be concerned with 
what will happen to their family when they pass on, 
young, growing families can be more focused on what is 
happening to their family in the present. And they even 
may find it hard to justify planning for an “estate” they 
haven’t yet developed!

 Young couples tend to think that they don’t really 
need to start worrying about estate planning until they 
reach retirement. They may think it is better to focus on 
building a life than planning what will happen when that 
life ends. But even young families can - and do - benefit 
from estate planning, regardless of their net worth. Here 
are a few estate-planning issues important for young 
couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children 
reach 18, they will need a legal guardian. To prevent avoid 
them from becoming wards of the state and placed in 
foster care, you will want to name both temporary and 
long-term guardians. Identify a willing and appropriate 
guardian for your children and document your choice. 
You’ll also want to document backups in the event your 
first choice is unable to perform. This will provide you 
with the peace of mind that comes from, knowing your 
children will be well taken care by the people you want if 
anything should happen to you.

The Management of Your Children’s Property

Don’t forget that if you die, the property left to your 
minor children will need to be managed by someone - at 
least until they turn eighteen. If no one is identified for 
this task, the court steps in and takes over the role, which 
results in unnecessary expenses and less control.

The Distribution of Your Belongings and Asset

As with your children’s property, your estate plan should 
include the details on how you want your property will 
be managed. Again, if your wishes are not expressed, the 
court may step in to handle things. That means a loss of 
control, extra expense, and an impersonal experience for 
your loved ones.

The Management of Your Estate

Again, if you do not name a personal representative 
who will manage your estate, the court will appoint one. 
This can result in delays, extra fees and costs, and, in the 
end, there is no guarantee the representative will act in 
accordance with your wishes.

The Authority to Make Decisions for You

You should also consider giving powers of attorney to 
someone in the event you are unable to make sound 
personal financial or health care decisions for yourself. 
Not doing so makes things harder on your family both 
financially and emotionally.

 Young families face different challenges than 
established families do, but all families share concern 
about their children’s futures. You don’t need a large 
estate to begin estate planning, but you should know 
what you want to do to protect your family and your 
assets should you die or become incapacitated. Far from 
being a morbid task, estate planning actually gives young 
families peace of mind, confidence, and security when 
it comes to the future well-being of all members of the 
family. 

 That’s why at my firm, we don’t just draft documents. 
We also help our clients make informed and empowered 
decisions about life and death, for themselves and the 
people they love. And that’s the real power of estate 
planning. 

 

A local attorney, father, and CASA volunteer (Court 
Appointed Special Advocate for Children), Marc Garlett is 
on a mission to help parents protect what they love most. 
His office is located at 49 S. Baldwin Ave., Ste. G, Sierra 
Madre, CA 91024. Schedule an appointment to sit down 
and talk about ensuring a legacy of love and financial 
security for your family by calling 626.355.4000 or visit 
www.GarlettLaw.com for more information.


WINTER SALE!

For over 30 years the Book Rack has been what a bookstore looks like in a childhood memoryfilled 
up and down ,.vith old and new volumes, staffed by people who love and know books. 
Certainly there is a variety: new and used paperbacks(in great condition), used hardbacks, 
Fiction, Non-Fiction, Western, Classics, Children’s, Sci-Fi, and Romance. 

The staff are very helpful in finding the book you want, as well as selecting the perfect gift for someone 
special. Special services include, a hardback rental service, and a book trade-in service (Some 
conditions apply of course, but you can trade in old books for store credit!) Located on the corner 
ofS. l st Avenue and Bonita, Arcadia, Ca., open daily Mon-Sat 1 Oam-6pm and Sun 11 am -4pm.


If you’re a book collector, an avid reader or just hungry for a good deal, then don”t miss 
THE BOOK RACK’S WINTER SALE going on NOW thru January 5th•


We’d like to hear from you! 

What’s on YOUR Mind?

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Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com