What Should I Do with My Estate Plan If One of My Children Provides Most of the Caregiving?

In many instances, most of the caregiving may fall to one of your children. This could be due to several circumstances, most often proximity. If you are in this situation, you may have asked yourself how to fairly acknowledge the caregiving load one child has carried over another.

Here are some strategies to consider in navigating situations like this:

Communicate openly. Start a dialogue with all family members who are part of the situation. Openness and honesty are crucial. While these types of conversations can sometimes be difficult, they can reduce the likelihood of potential conflicts. It is important to talk about the level of support given by a particular child and consider how that might influence decisions about the estate.

Consider compensating your caregiving child during your lifetime. If your caregiving child has made personal or financial sacrifices to care for you, you might compensate them through financial gifts or living stipends or even by formalizing an agreement to pay them as a caregiver.

Consider adjusting the inheritance. One thing you might consider is to assign specific assets to your caregiver.

Consider utilizing a trust: A trust can be set up to compensate your caregiving child during or after your lifetime.

Consider taking out a life insurance policy. Another way to balance the fairness of asset distributions is to take out a separate life insurance policy and designate your caregiver as the beneficiary.

Seeking a fair distribution of your assets that honors the caregiving of one or more of your children could be an important aspect of your estate plan. If you’re navigating this and need professional advice, contact Stephen J. Reichert for a free, confidential conversation at 410-299-4959 or sreichert@reichertlegal.com.

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