In the course of the media coverage over Michael Jackson’s death, controversy comes to the forefront. With all of the money in Jackson’s estate and the matter of who will gain custody of his children, issues to be resolved are already being raised. Are you in control of who will gain custody of your children if you pass away?

Forget the money; that is a whole other issue. Of most importance is what will now happen to Jackson’s children? Who will take care of them and finish the job of raising them? The first question to be asked is did Jackson name guardians for his children? If he did, are they people who will provide the care needed in the best interests of his children? If he did not name guardians, several people may step forward who want custody. A court of law will attempt to do what is in the best interests of the children, but we will all wonder if what is decided is truly what Jackson wanted. There already is a potential custody battle between Jackson’s mother, his long-time nanny and the biological mother of the children, who according to reports may not really be the biological mother.

When appointing a guardian, here are many of the issues to consider. Some questions to ask are: Does the guardian have similar views to you on how to raise children? Do they live in close proximity to where the children currently live? If not, how will uprooting and having the children move to some distant place, changing schools, etc. affect them emotionally? Perhaps you should name a temporary guardian if the permanent guardian lives some distance away. A temporary guardian can step in right away to avoid placing the children in unfamiliar surroundings with local authorities. What is the age of the guardian? Jackson’s mother is currently 79 and supposedly not in great health. If she gains custody, how long will she be able to take care of the children? What if the guardian you appoint has multiple children in the home already? Will they have time for the proper care and attention needed? Are they stable financially? Do they share the same religious views? Are they willing? If they are married, what happens if they get a divorce? And many more questions and issues may need to be considered when naming a guardian.

We can always learn from the mistakes of others. Time will tell what mistakes, if any, that Jackson has made in the planning for his death, the care of his children and what happens to the assets of his estate. Take advantage of the fact that Jackson’s death will draw attention to many important planning issues. While thinking about what is happening in Jackson’s situation, take the time to examine your own planning. Have you named guardians for your children? If so, are they still who you want? Have you thought through the many issues related to making such a selection?

Naming a guardian is a typical part of any family’s estate plan. You can make it simple or get detailed as desired. If you have an attorney draft a will or trust as your estate plan, guardian provisions can be included. If this has not been done, do it right away. Most parents have not taken the time to draft wills or trusts that name guardians. Take the time to make what can be a crucial decision that will have a great effect on the lives of your loved ones. If help is needed in sorting through the issues, go to our Web site at www.retirementguysradio.com and request a complimentary copy of “How to Choose a Guardian.” Or tune in this Saturday at noon on 1230 WCWA or Sunday at 11 a.m. on 1370 WSPD to learn more on choosing a guardian.

Securities are offered through NEXT Financial Group Inc., Member FINRA / SIPC. The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537

Baker to speak at Senior Market Advisor Expo

Nolan Baker will speak at the 9th annual Senior Market Advisor Expo Aug. 24-26, 2009, in Las Vegas, hosted by Senior Market Advisor magazine. Baker will teach a five-step process incorporating active involvement in the community by being a resource for retirement knowledge and guidance.

For more information about the Expo, visit www.SeniorMarket

Expo.com.

This entry was posted on Friday, July 10th, 2009 at 12:00 am and is filed under Retirement Guys, Toledo Business Link.
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