A recent report holds that one in four children in the United States is being raised by a single parent. This is a percentage that has been on the rise and is higher than other developed countries. Experts point to a variety of factors to explain the high U.S. figure, including a cultural shift toward greater acceptance of single-parent child rearing.The U.S. also lacks policies to help support families, including childcare at work and national paid maternity leave, which are commonplace in other countries. Many believe that single moms in this country are systemically underpaid, and systematically under-resourced and systemically not respected. Terry O’Neill, president of the National Organization for Women, added it is not being a single parent in itself that raises difficulties. Full article.
It is vital for single parents to have their affairs in order. They must plan for their children. It is advisable for single parents to have a Last Will and Testament, with provisions of who will care for their children should they pass. A Last Will and Testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death. Included in the Will is provision of Guardianship. A parent may nominate who will look after their child should they pass without another parent alive. Also, a single parent can arrange to provide for their children’s health, education, maintenance, and support in a trust. The trust will hold the money for the child until the turns a certain age. Distributions may be staggered, so that the child receives 1/3 of the estate at age 25, 1/3 at age 30, and 1/3 at age 35. It is important to consult with an attorney about your affairs. No estate is too small to be excluded from estate planning.
For questions regarding estate planning, please contact an attorney at the Leeds Morelli & Brown P.C. law firm for a free consultation at 1-888-556-2529 or visit the firm’s website at www.lbestatelaw.com.