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Assisted Reproductive Technologies art and estate planning
- 1. Assisted Reproductive Technologies (ART) and Estate Planning Assisted reproductive technologies are creating complications for estate planning issues. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
- 2. Biomedical science has made some amazing advances over the years, and we can only expect that progress to continue. The law, in contrast, evolves at a much slower pace and often fails to keep up. In the future, however, it may be forced to change. As pointed out in a recent article in U.S. News -- Money, roughly half a million cryopreserved embryos are now in storage throughout the U.S. and even more sperm samples are frozen against the possibility of posthumous reproduction. Children can be born to deceased parents – this is the new, technology-induced reality for which estate law and NY estate planning must make accommodation. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 3. An increasing number of couples have made plans to preserve the possibility that they may have a child either because they were having fertility issues, because the financial situation imposed caution, or out of fear that one would pass away before there was an opportunity. This also means that an increasing number of children are being produced to parents who are no longer living. What are the ramifications for parents, grandparents, and estate planners? Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 4. The normal course of events is that assets pass to heirs on the death of the owner – most of the time, this means that the assets pass to children on the death of the parents. Obviously, however, when the parents’ death precedes the children’s birth, this is outside the normal course of events. For the present, the law provides no easy solutions, so it comes down to the intentions of the deceased, and they need to be clearly spelled out ahead of time. Do you want to set aside part of the estate in reserve for children (or grandchildren) that may be born later by means of ART? Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 5. That this creates further complications for New York asset protection when things are already pretty complicated is clear enough, and further illustrates the need to plan early, and to review all options with competent legal and professional advisers. The need to make provisions for posthumous children as well as for those that are already born is one of many concerns that confront us in our rapidly-changing world. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 6. Law Office of David Parker Estate Planning and Elder Law www.parkertrustlaw.com