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Estate Planning for Young Families

Do you know who will serve as guardian for your minor children should you and their other parent are unable to care for them? Do you have a plan to pay for their college education or to provide for them should you become incapacitated or pass away?

Young families starting out may face financial and practical issues, and that may cause them to not address these important matters. It's easy to simply get caught up in everyday life.  Planning for the future becomes increasingly important as you marry and have children, and it is imperative to get the right legal help from experienced professionals to guide you through the creation of a comprehensive plan.

Spalding Law Office realizes these aren't pleasant topics. However, we are dedicated to help you secure the future of your loved ones.


What Types of Planning Do Young Families Need to Do?

Life is full of unexpected surprises—many of which are good—but sometimes they can be tragic. You need to plan for both the good—like your child attending college—as well as for the bad—like a sudden illness or injury that leaves you incapacitated or that causes an untimely death. Planning for any eventuality is incredibly important for any family. While most young people don’t like to think about disaster striking them, if you do not have a plan in place, your family could suffer grave harm if something bad happens to you.

By working with Spalding Law Office, you can protect your loved ones. We help you address some of the reasons why you need a personalized plan crafted for your situation that will ensure family’s security:

  • Protecting your loved ones from difficult decisions if you are ill or injured. You do not want your family to have to guess what types of life-saving medical care you’d want or when you’d want intervention to stop. While most older people have discussed these issues with family, many young people have not because they don’t consider incapacity as something that is likely to happen to them.
  • Growing and protecting your assets.You’ll need to decide how to invest for college, retirement and the creation of a secure financial future. You’ll also want to ensure you use available tools that can help you to protect the assets you have worked hard to build.
  • Ensuring your children are cared for no matter what. You’ll want to ensure they have a guardian who will provide them with love and support and you will also want to ensure there is enough money to financially provide for them.
  • Legacy planning. What do you want to leave behind and how do you want to leave your mark on the world? The sooner you begin planning for what you want your legacy to be, the more likely you’ll be able to achieve your goals.

What is Involved with Planning and Who Can Assist Young Families?

Planning ahead for your future involves:

  • Using trusts and other strategic forms of ownership for both asset protection and for protection in case of incapacity.
  • Creating a living will/advanced directive and a power of attorney to ensure that your assets are managed appropriately and your healthcare decisions are made by a trusted agent in case of incapacity.
  • Developing a plan for building and protecting wealth, including reducing or avoiding estate taxes and ensuring assets aren’t lost due to nursing home bills, bankruptcy, or divorce of your heirs.

 

 

Would you like to get started on an estate plan?

Please contact Jennifer at the Spalding Law Office, and we would be happy to get started on protecting your family's future.