Many parents become experts at planning in the process of becoming new parents – planning the new nursery, scheduling birthing classes, even picking out a preschool – there is a lot to think about when it comes to welcoming your new child.
Unfortunately, one of the best forms of protection is most times overlooked: an estate plan. Here are five things to take into consideration when establishing an estate plan for the birth of your newborn baby.
Guardians and trustees
Most parents can’t agree on a “perfect choice” and therefore delay in choosing a guardian for their children. If you choose your mind, you can always amend your choice. You should think about someone who will naturally be a part of your children’s life and an individual who shares your beliefs when choosing a guardian or trustee. It is also extremely important to be sure that whoever you choose is willing and able to take on the responsibility of raising your child if you cannot.
Our office can offer a unique process for families with young children at home. Schedule a planning session with our office today to be sure that your children are cared for by the people you trust and love if anything were to happen to you.
With the cost of college already being extremely high, who knows what it will be like in another 18 years. Whether through a 529 Plan or Educational Trust, you may want to start saving right away and realize some of the tax benefits while you save.
Passing on your assets
You will need to think about setting up a trust and naming a trustee to manage the assets you wish to leave to your children since your assets can’t pass directly to your children if they are under the age of 18. It is also important to examine the beneficiary forms for your insurance policies and retirement accounts to be certain that your new child is named as a beneficiary. These beneficiary forms will determine who inherits from these accounts, even if you do have a will in place.
Contact our office today to talk about setting up a trust to avoid probate and be sure your assets pass directly to your loved ones.
You will want to discuss asset protection strategies that will protect your heirs’ assets and minimizes taxes if you have an estate of more than $10.5 million.
This article is a service of The Solution Law Firm, P.A. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Planning Session and mention this article to find out how to get this $750 session at no charge.
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