Do you know who will serve as guardian for your children if you and their other parent are unable to care for them? Do you have a plan for paying for your children’s college educations and for providing for them if you become incapacitated or pass away? How are you planning for the legacy you will leave your child?
Young families face many financial and practical issues and too many people have not addressed these important matters as they become caught up in the minutia of everyday life with young children. Planning ahead 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. Legacy Care Law Firm can help. Contact our Beverly, MA attorneys today to learn more about the personalized services we offer young families and to get answers to questions including:
- What types of planning do young families need to do?
- What is involved in planning for young families and what types of assistance are available?
- How can a Beverly, MA attorney help young families to take control of their future?
What Types of Planning Do Young Families Need to Do?
Life is full of unexpected surprises, many of which are good but some of which are tragic. You need to plan ahead for both the good- like your child getting into a dream school – as well as for the bad, like a sudden illness or injury that leaves you incapacitated or that causes an untimely death. Legacy Care Law Firm assists in planning ahead for any eventuality. While most young people don’t like to think about disaster striking them, if you do not have a plan in place then your family could suffer grave harm if something bad happens to you.
You can protect your children and your loved ones by working with an experienced lawyer and taking some simple steps to plan ahead. The issues to address will be personalized to your situation, but some of the essential reasons why you need to take steps to plan for your family’s security include:
- 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, for retirement, and for 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:
- Understanding tax advantaged college and retirement accounts and making plans to invest in them.
- 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.
These are just a few of many tasks that could be part of planning for young families. An elder law and estate planning attorney is actually best suited to help even if you are very young because attorneys within this field know the rules for asset growth and protection as well as for legacy and inheritance planning.
How Can a Beverly Attorney Help Young Families?
Legacy Care Law Firm provides representation to clients in both New Hampshire and Massachusetts. We offer personalized guidance and assistance with the creation of your comprehensive estate plan to protect yourself and those you love through all of life’s uncertainties. Give us a call at at our New Hampshire number, (603) 894-4141 or at our Massachusetts number, (978) 969-0331, today to learn more.