Estate Planning For Parents of Young Children
As parents, we know full well that kids DO NOT come with a Users Guide or Instruction Manual. Raising children is mostly on-the-job training. Everyone you are related to or meet will present themselves to you as THE EXPERT on how it should be done! Being taught to swim by being thrown in the water comes to mind as a good way to explain the experience. No matter how much you have been told about swimming, the first time you hit the water and find that you can’t touch the bottom it is a SHOCK!
An often-neglected area is planning for some of life’s “what ifs,” especially the ones that we don’t even like to think about. Like, “What would happen to your kids if you went out to a movie, leaving them with a high-school babysitter, and did not come home because you were in a serious accident?” More than 70% of parents never implement a plan for that “what if” even though if it happened the lack of a plan would have enormous, perhaps tragic consequences for their kids.
And here’s some eye-opening information: Having a Will does not protect your kids if the unthinkable happens to you….
For parents of minor children, we’ve put together a special package of estate planning services that helps them address their most important questions. We help them plan for who would help take care of their kids in the short term, the long-term, and how the money that they’ve left behind could be used to benefit their children the most. We make sure that they are children’s inheritance is not subject to a later divorce, or some other catastrophe.
You’ve likely taken the step to put in place life insurance to cover the cost of raising your children if you died suddenly. That’s only half the work. You need to put a comprehensive estate plan in place to make sure that you don’t do more harm than good by just leaving a pile of cash behind if you were gone.
If you need to plan, call our office at 609-818-0068 to set an appointment today or contact us here.