As your family grows, and your asset portfolio grows, the needs of your estate plan change too. The “walls” of a good plan grow with your family and your assets. Part of estate planning is considering your current situation (children, assets, etc.), but a larger part focuses on what could happen. Proper planning can act as a “crystal ball” for your future, so that no matter what challenges life presents, you are prepared.
Young families with small children need to consider not just the current care for their child (guardians), but what the future will hold. Without a trust, when a child attains the age of 18 they receive any inheritance left to them outright. While most young couples would say they don’t have significant assets, consider that if a child’s guardian and custodian has invested any money left to the child, those assets could have grown. Additionally, even small estates can have big problems (see our Article “Small Estate, Big Problems”). While most parents want any inheritance left to a child to be used for education, wedding expenses or a down payment on a home, an 18-year-old will be more likely to use the money for a new car, or a vacation. A trust can protect the assets so that they are used in the best way for your children.
Aside from the complications we can expect, life never seems to go as planned. A good estate plan can protect beneficiaries’ assets from divorce, lawsuits (car accidents or other litigation), future special needs (unexpected or known disability), assets falling to grandchildren or other young beneficiaries unexpectedly, and probate proceedings.
In addition to estate planning, working with a good financial investor helps to keeping building your investment portfolio. Funding Roth IRA’s with the maximum yearly contribution can provide a healthy nest egg for retirement. Even small contributions to general investment accounts can have big pay offs thirty years later. Lastly, a life insurance policy is a good safety net for life’s unexpected moments. A life issuance policy can help a surviving spouse pay anything from funeral expenses to the remaining mortgage and can even give financial assistance for years to come. While we all like to think that we will live forever, planning for the unexpected can save heartache and stress when unexpected moments arise.
Our firm works with families and assets of all sizes to develop plans that grow with you through life. Contact Grissom Law, LLC today at 678-781-9230 to schedule an appointment to discuss your needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.