Being newly married and having young children is a wonderful experience, and your life likely feels full and busy. Unfortunately, far too many young families get so caught up in the joy of the here and now that they fail to take adequate steps to plan for later. Young families should be taking steps as soon as they can to achieve a secure future. Sadly, they must also plan for the possibility of tragedy.
Nehoray and Drake, LLP can provide the advice and assistance young families need to be prepared for anything in life. We will give you guidance so you can achieve financial security and set yourself and your loved ones up for a strong future. Our legal team will also help you to be prepared in case things go wrong. Give us a call today to speak with a member of our legal team who can provide personalized advice and who can give you answers to questions you have including:
- What kinds of plans should young families make for the future?
- When is it important to start making plans for the future?
- How can a financial planning and elder law attorney help young families?
What Kinds of Plans Should Young Families Make for the Future?
Young families should think optimistically and should plan for a bright future. This means parents should begin to set aside money for things like college educations for kids and for a secure retirement for them so they can enjoy their grandchildren. A retirement planning lawyer and financial planning lawyer can provide advice on investment options that provide tax breaks and can offer guidance on asset protection so the wealth you work for is not lost.
Unfortunately, it is also necessary to make plans for what happens if something goes wrong. You should make certain that you know what will occur in case of an incapacitating illness or injury.
Who will make medical decisions if someone in the family cannot? If you want your husband, wife, or another family member to be in charge of your medical choices when you cannot communicate, you should name that person as your healthcare proxy or healthcare power of attorney. You can also use living wills and other advanced directives to express your preferences in advance regarding the kinds of medical care you wish to receive or decline. This can spare your loved ones the guilt and stress of having to make a decision on whether to prolong your life or let you go.
A focus on medical care is not the only thing that matters in case of incapacity. You also need to think about who will manage your assets and who is in charge of making decisions for you if you cannot act on your own accord. A power of attorney (POA) and living will are some legal tools used to address this issue. By naming someone in advance to act as an agent under a POA or to be a trustee who manages assets in a living will, you can make sure your family doesn’t have to go to court to get guardianship. You also avoid having asset value jeopardized by a delay in appointing someone to manage assets or by the court appointing the wrong person.
While incapacity is a major concern, there is also the possibility of an untimely death. To make sure your family, and especially your children, are protected if you pass away, you should use tools like insurance policies; wills and trusts; guardianship plans; and more. An experienced attorney can guide you through the kinds of things you need to do to make an estate plan that protects the people you care about the most.
When is it Important to Start Making Plans for the Future?
Many young families think they can wait until they get older to address estate planning and elder law issues. Unfortunately, you never know how many tomorrows you will have and what day will be the last. An incapacitating illness that you do not recover from could happen any time, leaving you and your loved ones vulnerable if something does happen to you.
Without a plan, default laws would also apply after your death, and a host of other undesirable consequences could result including serious questions about who should take custody of your kids. You don’t want the most important decisions affecting your family’s future to be made by the courts because you didn’t act on time.
How can a Financial Planning and Elder Law Attorney Help Young Families?
A financial planning and elder law attorney from Nehoray and Drake, LLP can provide comprehensive advice and aid to young families in determining what should be in their plan and then achieving their goals. Give us a call to find out more about how an experienced attorney can help your young family.