How to Leave Your Life Insurance and Retirement Plan to Your Minor Children from Austin Estate Planning Lawyer Liz Nielsen

minor children

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for their minor children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond this, you should also take into account how to incorporate your retirement money (IRAs and 401(k)s), another common, significant asset into your overall estate plan.

The One Thing Every New Grandparent MUST Do As Soon as Possible

grandchildren

Congratulations on welcoming the newest addition to your family. Being a new grandparent changes everything — including how you approach your finances — and is one of the most joyous occasions in life. The excitement of a new baby — and all of the firsts that come with this bundle of joy — can grab all of your attention and focus. That being said, there is one thing that every new grandparent must do as soon as possible that is often overlooked. Specifically, every new grandparent should immediately create (or revise) an estate plan so that it includes your family’s newest generation.