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.
Family
The One Thing Every New Grandparent MUST Do As Soon as Possible
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.
Beneficiary Designations and Blended Families: Why You Need to Think Before You Sign from Austin Estate Planning Lawyer Liz Nielsen
Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marriages create important and unique issues when it comes to estate planning. You may need to account for a prior […]
A Trust for Fluffy or Fido? Why Pet Parents Need to Consider a Pet Trust Today from Austin Estate Planning Lawyer Liz Nielsen
Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”