When you welcome a new child into the family, it’s a time of wonder and excitement. It’s also a time of new responsibilities. One key responsibility is ensuring that your child is provided for in the event that you pass away unexpectedly or become incapacitated. While every parent wants the best
for his or her children, many young parents neglect these measures.
Some young adults simply believe it’s too soon to think about estate planning in New Jersey since they expect to have many healthy years ahead. Others don’t feel that they have enough assets to bother with estate planning. However, any adult with dependents should take certain steps, and young parents are no exception. In fact, these measures can be all the more critical for those with young children.
When young adults take steps to protect their loved ones, many make the mistake of resorting to forms rather than making a full analysis of the family’s estate planning needs. Some truly believe that a do-it-yourself will is all they need, while others view it as a temporary measure that’s better than nothing in the short term. However, there’s more to manage than many young adults realize.
Some core issues young parents should consider, particularly when there’s a new addition to the family, include:
The best way to protect your family may differ depending on your goals, the age of your children, whether you are a single parent or two-parent family, what type of assets you have, and a variety of other factors. The experienced estate planning attorneys at Willis Law Group LLC can guide you through the analysis, helping to create the comprehensive estate plan that’s right for your family.
Conservators and guardians are appointed in court to make decisions about health care or finances for adults who are incapacitated. A durable power of attorney lets you choose a trusted decision-maker for the future.
In the ever-evolving landscape of health care, one critical challenge has been ensuring that Medicare recipients receive the coverage they need without undue financial burdens.
A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend" assets to their children and still maintain Medicaid eligibility.
