Now that the year that is coming to a close, you may be thinking about the resolutions that you should make for 2020. This is a good practice, but there is that cliché about resolutions that are never kept.
Of course, people fail to follow through at times, but there are some things that are too important to keep on the back burner.
Estate Planning for Young Adults
Estate planning is certainly one of these matters, and it is important even if you are a relatively young adult. In fact, if you are the parent of minor children, it could be argued that estate planning is more important for you that it is for older individuals with grown children.
The typical estate plan for a young family would include an income replacement vehicle such as life insurance. It would also be wise to include the selection of a guardian to care for the children if the parents were to pass away unexpectedly.
There are specific estate planning steps that must be taken to set aside resources for a minor child, and this is a factor to take into consideration as well. Plus, your estate plan should include a living will, which is a document that is used to state your life-support preferences.
You could add a durable power of attorney for health care to name someone to make medical decisions on your behalf in the event of your incapacity that are not related to life-support.
Succeeding Stages of Life
Your ideal estate plan will probably evolve as you pass through succeeding stages of life. Changes in marital status, additions and subtractions to the family, and financial success are all relevant factors. This is true if you have never put an estate plan in place, and if you have taken action in the past, updates will invariably become necessary.
As you start to look ahead toward your elder years, it is important to consider the possible impact of long-term care costs on your legacy. If you are thinking that Medicare will pay for a stay in a nursing home if it is necessary, we have some bad news to pass along. This program does not pay for long-term custodial care, and it is extremely expensive.
There are solutions that exist as long as you plan ahead in advance with the benefit of professional guidance, and that’s why we are here.
Attend a Free Seminar
If you are interested in estate planning, but you really don’t know where to begin, we are offering some ideal opportunities in the near future. Our attorneys are holding a series of seminars, and you can learn a great deal if you attend the session that fits into your schedule.
There is no charge at all, but we do ask that you register in advance To see the schedule and obtain registration information, visit our seminar page and click on the date that works for you.
We Are Here to Help!
Our doors are open if you are ready to schedule a consultation to put a new estate plan in place in 2020, and we would also be more than glad to review your existing plan. You can rest assured that you will feel totally comfortable working with us every step of the way, and we will provide personalized attention.
All of your questions will be answered, and if you decide to move forward, we will custom craft a plan that is ideal for you and your family. To request a consultation appointment, send us a message through our contact page or call us at 513-721-1513.