Having a baby is a major life change and it is important to make time to talk with an elder law attorney once a new child enters your life. Your child is dependent upon you now and you need to make sure that you have plans in place so that your child will be cared for always. Helping new parents to make the plans they need to ensure their child’s future is secure is one of the most important things that an elder law attorney does.
Biddinger & Estelle has provided assistance to many new moms and dads with making a comprehensive financial plan and a comprehensive estate plan so they can rest assured their child will be cared for no matter what. The plans that you put in place can allow you to save for your child’s future and to prepare for what would happen if you and the child’s other parent become unable to raise the child to adulthood as a result of incapacity or as a result of illness. While life can be chaotic when you are taking care of a baby, be sure to take the time to put in place the important protections that your child needs.
Planning for Your Child’s Care
If something happens to you and to the child’s other parent, a decision will need to be made on who should raise the child. It is important that you are the person to decide who should raise the child, rather than leaving this important decision up to the courts.
You want to select someone to raise your son or daughter who will reflect your values and who will raise your child in a way that you believe is right. You also don’t want your son or daughter to become caught up in a custody battle if you haven’t expressed your preferences for the child’s care and something happens to you.
Biddinger & Estelle can provide you with assistance in using the appropriate legal tools to specify who should be your child’s guardian when you are not able to care for the child. You never know when something could happen that leaves you incapacitated or causes your untimely death, so you should make your plans regarding your child’s care as soon as possible. You can begin the process even before the child is actually born.
Planning for a Secure Financial Future
If you pass away before your child becomes an adult, you probably want to ensure that you have left money for the child’s care and for the child’s education. You may want to purchase life insurance, and you may also have money and property that you will want to be used to provide the best life for your son or daughter.
A child under 18 cannot directly inherit, and you may not want a child who has just turned 18 to receive a large inheritance that the child may not have the knowledge or the maturity to manage. You should talk with an experienced attorney about how you can structure an inheritance using legal tools like trusts. The tools you use should allow you to provide instructions for who will manage the money. Depending upon the plans you make, you can also specify what the funds should be used for and can provide detailed instructions for when and how your child should be given access to an inheritance.
Providing financially for your child is important even if you can raise your child to adulthood, as you may want to contribute to a college education. You can work with a Michigan elder law attorney to explore the option of using tax-advantaged college savings accounts so you can put aside money for your child with pre-tax funds and so this money will be kept safe until your son or daughter begins to incur tuition bills.
Getting Help from a Michigan Estate Planning Attorney
Biddinger & Estelle has the knowledge and experience that you need to make the right choices when it comes to saving for you child’s education and providing for your child financially if something happens to you. Our legal team will also make sure you have used the right legal tools to ensure that you determine who will be your child’s guardian and raise your son or daughter if something happens to you.
To find out more about the ways in which our legal team can provide assistance to new parents, give us a call at (989) 872-5601 or contact us online to talk with a Michigan elder law attorney today.
- What Is a Trust and How Can It Be Used as a Component of Your Estate Plan? - May 26, 2020
- Best Ways to Protect Your Business with Estate Planning - May 8, 2020
- What Should Prompt an Estate Plan Update? - May 5, 2020