A Rochester elder law lawyer can provide invaluable help to new parents who have just had a baby. While most people think an elder law attorney only helps senior citizens, young families actually need to ensure they get the type of advice that an elder law attorney can offer in preparing for the future.
The Law Office of Michael Robinson, P.C. is here to help parents make sure they have a plan in place to provide for and protect their child no matter what surprises life throws at them. The services that an elder law attorney provides can help parents to ensure children are physically and financially cared for, both if the parents and children remain healthy and if a problem arises and parents no longer are able to care for the kids.
To find out more about how a Rochester elder law lawyer can help new parents to make plans to keep their kids safe and secure, give us a call today. You can also learn here about five key ways that an elder law lawyer assists new parents in planning for the future.
An Elder Law Attorney Helps Parents Specify Who Should Serve as a Guardian
If you are not able to care for your children, the child’s other parent will typically have custody and will raise the child. However, if you are a single parent or if something happens to both parents, it is important to have a plan in place for who will become the guardian of your children. You should put this plan in place as soon as possible because you cannot control when a tragedy will happen and you don’t want your kids to be put through a custody battle or to be raised by someone who you wouldn’t have selected to bring them up.
Al Elder Law Attorney Helps Parents With the Purchase of Life Insurance
Parents often wish to purchase life insurance so they can make certain there is enough money to care for their child if one or both parents pass away. A life insurance policy could make it possible for a surviving parent to continue paying the mortgage and providing for children if one of the parents passes on. If both parents pass on, a life insurance policy will provide money to take care of the child, cover his education, and meet other essential expenses. An experienced attorney can help parents determine how much life insurance they need to be.
An Elder Law Attorney Helps Parents Make a Plan for a Minor to Inherit
If you pass on when your child is under 18, your child cannot inherit directly – either through a life insurance policy or other money and assets that you leave to the child. Unless you structure an inheritance appropriately, the court will need to appoint a guardian to manage money or property left to the child.
Even if your child is 18, you may not want to just give a no-strings-attached inheritance, especially if your child is going to be left a lot of money. Making a trust can allow you more control over when and how a child receives an inheritance. If you create a trust, you’ll also be able to ensure that an inheritance which you left for a minor isn’t just handed over to the child with no conditions or limitations at age 18 when the guardian no longer controls the funds.
An Elder Law Attorney Helps Parents Make a Plan to Pay for College
Parents need to make plans to pay for a child’s education, which can be challenging even when everyone stays healthy. An experienced attorney can help parents to make use of 529 savings accounts and other accounts that provide tax breaks for saving.
An Elder Law Attorney Helps Parents Protect Children with Disabilities
If your child is disabled, you face additional planning issues that other parents do not need to address. For example, you may need to take steps to structure an inheritance you leave to your child in an appropriate way so giving your child money or property does not cause a loss of access to Medicaid benefits your children may be depending upon. The Law Office of Michael Robinson, P.C. helps parents with special circumstances, such as when their children are disabled.
Getting Help from A Naples Elder Law Lawyer
A Rochester elder law lawyer at The Law Office of Michael Robinson, P.C. can provide parents with help making a will, creating a financial plan for college, making plans to support children if something happens to parents, and more. To find out about the many services our legal team can offer to you and your family if you have just had a baby and want to protect your child, give us a call at 585-374-5210 or contact us online today.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022