As young people marry and have children, they take on many new responsibilities and many financial obligations. A change in family structure, coupled with having new people depending upon you, can create complex legal and financial issues that you need to address. An experienced attorney can help.
The Law Office of Michael Robinson, P.C. provides comprehensive assistance to young families. Our goal is to help you do everything you need to in order to make sure your family is always cared for, even if something unforeseen happens to you.
We want to help you be prepared for the life milestones you are looking forward to, as well as making provisions to provide for your family and shield them from tough choices in the face of tragedy. To learn more about the assistance we offer to clients in the Finger Lakes, Rochester, Naples and surrounding areas, give us a call at 585-374-5210. We can provide personalized advice to you and can answer questions including:
- What are some important issues young families need to address?
- What can I do to make sure my family is cared for?
- How can a Finger Lakes attorney provide help to young families?
What are Some Important Issues Young Families Need to Address?
Young families need to:
- Establish savings goals for the future. You should take full advantage of accounts like IRAs and 529 accounts which provide tax breaks to help you pay for college and save for retirement.
- Have sufficient insurance coverage. In addition to health, auto, and homeowner’s insurance, you may also need life insurance coverage to make certain your family will be financially stable if something happens to you.
- Make sure minor children are always cared for. It is important to determine who will become the guardian of your children if something happens to one or both parents. Making plans to provide financially for children through the use of a trust can also be important in case something happens to parents.
- Make a plan in case of incapacity. If something happens to you, you don’t want your family forced into a difficult financial situation, forced to make difficult choices, and grappling with legal issues. Making advanced decisions on healthcare and on who will be in charge of managing your assets and making medical decisions can help your family to avoid difficult legal issues when dealing with a medical emergency.
- Create an estate plan. As soon as you have assets and/or have a young family depending upon you, you need to create a last will and testament and make other plans to protect your family and legacy.
These are just a few of the many steps which young families may need to take in order to be prepared for all of the complexities and uncertainties of life.
What Can You Do to Make Sure Your Family is Cared for?
Every family is different, so your process of planning for the future must be customized to address the risks your loved ones face and to meet the specific goals and needs of your spouse, children, and other family members.
Some of the steps which you may need to take can include:
- Creating advanced directives for healthcare so you can control what medical care you get in the future.
- Naming an agent and naming a healthcare proxy by creating a power of attorney so you can specify who will make your medical choices and manage your affairs.
- Purchasing life insurance coverage at appropriate levels.
- Opening and investing in an IRA, 529 account, and other financial accounts which facilitate saving and investment.
- Creating trusts for asset protection and to provide for loved ones.
- Creating a last will and testament. This can allow you to provide instructions for what will occur after your death.
You should work with an attorney to make sure you use the right legal tools to plan for your future and to ensure that you create legal documents correctly to get the protections you expect.
How can a Finger Lakes Attorney Help Young Families?
The Law Office of Michael Robinson, P.C. provides financial and legal assistance to many young families in the Finger Lakes, Rochester, Naples and surrounding areas. If you want to be proactive in caring for your loved ones as your family grows, give us a call at 585-374-5210. We will advise you on setting goals and help you make use of all legal tools necessary to achieve those goals. Contact us now to learn more.