Pittsford estate planning attorneys at The Law Office of Michael Robinson, P.C. provide help in preparing for the future. Far too many younger people do not get this necessary help because they think they have plenty of time to put legal tools in place to address end of life issues and secure their legacy. Unfortunately, if young families don’t put the right estate plan in place and tragedy strikes, this can be very bad for their family. 
You do not want to make things more difficult for your loved ones if something happens to you — and you also don’t want to be in a worse situation in the event of incapacity or serious illness than you have to be based on your circumstances. As a result, it is important to put a comprehensive estate plan in place when you are still young so you are ready for whatever life sends your way. The Law Office of Michael Robinson, P.C. can help.
Our Pittsford estate planning attorneys will work closely with you to identify the issues you need to address with your plan and to make effective use of legal tools to protect yourself and your family going forward. Give us a call today to find out more, or read on to learn why even young people need help to make an estate plan.
You Need to Ensure Your Family is Provided For
If you have a spouse or children, they likely depend upon your income. You may also be providing care for children, or may be helping other family members such as aging parents. If you are no longer able to provide money or assistance to your loved ones, this could create financial and personal hardship. You want to ensure that you have money available to provide for your loved ones, and that they can receive an inheritance quickly if you pass on. An estate plan allows you to do that.
You Need to Protect Your Wealth
As you grow your money and property, it becomes important to take steps to protect it. You’ll want to be sure that you have chosen the right types of accounts for your retirement assets, and that you have a plan in place for how your money and property could quickly transfer to your family if something happens to you. You should also consider potential sources of risks to your assets and work with an attorney to minimize and mitigate those risks. For example, if you own a business, company debt or a judgement against the business could put your personal wealth at risk unless you’ve created separation by forming an LLC or incorporating.
You Need to be Prepared for Serious Illness or Incapacity
If something happens to you, decisions will need to be made on the kind of medical care you want to receive. If you can’t communicate your preferences at the time that decisions must be made, your family will be in a difficult position. You and your loved ones are better off if you have advanced directives in place. You also need to make plans for how nursing home care or home healthcare will be paid for if something happens to you and you are unable to live independently any longer.
You Need to Make Sure Your Kids are Appropriately Cared For
It’s important to make plans for what will happen to minor children who you are responsible for if you cannot raise them into adulthood. You should ensure you have named a guardian for your kids so you get to decide who raises them if you cannot do so. You’ll also want to make certain that your kids are provided for financially. Since minor children can’t directly manage money they inherit, you’ll need to use the Uniform Transfers to Minors Act to name a guardian or create a trust to determine what happens to money and property left to your kids.
Contact Pittsford Estate Planning Attorneys Today
Pittsford estate planning attorneys at The Law Office of Michael Robinson, P.C. can provide the type of personalized help young families need to make a comprehensive estate plan that is right for their life circumstances and family situation. To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at (585) 546-1734 or contact us online at any time for personalized advice.
- 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
