People sometimes think of estate planning as a matter that only senior citizens should be concerned about.
Does the likelihood of passing away become greater as you get older? The answer is yes, of course people who have reached an advanced age are more likely to die than those who are younger.
But consider another question. Is it likely that your children will be fully capable of taking care of themselves if you pass away when you are 80 years of age?
If you feel as though the answer to the above question is yes then it could be argued that estate planning is more important for younger adults than it is for senior citizens because many young adults are the parents of minor children.
There are certain contingencies that you must take into consideration as a parent. The well-being of your children is your responsibility, and your lifespan is something that is totally out of your control.
People do pass away before their time in accidents and as a result of catastrophic illnesses. And while it may be unlikely that both parents will die together in an accident these things do happen.
It addition to the above, single parent households are quite common. One tragic moment could change everything for your children if you are a single parent.
Don’t take risks with the well-being of your children. If you do not have an estate plan in place as a parent with young children make 2013 the year that you put the procrastination behind you.
Our firm has a long history assisting people who are serious about protecting their loved ones, and we would be more than glad to assist you in your estate planning efforts.
Latest posts by Saul Kobrick (see all)
- 529 Plans: Planning for Education with a Tax and Asset Protection Bonus - September 10, 2019
- The Importance of Communicating Your Plans - September 5, 2019
- Planning for the Unexpected - September 3, 2019