3 Things New Parents Need to Do
Aug. 19, 2020
Last October, my wife and I had our first child. What a crazy, awesome time it has been since then! However, I began thinking about what happens if I die tomorrow? Will I have left my family in a stable financial situation? Will they be able to continue their lifestyle? These questions weighed heavily on my mind. As the sole financial supporter of my family, I am tasked with the burden of ensuring my family's financial well-being. New parents probably have asked the same questions I have when our child was born. However, I have an answer for them. There are three things that I believe are critical and necessary to making sure new parents ensure their family's financial well-being.
1. Speak with an Estate Planning Attorney…IMMEDIATELY!
An estate planning attorney can direct new parents on how to plan for life in the event they die before their children reach adulthood. It is important for parents to appoint guardians for their children in the event they die before the child reaches the age of 18. Simply stating that someone is to take the children is not enough. A formal legal document must be drafted to ensure guardians are truly appointed. An estate planning attorney can do this for you and your family. Additionally, there are several estate planning tools available to new parents in the event their child has a disability or parents want to plan for college savings. These things will all be covered when you speak with an attorney.
2. Meet with a Certified Financial Planner
Although attorneys are probably the best professionals around (not biased at all), they may not always be the best to discuss day-to-day finances or retirement. A certified financial planner will be able to advise you on retirement strategies, day-to-day financial planning, and other related financial matters. I am an attorney, a business owner, and a former accountant. I utilize a financial planner extensively. Do not be too proud to ask for financial guidance because it will drastically help your family in the long run.
3. Set Goals
Setting goals. Easy thing to do right? Not exactly. I always ask my clients what are their goals for their estate plan. More often than not, the client sits there shell-shocked by the question. It is a difficult question that many have not answered. Setting goals will set the compass heading for the entirety of your estate planning. A common goal of my clients is to buy their first home. What a fantastic goal to have. Buying a home is not as simple as it is made out to sound. First, you need to set a price range for a home. Second, you need to find a home within your price range. Third, you need to figure out how you are going to pay for the house. Are you financing? If so, are you able to acquire financing? How do you get financing? Is your mortgage at a good interest rate? What even is a good interest rate? See what I mean? Nothing is simple in today's world. Everything requires planning. That planning starts with setting a goal.
McKelvey Law Offices, LLC is able to help with all these things mentioned. It is our firm's mission to help our clients achieve their goals and maximize their opportunities. Your plan for the future can start today. Do not wait!
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