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Every year there are millions of births recorded in the U.S. While becoming a parent is among the biggest joy of your life, it brings a lot of responsibilities along with it. You ensure that you give and do everything for your child to make their life comfortable along with securing his/her future. To secure your child’s future, you must ensure that you plan your estates. Though no one wants to talk about their death it is important for everyone and especially when you become a parent. The young parents often think that estate planning can be averted until they are older; however, the fact is you should plan your estates as early as possible. Estate Planning for New Parents-
Young individuals with kids are generally in the initial stages of their lives and careers. Thus, they might not have something larger to be affected by taxes if they happen to die by chance. However, there are several non-tax reasons why estate planning for minors is essential. Estate plans are powers of attorney, or wills, or advance medical directives designating how the makers or the testators will allocate their assets after they are no more. Most of the time, married people leave their assets to each other with the hope that the surviving partner will make use of the inherited estate for providing for and caring for surviving children. But if both the parents die one after the other leaving
When we talk about estate planning, most people have a misconception that it is meant for the older folks and rich and wealthy people. However, it is completely wrong to think that lower-income people don’t need estate planning. Estate planning is meant for everyone irrespective of their age and monetary status. While we say monetary status, it not only means the income that a person earns but also the savings which are actually a more important factor in building an estate. While the high earner comfortably saves, it’s challenging for a low-income individual to save money while fulfilling the basic needs of their family. Estate Planning- Low-income individuals generally are liable either to low or no income tax which is
While you are responsible to take care of your family during your lifetime, it is your responsibility only to plan for them in case anything happens to you like incapacity or even death. While it is something that is essential for everyone irrespective of their age or wealth, it becomes mandatory for the people who are serving in defense forces as they have to live in life risky areas and environments. The military personals are more prone to life risks and severe injuries that can even lead them to be handicapped and thus making the estate planning more important for them to secure their family and themselves. Estate Planning- In view of the risky life that they live, the military
Estate planning is done to protect your assets along with securing the future of your family and loved ones. You spend your whole life in accumulating significant wealth to make your family financially secure and the rest of the time to protect your wealth from probate, taxes, and creditors. However, you forget one aspect of protecting your assets and that is from your own heirs as your assets can be lost very quickly in the lawsuit. It is quite common that the inheritors have a dispute over the estate of a deceased testator after he/she has left an estate plan which may lead to litigation. Estate Planning- The inheritors have various reasons to contest your estate legally due to uneven