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Protecting Your Children's Future: Estate Planning Essentials for Parents

Updated: 7 days ago



Many people can think that estate planning is only for those on the back half of their life. But if you have children at home, having a proper estate plan isn't just important - it's essential. Your plan ensures your children are cared for according to your wishes if something unexpected happens.

Why Young Families Need Estate Planning

The most critical reason for estate planning isn't about money - it's about protecting your children. Without proper planning:

  • The courts could decide who raises your children

  • Healthcare decisions for minors could become complicated

  • Your family could face unnecessary stress and expenses

Steps to Take Now:

  1. Start with the Basics

    • Create a will naming guardians

    • Review life insurance coverage

    • Update beneficiary designations

    • Prepare healthcare directives

  2. Consider a Trust

    • Protects assets for children

    • Provides distribution guidelines

    • Avoids probate process

    • Maintains privacy

  3. Document Your Wishes

    • Write letters & care instructions to potential guardians

    • List important contacts and information

    • Include faith-based education preferences

Essential Components for Young Families

  1. Guardian Designations

    • Choose trusted individuals who share your values

    • Name both primary and backup guardians

    • Consider guardians' age, location, and ability to care for children

    • Document your choices legally to avoid court decisions

  2. Financial Protection

    • Utilize life insurance to replace lost income

    • Trust provisions to manage children's inheritance

    • Age-based distribution schedules (i.e. portions at 21, 25, and 30)

  3. Healthcare Provisions

    • Medical power of attorney for your children

    • Authorization for guardians to make healthcare decisions

    • Documentation of medical history and preferences

    • Emergency contact information

The total cost of putting this all on paper is significantly less than the potential costs and stress of having no plan in place.

As your Gift Planning Officer, I can help you understand these options and connect you with qualified professionals to create your plan. While we hope these plans are never needed, they provide invaluable peace of mind.


Ready to protect your family's future? Contact me to learn more:

Dylan Rusch

Gift Planning

Officer Email: dylan.rusch@kmlhs.org

Phone: 262-677-4051 x4023


 
 
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