As you get married and have children, your life changes in many profound ways. As you experience life’s greatest joys, it is also important to remember that the future is uncertain and that you must create a plan to protect the people you love and the nest egg you are growing which will one day become your children’s legacy.
The Long Island estate planning lawyers at Eghrari Wealth Training Law Firm have extensive experience providing legal representation to young families who want to get a solid start in life and who want to make sure they are making wise financial decisions that allow them to build the strongest possible future. We understand the unique needs you have as your family grows and changes and we work hard to help people of all income and asset levels to make choices which will allow for a stable home life now and in the future. To learn more about how we can help, give us a call today. We’ll work to create a comprehensive plan for you and we will answer key questions you may have including:
- Do I need to create a formal plan with the help of a legal professional?
- What types of advanced planning should young families do to ensure a secure future?
- How can a Long Island estate planning lawyer assist young families?
Do You Need a Formal Plan for Your Future?
Whether you are single, newly married, or starting a family, it is imperative you have planned ahead for milestones in your future. It is never too early to begin the process of planning for your retirement and making smart investment choices that will allow you to grow wealth. You also need to ensure you take steps to care for your loved ones in case of disability or premature death, and that you have a plan in place in case illness or injury occurs so your loved ones will not have to make difficult choices in a time of grief.
Every young person and young family has different needs to address as they create a blueprint for how they want to grow their wealth and achieve security over the course of their lives. Eghrari Wealth Training Law Firm has the experience and know-how to help you assess and understand your needs and develop the type of comprehensive plan that will allow you to achieve the success you’ve been dreaming of.
What Types of Advanced Planning Should Young People Due to Create a Secure Future?
Creating a secure future for yourself and your children involves addressing the certainties and the uncertainties of life. Some of the different types of planning that Eghrari Wealth Training Law Firm can assist you with include:
- Creating a last will and testament: Even if you don’t have a lot of assets yet, and even if you are young, you should have a will in place so you do not cause family strife if something unexpected happens. For young parents, a will also provides the opportunity to determine who should care for children and how children should be provided for if parents pass away.
- Creating a retirement savings plan: There are different types of tax-advantaged accounts that allow you to maximize your retirement savings and invest smartly to ensure you have the money you need to enjoy your golden years.
- Creating a college saving plan for your children: An experienced financial planning lawyer can help you to determine the financial needs associated with educating your children and can provide you with advice on your best options for achieving the goal of providing your kids with a solid education.
- Creating a plan in case of incapacity or illness: If you become sick, injured, or disabled, you want to ensure you have a living will and a healthcare power of attorney so it is clear what medical treatment you should undergo. A durable power of attorney also allows you to determine who will act on your behalf when you can no longer make decisions.
- Securing insurance coverage: Appropriate policies may include health insurance, life insurance, long-term care insurance, and disability insurance- among other types of coverage.
These are just some of the common things young families frequently include in their plan for the future. There are other steps you can take including creating and funding trusts and engaging in Medicaid and long-term care planning. Eghrari Wealth Training Law Firm can help you to determine all of the legal tools you should be using to protect yourself and your kids in the future.
How Can a Long Island Estate Planning Lawyer Help Young Families
Eghrari Wealth Training Law Firm has the experience and skill necessary to create a customized plan for all individuals and families at every stage of life. Whether you have amassed great wealth or are just getting started on a plan for your future, we’ll treat your case with the importance it deserves and help you to create a comprehensive plan to protect yourself and your loved ones no matter what life brings. Give us a call today to learn more.