When you are a new parent, you don’t think of your parents’ estate plan. You are too busy taking care of your young ones. When you are old parents, you don’t think of your own incapacity or demise but are focused on enjoying your family, and your grandchildren. Sometimes, things go wrong and parents and children are in a frenzy to take care of legal affairs.
The best time to take care of your legal affairs in estate planning requires speaking to an experienced Los Angeles attorney to guide your estate and plan for your future. How will long term care be paid for you or your parents? Who will be in charge of day to day medical decisions and who is best suited to make financial decisions. These are all questions that you must think about before you go to a lawyer for estate planning.
Incapacity can become very costly if you are not prepared. As much as many people hate to pay for long term care insurance, it is one of the best ways to protect yourself and your family from major nursing home costs.
As a young mother or father, you should carry at the minimum, enough life insurance to cover enough to last for yearly expenses, plus expected college expenses of your kids. If your spouse or life partner does not work, you should carry more insurance. Talk to an estate attorney and a life insurance agent to get the numbers right and to make good beneficiary designation decisions.
At Sirkin Law Group, PC estate attorneys, we can help you plan for your young kids and your elderly parents. Call us at 818.340.4479 or email us at [email protected] for more estate planning information.