Young families need to plan for the best and prepare for the worst. What this means is different for every family, but you need to understand the legal tools which are available to help you achieve your goals for your loved ones. From making sure your family never has to be make painful medical choices for you in an emergency to knowing how you will pay for college and retirement, planning ahead can give you peace of mind and protect the people you love most. SinclairProsser Law can help.
SinclairProsser Law is an elder law and estate planning firm which is focused on providing personalized future-planning advice to people of all ages, including young families. As you get married, have children and achieve life’s greatest milestones, we’ll take care of the practical details for you. Give us a call at 410-573-4818 or 301-970-8080 to learn about the personalized assistance we offer in protecting your future and to get answers to the key questions that may be on your mind including:
- What are some things young families should plan for?
- What are some legal tools young families can use to protect themselves?
- How can an Maryland elder law attorney help young families in Maryland?
What are Some Things Young Families Should Plan For?
Young families need to plan for both the good things in life that you hope will come, as well as for bad things in life which you hope will never occur. Some of the different things that families may wish to plan for include:
- Saving for a family home
- Saving for college for the kids
- Saving for retirement
- Growing wealth and leaving a legacy
- Building and protecting a family business
- Protecting assets in case of incapacity or in case nursing home care becomes necessary
- Creating a plan to respond in case of a medical emergency which makes it impossible for a family member to communicate his or her wishes
- Planning for the transfer of assets upon death
- Providing for minor children in case one or both parents pass away unexpectedly
- Creating a plan to reduce estate taxes
An Maryland elder law attorney provides comprehensive advice with these issues, as well as with many other issues that young families may need to address. The sooner you begin creating your plan and taking steps to protect your family, the more security you can enjoy and the more peace of mind you will have.
What are Some Legal Tools Young Families Can Use to Protect Themselves?
There are many different legal tools you can use to accomplish your goals, protect yourself, protect your assets, and protect your loved ones. Some of the different things your estate planning and elder law attorney may discuss with you include:
- Using IRA and 529 accounts to save for college and retirement.
- Creating trusts to protect assets, to facilitate the transfer of assets, to avoid estate taxes, and to protect heirs.
- Using a power of attorney or a living trust to make a plan for asset management in case of incapacity,
- Incorporating a family business to provide asset protection and to facilitate the transfer of the business to the next generation.
- Creating advanced directives so decisions are made in case of a medical emergency, both on what kinds of care to provide and on who should act as healthcare proxy.
- Naming a guardian for children and making provisions to ensure the financial resources are available to care for the children even if parents pass away.
- Creating a last will and testament and otherwise developing a comprehensive estate plan so a legacy can pass to children.
These are just some of the many steps your young family may wish to take with the help of an experienced attorney. Your elder law lawyer will discuss your goals, your income and assets, your current family situation, and your plans for the future to help you determine the steps you should take.
How can a Maryland Elder Law Attorney Help Young Families in Maryland?
Throughout Annapolis, Bowie, Millersville, Waldorf and surrounding areas in Maryland, many young families have turned to SinclairProsser Law for help in making effective use of legal tools to plan for the unexpected and to provide for a secure future. To learn more about the assistance we can offer to help make your family more secure no matter what the future brings, contact us online or give us a call at 410-573-4818 or 301-970-8080.