Prepare For Family Legacy}

Submitted by: Geo Clark

As your kids start to age, you find different ways to figure out how to fund for their needs. When they become teenagers, I try to use some of their genius since they know everything. They have made the commitment to go to college. This is great. They remind me that I need to help finance part or all of it. I remind them to apply for all scholarships and grants available. This includes financial aid. I commit to helping them pay their loans back as long as they have gainful employment.

As they roll into their 20s, it will be financial planning time. I know it will be hard for them to want to save money in the early days. Only in America, do you need to have your dream car at 22 and the $500/month payments that go with it. The logic behind it includes them staying at home and pretending that it is the substitute for paying rent. I could live with that maybe as long as they are working in a decent position. It has already been instilled on the kids to start to save money now.

With that being said, I have one child that spends money right after he gets it. He will pay 5 dollars for something worth 50 cents. The other two save as much as they can hoping that we will buy whatever they need. As they roll into their first paying position, we will set up their complete retirement plan. I dont want them thinking that they will just wait for us to die and live on whatever money is left.

The biggest objective of this planning is for them to stick with it. Many obstacles lie ahead. The biggest obstacle is normally miscellaneous expense or an influencing friend. In your early 20s, it is easier to take advice from someone closer to your age. This makes no sense. Normally, that advice is from the same experience level as yourself. This what stops good investment plans for a two week Caribbean cruise.

If you keep your retirement plan going through your 20s and 30s. You are in good shape going forward. After you are married with kids, that is when you meet with your estate planning attorney, or earlier. This is the time to set up your living trust, set up medical decision authority, and legacy plan.

It is another part of life to stay ahead of. Estate planning for cost seems to be about the same for everyone. Going through the process helps to insure that you take care of any parts of the puzzle you are missing. This in itself makes the meeting worthwhile.

When we went in to do this for our family, I could not believe all of the areas I had not accounted for. One little small item that I got a chuckle from was making sure someone knows where your documents are. It is great that you have life insurance, investments, annuities, etc. Of course, if something happens to you tomorrow, will anyone get to use everything that you planned for them in case something happens to you.

About the Author: Believe that success is based on faith, family, and friends.Enjoy computers, fishing, and helping people and businesses succeed.

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