Whether you have just gotten married, are adding a child to your family, or are considering these major life milestones in upcoming years, there are many legal issues you need to address. From buying your first house to getting a promotion to having children, there are many decisions which must be made and many steps you need to take to protect yourself, your loved ones, and your growing assets.
Cochrangersh Law Offices, P.S.C. is here to help. Our Louisville financial planning and elder law attorneys help individuals and young families to create a plan for a bright future and to make a plan to deal with bumps in the road. While many people believe elder law attorneys can only help the elderly, the reality is young people also need comprehensive advice on the issues elder law attorneys handle. Give us a call today for assistance with a personalized plan and to get information on key issues including:
- What are some of the reasons young families should get help with future planning?
- What should be a part of my plan?
- How can a Louisville elder law attorney help young families?
What are Some of the Reasons Young Families Should Get Help with Future Planning?
Young individuals and young families need to make a financial plan so they can develop and achieve appropriate money goals. Young individuals and young families also need to ensure that children will be cared for no matter what; that a business they are starting can grow; and that they know what will happen if illness, incapacity, or death occurs.
No one likes to think about an untimely death or a devastating accident or illness that leaves a young person unable to communicate and in need of emergency medical care. Unfortunately, these things can happen. Without a plan in place, families can face major problems, including confusion over what care should be provided. Knowing in advance what will happen if the worst occurs, while also creating a plan for the positive life milestones like retirement and college education, ensures you and those you love will be secure no matter what the future brings.
What Should be a Part of My Plan?
The plans young families create should involve setting goals and making provisions in case unexpected tragedies occur. Your plan needs to be personalized to your own needs and to the needs of those you love. Cochrangersh Law Offices, P.S.C. will provide you with assistance in creating a complete and comprehensive future plan. Some of the different things which we can help you to address include:
- Ensuring you have sufficient insurance coverage, including life insurance to protect your loved ones.
- Creating a plan for retirement, college education, and other financial goals.
- Selecting appropriate account types for investments, including IRAs and other accounts which can provide tax benefits for investing for retirement.
- Planning for incapacity, including determining who will manage assets and making your wishes known in advance on the types of medical care you wish to receive.
- Determining who will make decisions on your healthcare and naming a healthcare proxy in case you cannot communicate your wishes.
- Creating a plan to protect your assets from potential sources of loss, including business lawsuits or creditor claims.
- Planning for long-term care so you don’t lose your life savings if you or your spouse ever need to go into a nursing home.
- Planning for the care of minor children if something happens to parents.
These are a few of many different issues which may need to be addressed by young individuals and young families. There are legal tools like trusts and power of attorneys which can allow you to build and protect wealth so you will have financial security and so you can provide for your children even long after you are gone.
How Can a Louisville Elder law Attorney Help Young Families?
Cochrangersh Law Offices, P.S.C. has extensive experience representing young families in Louisville and surrounding areas. We care deeply for all of our clients and we love to assist people who are embarking on exciting new chapters in their life. You owe it to yourself and your family to ensure you have a plan in place to achieve your goals and to minimize the stress if something bad happens. We can assist you in creating the personalized plan that is right for you and that will protect the people you love the most. Give us a call today to learn more.