Young families have a lot to look forward to, but should start making smart decisions about their finances and future security right away. The sooner you develop a retirement plan, asset protection plan, and estate plan, the better protected your family will be. As you enter into marriages and have children, you also need to consider ways to protect your personal wealth and to keep those you love as safe and secure as possible, no matter what happens to you.
The Bond Law Firm can provide assistance to young families in making smart choices aimed at making their future, and their families future, as secure as possible. Our legal team helps you to be prepared in case life throws you curve balls and helps you to get on the right track towards building a nest egg that will provide financial security for you and your loved ones throughout your lifetime.
Give us a call at (218) 448-4100 to talk with an experienced attorney about the legal tools you can use to protect your young family. We can provide personalized advice and answers to questions you have including:
- What kinds of steps should young families take to achieve financial security and personal security in the future?
- What can an attorney do to help young families?
- How can a Houston elder law and financial planning attorney help me?
What Steps Should Young Families Take to Achieve Personal & Financial Security?
When you are young and starting a family, it seems hard to believe anything could ever go wrong. You can reduce the chances of problems arising during your lifetime by making smart choices to achieve financial security, such as investing for retirement and buying enough insurance. The Bond Law Firm can help you to take the kinds of steps, like asset protection, that are aimed at helping you to lead a life free of financial worry and strife.
Unfortunately, problems can hit any family. Accidents could happen, people could get hurt or sick, nursing home care could become necessary, lawsuits could be filed, divorce could happen, and parents could pass away before their children become adults. No one wants these tragedies to hit their family and no one likes to think this could happen to them.
The problem is, if you haven’t planned ahead in case of tragedy, life will be worse for you and your loved ones. You need a plan and The Bond Law Firm will help you to create one that addresses incapacity, end-of-life issues, and issues that arise after death. Now is the time to make your plan, as you never know what tomorrow will bring.
What Can an Attorney Do To Help Young Families?
An experienced attorney can provide assistance to young families in identifying and making use of legal tools and legal protections available for them and their children. Some of the tools an experienced attorney can help you to use include:
- A last will and testament to specify your preferences for asset distribution in case something happens to you. This can include a transfer of assets to a minor through a testamentary trust or under the Uniform Transfers to Minors Act to make sure your underage child’s inheritance is protected.
- A guardianship plan for your minor children in case you cannot raise them to adulthood. You need a plan in case something happens to both parents.
- Partition agreements, which can protect separate property and facilitate the transfer of marital property from one spouse to another. Partition agreements are useful for asset protection, in case of second marriages, and if one spouse needs to go into a nursing home and wants Medicaid to pay for their care.
- The creation of trusts, including spendthrift trusts, special needs trust, Miller trusts, and more. Both irrevocable and revocable trusts can accomplish different purposes including asset protection, ensuring assets are managed in case of incapacity, avoidance of estate tax, and business succession, among many other goals.
- The use of IRAs and other retirement planning tools, which are aimed at making it easier to build a nest egg through taking advantage of tax breaks and putting money into accounts that receive special legal protections.
- Incapacity plans, in case you or any family member experiences a serious illness or injury and cannot manage your own assets or make your own preferences known on medical care.
These are just some of the many different tools that an experienced attorney can help young families to use as they form relationships, start careers, build businesses, and work towards achieving their dreams. The goals of each family are unique to them, so The Bond Law Firm creates personalized plans for each client that reflects their wishes and helps them to achieve the security their families need and deserve.
How can a Houston Financial Planning and Elder Law Attorney Help Me?
When you are building your family, your life is full of promise and you have endless opportunities before you. The Bond Law Firm is here to help you make the most of those opportunities and protect what you are building for yourself and your loved ones.
Our legal team also arms you with the legal advice and tools you need to make sure no amount of bad luck knocks down the foundation you are building for security for yourself and the people in your life. Give us a call at (218) 448-4100 or contact us online to discover more about the ways in which our legal team provides you with comprehensive help in protecting your young family and planning for the future.