In the excitement of doing all the practical things expectant parents must do to prepare for the arrival of a new baby, there are some very important practical estate planning issues that are often overlooked. Part of the responsibility of being a parent is to oversee the welfare of your children; if you are expecting, you may want to consider taking these estate planning steps now:
Life insurance – purchase a life insurance policy to provide support for your new child if one wage-earning parent dies unexpectedly.
Trust – setting up a trust for your child with a distribution option for when he or she reaches adulthood will help protect assets as well as provide for your child.
Gifts – there are tax advantages to gifting portions of your estate to your children while you are still alive, which can reduce your estate taxes.
Guardian – select a guardian for your child as part of a comprehensive Florida estate plan.
Will – create or update a will to include your new child.
The Dorcey Law Firm, PLC is a Florida Estate Planning, Asset Protection and Business Planning law firm with offices in Fort Myers, Florida and Naples, Florida. Our firm is dedicated to its clients, the rule of law and the betterment of the Southwest Florida community.
It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at (239) 309-2870 to schedule your free consultation.