Gaughan & Connealy offers comprehensive advice to young families who want to protect themselves and their children from life’s uncertainties. While there are never any guarantees about how your future will turn out and you cannot eliminate all risks, there are many risks you can eliminate or at least plan for. Our goal is to help you to identify the issues that matter when considering your future and to take steps to maintain dignity and autonomy for yourself, as well as financial security for both you and those you love.
To find out more about how we can help young families with the issues that matter most to them, contact our legal team today. We will discuss your goals, offer you personalized advice on your situation, and answer some of the questions you may have including:
- When should young families start planning for the future?
- What kinds of things should young families do to achieve security and minimize risk?
- How can an Overland Park or Kansas City elder law attorney help young families?
When Should Young Families Start Creating a Plan for the Future?
It is never too early to begin creating a plan to secure your own future and to make sure the people who you love are taken care of. Even young singles can benefit from having a plan for who will inherit their property when they pass away and for what will happen in the event of incapacity. However, as you get married and have children, you have more people depending upon you and having a plan in place becomes even more essential.
Some of the milestones which may suggest it is time to give serious consideration to creating your plan for the future include:
- Getting married
- Having a child
- Buying a house
- Starting a business
- Getting a promotion
As soon as you have a family or have any substantial assets that you want to protect, it becomes time to talk with a legal professional to get comprehensive financial and future planning advice
What Kinds of Things Should Young Families Do to Minimize Risk?
One of the key reasons why young people need a comprehensive plan for the future is to minimize risk. Many undesirable things can happen over the course of your life, from a lawsuit against your business to a sudden illness or injury that leaves you incapacitated. If these tragedies or more unfold, you want to make sure that your assets and your loved ones are taken care of and you want to shield your family from making difficult decisions.
While planning ahead for the bad things is one main reason why many young people get help from an experienced estate planning and elder law attorney, you also want to create a plan for positive life developments and milestones as well. You can make sure you have the money available to help your loved ones achieve their dreams if you begin planning early.
While planning for both good fortune and tragedy, an elder law attorney can help you to explore all of the different legal tools available to you. With the help of an experienced lawyer, young families may create a plan that includes:
- Using IRAs and other tax-advantaged accounts to save for retirement and for a college education for the kids.
- Setting money goals to buy a house, pay for college, and have a secure retirement.
- Structuring ownership of a business to facilitate growth and reduce or eliminate the risk of personal liability.
- Creating a plan for management of assets in case of incapacity.
- Providing instructions for healthcare decisions in the event of incapacity.
- Creating an asset protection plan in case of lawsuits, creditor claims, or nursing home costs.
- Establishing an estate plan to provide for children, loved ones, and charitable organizations after death.
Every young family has their own unique goals they want to achieve and their own relationships they want to protect. An experienced attorney can help you to create a comprehensive road map to a secure future.
How can a Kansas City or Overland Park Elder Law Attorney Help Young Families?
Gaughan & Connealy cares deeply about the young families that we help throughout Kansas City and Overland Park. In both Kansas and Missouri, clients know that our legal team has the knowledge and compassion necessary to create a secure plan to achieve a stable future. Give us a call today to schedule a consultation and learn more about how we can bring our legal experience to your situation as you grow your young family.