Indianapolis estate planning lawyers can provide you with help in responding to life’s milestones. When you experience big life changes, you need to ensure that you have an estate plan in place to protect yourself and your family in light of the new circumstances. This can be especially important when you have a baby, as you now have a child depending upon you.
Frank & Kraft is here to help if you have a child come into your life through birth or adoption. We can work with you to understand the steps you need to take to make sure the child is provided for, no matter what happens in your future. Give us a call today to find out more about how our Indianapolis estate planning lawyers can help you and to discover why it is so important to make or update an estate plan after a baby is born.
Why You Need Help from Indianapolis Estate Planning Lawyers After a Baby is Born
When a baby is born, you should get help from an estate planning lawyer because:
- You’ll need to name a guardian for the child: If something happens to you, you want to determine who will raise the baby. Although you might assume the child’s other parent could raise the child if you become incapacitated or pass away, it is possible both parents could be hurt together. Having a backup guardian is key to avoiding a custody battle and ensuring your child is raised by a person you think is appropriate who shares your values.
- You may need to purchase life insurance: Raising children is costly. You likely should have a life insurance policy so there is money to provide for your partner and your child in case of your untimely death. A life insurance policy can pay for your child’s education as well.
- You’ll need a plan for your child’s college education: Although buying life insurance can ensure your child will be able to afford college if you pass away, you will hopefully live long after your child graduates from college. This means you’ll need to make a plan to try to ensure that your child won’t be saddled with a fortune in debt after graduation. An experienced attorney can help you to determine what types of tax-advantaged college savings plans are right for you and can assist you in protecting assets so your child’s college fund is safe.
- You’ll need a plan for your child to inherit: If you leave money to a child under 18 and something happens to you, the court will typically appoint a guardian to manage the child’s money. The guardian may not be the person you’d have preferred. Once the child is 18, he or she will inherit directly, without any limitations. This could mean a young teen is handed a lot of money. If you don’t want a guardian appointed by the court or money given with no strings attached to your 18 year old, you should work with Indianapolis estate planning lawyers to determine how to use tools like trusts to structure your child’s inheritance.
These are just a few of the key reasons why hiring an attorney to make an estate plan is so important after your child is born or after you adopt a child. You may have many other issues specific to your family that need to be addressed, so you should reach out to an experienced attorney to get personalized advice on how best you can prepare an estate plan after a son or daughter comes into your life.
Getting Help from Indianapolis Estate Planning Lawyers
Indianapolis estate planning lawyers at Frank & Kraft will guide you through the key steps you need to take to save for college, ensure your child is financially provided for, and make plans for the care of your child if something happens to you. As soon as a child comes into your life, you should reach out to our legal team so you can have the peace of mind of knowing you’ve done all you can to protect your son or daughter.
To find out more about the services we can offer you when you become a new parent, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get help putting your personalized plan in place.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.