An estate planning attorney should be consulted by newlyweds for help with many important issues. When you marry and become responsible to your new spouse, you are moving forward in the first step towards your bright future building a family. You want to make sure you make informed choices about retirement, about what happens in case of a medical emergency, about growing your assets, and about protecting your assets. If you make the choice to have children, you will also need to make provisions for their care if something happens to you and your spouse.
Planning for the future can be very exciting as a newlywed, but you need to consider the practical legal tools you can use to protect yourself and to ensure a financially stable and secure life for your loved ones, no matter what happens. An estate planning attorney at Parman & Easterday should be consulted for help when you want to move forward with a strong plan for your future after a marriage. Give us a call today to learn more about the assistance that we can offer.
How an Estate Planning Attorney Can Help Newlyweds
An estate planning attorney can help newlyweds to plan for exciting future milestones and to prepare in advance for unexpected future tragedies. Being prepared for both the good and the bad means you will have the confidence of knowing your new spouse and children will always be provided for and kept safe from having to make difficult choices.
Some of the many ways an attorney can help you include:
- Planning for your retirement: Whether you were saving for retirement before marriage or not, a new wedding can be an opportune time to look forward towards the future that you both want to build. Having a secure plan for your retirement is essential to being able to achieve your dreams. An estate planning attorney can help you to explore Individual Retirement Arrangements which reduce your tax burden and make retirement saving easier, and can assist you in setting goals for how much to set aside for retirement. The younger you are when you begin planning and the longer time you have to save, the less you have to put aside and the more compound interest will make your wealth grow.
- Planning for incapacity. You do not want to be forced to make difficult medical decisions for your spouse without knowing his or her wishes, nor do you want your spouse to have to do this for you. Creating advanced directives like a living will and naming someone as your healthcare proxy can make it possible to specify whether you want extraordinary measures taken like CPR or the use of a feeding tube. Naming a healthcare proxy also gives you the chance to specify who should make decisions for you. If that person is your spouse, preparing your advanced directives will give you a chance to talk about what your wishes are.
- Planning to protect assets. One of the most important things you can do is make sure the wealth you and your spouse are building can be kept secure. You need to decide how to structure a family business; who will manage assets in the event of incapacity; and how to ensure that your assets are kept safe in case you incur high nursing home costs in your future.
- Planning to protect loved ones. If you have children, you want to make certain they are cared for no matter what happens to you and the other parent. Naming a guardian and making provisions to support your kids financially if something happens to you are just some of the things you can do to protect the people most important to you.
These are just a few of the key issues you need to consider talking about with an estate planning attorney. Your attorney can discuss your current family situation, your future goals, and your areas of concern in order to help you create a plan that is 100 percent personalized in the way you use legal tools to help secure your future.
Contact an Estate Planning Attorney Today
If you are newly married and you want to make sure you are making choices to protect your spouse and to create a stable future for your family, Parman & Easterday, is here to help. Give us a call today at (405) 703-9987, (913) 385-9400, or contact us online to learn more about the legal assistance our estate planning attorneys can offer.