Throughout Oklahoma, young people are moving in together, getting married, and having children. Unfortunately, as many young families take these important steps towards building their future, they are left unprotected from life-changing risk. All-too-often, young people assume that issues like incapacity, illness, injury, and death, are something that happens only to older people. Sadly, this is not always the case – and if you don’t prepare for the possibility of these tragedies happening, you and your loved ones could be unprotected.
Parman & Easterday provides assistance to young families in making a comprehensive plan to protect autonomy, assets, and loved ones in the case of an unexpected illness, injury, or untimely death. We also provide help to young families in planning for a happy future by making provisions for things like college education and retirement. If you want to make sure your young family can plan for the best and prepare for the worst, give us a call today at (405) 843-6100. We’ll offer you personalized advice for your life goals and will also explain some of the key things that young families need to know, like:
- Why is it important for young families to talk with an estate planning attorney?
- What should young families do to prepare for the future?
- How can an estate planning attorney help young families?
Why is it Important for Young Families to Talk with an Estate Planning Attorney?
It is important for young families to talk with an estate planning attorney because estate planning attorneys do more than just help older people plan for incapacity or end-of-life issues. The types of services they provide can be extremely valuable to young families, who could face hardship and legal issues if they haven’t made advance plans.
Young families need to get help from an estate planning attorney in preparing for the future, because:
- Saving enough for retirement is a challenge: Social security benefits aren’t enough and you may not have a pension. An elder law attorney helps you set and achieve savings goals while getting a boost in savings by taking advantage of special tax breaks for saving.
- Your family could struggle if you become incapacitated: If you don’t have a plan, your family could have a hard time getting control of your assets or deciding what kinds of medical decisions to make when you cannot communicate. Don’t force your family to withdraw life-sustaining medical support without knowing your wishes or force your family to go to court and initiate guardianship proceedings if something happens to you.
- Your assets are at risk: You need to explore approaches to asset protection so you can keep your money and property safe in case something happens to you, like needing to go into a nursing home. You should also consider unique risks you face, such as the threat of a lawsuit or bankruptcy for business owners.
- The tragedy of early death would be made worse: An untimely death of a young person is always tragic, but things will be much worse for your family without a plan. You need to name a guardian for minor children and ensure assets your loved ones are depending upon aren’t tied up in probate. You also don’t want your property being distributed based on state law instead of according to your wishes, and you don’t want your assets lost due to estate taxes or costly fees during probate.
These are just a few key reasons why young people need to get appropriate legal help.
What Should Young Families Do to Prepare for the Future?
Parman & Easterday will provide personalized guidance to young families on how to prepare for the future. We can help you to use legal tools available under Oklahoma law to protect yourself and your loved ones. Some of the things we assist with include:
- Retirement planning & IRAs
- Power of attorney to plan ahead in case of incapacity
- Advanced directives to express your preferences for emergency medical treatment and life-sustaining care
- Trusts to protect assets, allow assets to transfer outside of probate, reduce estate taxes and provide for your loved ones appropriately
- A last will and testament to provide instructions for guardianship for children, asset distribution, and other issues related to your legacy
This is just a very small sample of services we can provide. Everyone’s situation is different, which is why getting personalized help is so important.
How can an Estate Planning Attorney Help Young Families?
Parman & Easterday helps young families in Overland Park, KS as well as in Oklahoma City, OK and in surrounding areas in Oklahoma. Give us a call today at (405) 843-6100 or contact us online to find out more about the ways in which we can help.