Young families have a tremendous opportunity to shape their future and to plan for wonderful things to come. Making smart choices now can set parents and children up for a lifetime of financial security and happiness. Young families can also benefit from thinking about what happens if there are bumps in the road, or even if tragedy strikes, so their loved ones will always be safe and provided for no matter what.
Biddinger & Bitzer, PLLC is here to help. We work with young families embarking on a journey towards building wealth, starting a business, and creating opportunity for their kids. We help you to make sure you can achieve your goals and that you always have a plan in place to protect the things that matter. To find out more about the personalized help we provide to young families, give us a call at 989-872-5601. You can also contact us to find out some answers to questions you may have including:
- What are some of the steps young families should take towards a secure future?
- When should young families talk with a legal professional?
- How can a Michigan elder law attorney help young families?
What are Some of the Steps Young Families Should Take to Achieve Security?
When you are young, you should begin setting financial goals and you should make plans in case something happens to you or your loved ones. Some of the steps that you should take include:
- Setting savings goals to achieve milestones like sending a child to college, buying a house, or retiring.
- Exploring the use of IRAs, 592 savings accounts, and other investment accounts which provide tax advantages that help you achieve your goals.
- Naming a backup guardian for young children in case both parents become unable to care for kids due to death or incapacity.
- Making provisions to provide financially for young children in case something happens to either parent.
- Purchasing disability insurance, life insurance, health insurance, and other policies to protect your family.
- Exploring ways to protect assets you are building, including keeping personal assets safe if you are starting a business.
- Creating an incapacity plan in case of illness or injury so your assets are safe and your family is not forced to make medical choices without knowing your wishes.
These are just a few of many different steps that it is important for young families to take. When you begin setting goals and making financial plans when you are younger, you can make your money work for you over the course of your entire life and you can create powerful opportunities for yourself and your children in the future.
When Should Young Families Get Legal Advice?
When you experience major life milestones, it is important to get the proper legal advice so you can protect the life you are building. Some of the key times when you may wish to get legal advice include:
- When you get your first job
- When you receive a promotion
- When you receive an inheritance
- When you get married
- When you have children or adopt children
- When your children finish their education
- When your children become adults
You also need to get proper legal help if a divorce occurs, or if any of your close family members like your spouse passes away. An attorney can discuss your current life situation, your plans for the future, and the steps that you need to take to achieve them.
There are many powerful tools available to you under Michigan law that can help you to maximize your savings, protect your assets, and ensure a more secure future for yourself and your loved ones. The job of a legal professional who helps young families is to make sure you know how to use those tools properly and that you use the right tools for your life situation.
How can a Michigan Elder Law Attorney Help Young Families?
Biddinger & Bitzer, PLLC has provided comprehensive help to young families throughout Cass City, Bad Axe, Caro, Deckerville, Reese, and surrounding areas throughout Michigan. When your goal is to ensure you do the very best you can in providing for your children and caring for your loved ones, we are here to provide you with help and support.
We help families at all income levels, at all life stages, and in all sorts of family situations. To find out more about the assistance our legal team can offer you, give us a call at 989-872-5601 or contact us online today.