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Expecting a New Arrival? Be Prepared with an Estate Plan

Expecting parents or even parents of a newborn will need to reconsider their estate. If you already have an estate plan in place, now is the time to amend that plan to meet your current life situation. If you do not have an estate plan, you might want to consider a few of these tips for getting started and ensuring your child's future if protected.

  1. Consider purchasing life insurance to support your child or spouse if something were to happen to you unexpectedly.
  2. Consider some of the tax advantages associated with gifting some of your estate to your child. By doing this you can reduce the amount of estate tax your estate will owe later down the road.
  3. Consider creating a trust for your child. Trusts can have an established payment plan set up that will support children throughout their lifetime and it will ensure your child does not go through their inheritance too fast.
  4. Select a guardian for your child. Make sure this is someone you trust and ensure you have a contingent guardian in case your original selection cannot take on the task later down the road.
  5. Create a Will that reflects your current family situation.

Planning for your baby doesn't just revolve around what colors to use in the nursery or what you will wear coming home from the hospital -- it includes planning for your baby's future.

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