Legal Tips Every New Parent Should Know Whether you are expecting, preparing to adopt or already have children, it is important to make sure your family is legally protected. It is never too early to prepare for your children’s future, but waiting to prepare could be disastrous. These tips are designed to help guide parents through the planning process. If you need assistance with any legal issue involving your dependent children, call your LegalShield provider law firm today. Develop an Estate Plan – Protect your family’s financial interests with an estate plan. You may start by completing the LegalShield will questionnaire, which you can obtain by calling LegalShield or your provider law firm. If you have any questions while completing your questionnaire call your provider firm and speak with an attorney. Carefully Select a Guardian (Custodian) – Selecting a guardian for your children can be difficult for many reasons. However, it is important to carefully consider the willingness, financial responsibility, age and health of a potential guardian. It may be beneficial to appoint a separate trustee (conservator) to govern your children’s finances. Your provider law firm can help you understand the laws where you live and guide you towards the best decision for your family. Purchase Life Insurance – Term life insurance is often more affordable for parents, but examine all of the options available and consider how much your children would need if something were to happen to you. It may be beneficial for women planning a pregnancy to purchase life insurance before becoming pregnant. Some health issues that may arise during or after pregnancy could affect the cost or ability to purchase insurance. Review Health Coverage – Examine the costs and exclusions included in your health insurance plan. Adding a child or children can be expensive. Expectant parents should also understand the potential costs of labor and delivery and save accordingly. Know Your Employer’s Leave Policies – Some policies may be governed by state or federal law while others may be at the discretion of your employer. Discuss your rights with your LegalShield provider law firm. Consider Short- and Long-Term Disability Insurance – Working mothers should prepare for maternity leave by purchasing short-term disability insurance to cover any unpaid portion of their leave. This insurance generally needs to be purchased before becoming pregnant so plan accordingly. Long-term disability insurance is every bit as vital as life insurance. An extended illness can be financially devastating. Before you sign up for any insurance have your LegalShield provider law firm review the terms. Savings – It is important to save first for emergencies. Once you have enough savings to cover one to two months without income you should begin saving for your children’s education. There are multiple options for college savings such as prepaid tuition plans and tax-advantaged savings plans. Examine all of your options to find out which plan is best for your family. Your LegalShield provider law firm can help you understand the terms and legal ramifications involved in saving for college.
Posted on: Mon, 25 Nov 2013 22:15:39 +0000
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