3 things I always tell clients who are about to have a child - Business Insider

Wills determine how assets are distributed to heirs upon an individual's death. Advanced healthcare directives provide instructions for what action to take for someone's health if incapacity prevents them from making their own decision. Durable powers of attorney give authority to a person to act on someone's behalf if they are unable to do so themselves.

Some items that clients should particularly consider in their estate planning when having a child are adding a trust/trustee and guardian to the wills. Additionally, couples can add their child as a contingent beneficiary on their accounts , life insurance policies). If one or both parents were to die, then it is essential for their child to maintain financial stability.

. In situations where a couple already has life insurance, there should be an evaluation of the current amount and whether it is enough now that they are raising a child. totaling some multiple of their salary. For example, a company could offer each of its employees a life insurance death benefit of 2.5x salary, which would mean someone earning $125,000 annually would have coverage of $312,500.

The one downside to employer plans is that they are usually contingent on someone being employed with a specific company. Life insurance is a key element for asset protection within any family's financial plan, so it is important for at least some of the coverage to be independent of employment status. Our economy is always changing, and there are times people lose employment based on factors that were out of their own control. , a fee-only comprehensive financial planning firm.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

10 toxic behaviors from parents that make children less functional in adulthood - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 🐱⁉️🐶⁉️😿👉😭 🗽 11. Being desi
Source: BusinessInsider - 🏆 729. / 51 Read more »

Biden campaign tells staffers to delete TikTok from phone: report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. It is an app who cares? smartest thing theyve done smart
Source: BusinessInsider - 🏆 729. / 51 Read more »

12 US cities to start a business that aren't NYC or Silicon Valley - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

AI sensor startup Density raises $51 million to help businesses reopen - Business InsiderDensity, a startup using AI-powered sensors to help universities and meat packing factories make sure social distancing is being enforced, raises $51 million in a round led by Kleiner Perkins
Source: BusinessInsider - 🏆 729. / 51 Read more »

How to write a business plan, according to a former Wall Street exec - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Jeff Bezos will testify about how Amazon is the quintessential American companyThe Amazon CEO will tell lawmakers Amazon is great for small businesses, customers and its investors. How makes all the money and doesn’t give a shit about his workers? No, It's a monopoly and needs to be broken up. Oh really, made in China Besos...
Source: CNBC - 🏆 12. / 72 Read more »