Estate Planning Advice for New Parents
Congratulations! You have just had a NEW baby and your family is growing! This is such a wonderful time in your lives and the last thing you are probably thinking about is what happens if you and/or your spouse pass away unexpectedly.
Our accounting firms in Mid-Missouri specialize in giving estate planning advice to our amazing clients. From transferring your business to a beneficiary to making sure your children are cared for in the event you and your spouse pass away, Wilson Toellner CPA can advise you on effective estate planning in Central Missouri, meaning, the orderly transfer of your assets to your beneficiaries and providing security for your surviving spouse (if applicable). Throughout your estate planning efforts, keep the following pieces of advice in mind if you are a new parent.
Have a will (if you don't already).
It is SO important to have a will in place, especially if you have children. We realize this probably the last thing on your mind after having a little one, but you need it. This is your chance to make your wishes known in the event you pass away before your child is of age.
Name a guardian.
The guardian is the person who chose to take care of your minor children in the event that you and your spouse pass away before they are of age. This is your chance to actually choose the person who cares for your children instead of that person being assigned by the court, likely it would be a family member if possible, but by naming your guardian you get to pick.
Have a life insurance policy in place.
Your death could have a very big financial impact on your family, including your children. Having a good life insurance policy in place can help support your family in the event you pass away.
Choose the executor of your estate.
This is the person who carries out your will, your wishes. This should be a person you trust because the role of the executor of your estate is very important.
Make your funeral arrangements known.
Planning your own funeral can save your loved ones so much stress and time when they are likely grieving your loss. You can list these arrangements in your estate plan so they are known in the event you pass away.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. Also, for business owners, providing for business continuity and succession of ownership is essential. Our accountants in Mid-Missouri can guide you through the complex process of getting your financial affairs in order. Learn more and give us a call today. Our phone numbers and locations are listed below.
Our accounting firms in Mid-Missouri specialize in giving estate planning advice to our amazing clients. From transferring your business to a beneficiary to making sure your children are cared for in the event you and your spouse pass away, Wilson Toellner CPA can advise you on effective estate planning in Central Missouri, meaning, the orderly transfer of your assets to your beneficiaries and providing security for your surviving spouse (if applicable). Throughout your estate planning efforts, keep the following pieces of advice in mind if you are a new parent.
Estate Planning Advice for New Parents
Have a will (if you don't already).
It is SO important to have a will in place, especially if you have children. We realize this probably the last thing on your mind after having a little one, but you need it. This is your chance to make your wishes known in the event you pass away before your child is of age.
Name a guardian.
The guardian is the person who chose to take care of your minor children in the event that you and your spouse pass away before they are of age. This is your chance to actually choose the person who cares for your children instead of that person being assigned by the court, likely it would be a family member if possible, but by naming your guardian you get to pick.
Have a life insurance policy in place.
Your death could have a very big financial impact on your family, including your children. Having a good life insurance policy in place can help support your family in the event you pass away.
Choose the executor of your estate.
This is the person who carries out your will, your wishes. This should be a person you trust because the role of the executor of your estate is very important.
Make your funeral arrangements known.
Planning your own funeral can save your loved ones so much stress and time when they are likely grieving your loss. You can list these arrangements in your estate plan so they are known in the event you pass away.
Get Effective Estate Planning Advice as a New Parent from Wilson Toellner CPA
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. Also, for business owners, providing for business continuity and succession of ownership is essential. Our accountants in Mid-Missouri can guide you through the complex process of getting your financial affairs in order. Learn more and give us a call today. Our phone numbers and locations are listed below.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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