KID INSURANCE
A local casino tells you to come and “do you”. I am sure if you went to most Arizona casinos, which I gladly stay away from — you won’t find glamourous models playing games of chance and gamblers running around with cash falling out of their pockets and purses. Instead, you most likely will see some deplorable people wasting hard-earned money on games of chance. Oh, I am sure a few successful-looking customers frequent these places. But the general rule would be people who can’t afford to lose money are there weekly losing money they can’t afford to lose. Most are hooked on the thrill of winning and ignore the reality of losing more than they win.
Now let’s change the tables over to parents of minor children. You may be new parents or are finishing off the family with your kids in college and an eventual severing of their money tether to you is imminent. I want to address all of the parents (or single parents) in this wide range so that I can ask a question.
WHAT HAVE YOU DONE TO PROTECT YOUR KIDS? YOUR SPOUSE? OR YOURSELF? From death I mean. Is it possible you have been gambling with THEIR future by denying them proper legal documents?
A few years ago, I posted a link to a great article titled 5 Lessons for New Parents. You will find it in my blog entries from 2018. Here, I want to address the most important points in the article.
Do you have living documents providing for your spouse or another person to take your place to make health decisions for you or your child?
If you hit a Mack truck head-on going down the freeway, and never come home again…. have you named a Guardian for your minor child/children?
If you are disabled or die, who is legally authorized to manage your money? Your child’s money? You might be surprised to find that without a proper Arizona Health Care POA or Will or trust that spells out complete instructions on how you want your child/children to be taken care of financially.
Do you have enough life insurance to be sure the money is there to replace your income if you are suddenly taken?
Are your 401-k beneficiary elections correct? Do you know minors can’t access this money themselves once you die?
Do you have a legal document that spells out continued living arrangements in your home or your guardian’s home?
Did you do this planning and then let the plans collect dust for years? That might be worse than having no legal documents. Recent IRS rule changes invalidate most written plans for retirement accounts. Don’t let the kids be caught between out of date documents and perhaps, guardians you no longer trust.
Let a professional certified legal document prepare firm help you protect the kids. There is no cost or obligation to sit down with me and discuss the “family”.
MD. Anderson, AZCLDP, Realtor, Notary, Accountant, Insurance Agent