Well, your child has graduated from college and you’ve cut the strings….so you hope. The question now becomes, “What impact does this have on my Estate Planning?”
A variety of concerns are raised. Importantly, in light of the turbulent job market, hopefully you have come to understand a salary cannot be taken for granted. While you likely appreciate this in your own life, you too must understand this consideration for your recent grad. Planning for the future means you also need to ensure you have the proper means to support your grad who becomes unemployed and has nowhere to turn.
What about that 529 Plan? Are you fortunate enough to have your contribution amounts ready for investment elsewhere? Do you have a balance remaining in that 529 Plan? There are certain tax considerations you should understand before cashing out. There are roll-overs and estate tax savings that can be had.
As to your existing Estate Planning documents, your child has been an adult for several years now. Does your Will or Trust need updated? Should beneficiaries on your financial policies be updated?
Most importantly, if you have no Will, Living Will or Power of Attorney, now is the time to have those documents drafted. These documents, while minimal in cost, can save drastic amounts in the future and ensure your loved ones are protected. You have worked your entire life to create your wealth and provide for your loved ones. Take the time to ensure you’re life’s wealth is protected.
Contact Attorney Adam Anderson at 412-434-4911 x 14 for a free initial consultation or review of your current Estate Planning documents.