Most people expecting a new baby are excited and focused on what to do immediately after the child arrives. It’s a wonderful time for any couple, especially if it is a first child. You can focus on more than just your child’s immediate future however. One great thing about estate planning is that you can use it to prepare for your expected baby’s lifelong care.
No one wants to pay estate taxes. You can set up a gifting plan now to give money to your child regularly to lessen the eventual estate tax on your assets. You do not have to wait to give gifts until your child is 18. You can give on the day your child is born. You can also set up a Trust for your expected child. This makes sure that your child has access to funds should something happen to you without the possibility of wasting those funds. Your gifting plan can actually give to the Trust and not to your child directly. Another important thing to do is to appoint a guardian for your expected child in case something happens to you and the other parent.
You probably do not want to think about death when you are expecting a new child. However, a visit to an estate planning attorney can help your child throughout life.
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Ryan M. DenmanandDennis D. Duffy
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