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Minneapolis Estate Planning and Probate Lawyer Blog

Friday, September 30, 2011

Financial Friday: Children and Your Family's Financial Future

Today's Unique Estate Law brings you a Financial Friday post by Jay Dworsky on the topic of the emotional and financial cost of raising children and ways to ensure a better financial future for your family.

Our children often times can be our greatest pleasure and frustration all in the same minute. One thing for sure is they will always be our greatest responsibility and probably our most expensive commitment.
We are charged with divine responsibility from the minute of conception. Often parents (both new parents and veteran caregivers) cannot conceive of being in charge of the health and well being of another human until the baby arrives.

As our children travel this long and never-dull road from infancy to adulthood, we nurture them, worry about them, discipline them and, of course, love them. Most of all, we try to protect them. We want them to grow up in a stable world, one in which they are physically safe, emotionally nurtured and financially secure. We would do anything in their power for the sake of their children so they can receive the best life has to offer.

The cost of raising a child

According to Forfiled, “The United States Department of Agriculture estimates that the average nationwide cost of raising one child from cradle to college entrance at age 18 ranges from $205,960 to $475,680, depending on income. (Source: Expenditures on Children by Families, 2009) Then, when they turn 18, add in college expenses, and your financial outlay can get even worse. How much worse? According to the College Board, for the 2010/2011 school year, the average cost of one year at a four-year public college is $20,339 (for in-state students), while the average cost for one year at a four-year private college is $40,476. Even if those numbers don't go up (and they have increased each year for decades), that would come to $81,356 for a four-year degree at a public college, and $161,904 at a private university.”

Fortunately, as long as we remain alive we somehow find a way to provide for our children. We know from the real life stories, like the widows of 911 victims, the baby is on her way whether we are there or not. It may not be appropriate cocktail-party conversation but the fact is things happen and we need to plan for them. Remember we brought this child into the world and his or her life goes on whether ours does or not.

Review your life insurance coverage

Life insurance is one of the most effective ways to protect your family from the uncertainty of premature death. Life insurance can help assure that a preselected amount of money will be on hand to replace your income and help your family members--your children and your spouse—maintain their standard of living. With life insurance, you can select an amount that will help your family meet living expenses, pay the mortgage, and even provide a college fund for your children. Best of all, life insurance proceeds are generally not taxable as income.

 


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From within Hennepin County Unique Estate Law represents estate planning and elder law clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park. The Minnesota law firm of Unique Estate Law focuses on all aspects of estate planning, including specialized wills, trusts, powers of attorney and medical directives for married couples, young families, blended families, single parents, gay families and those going through a divorce. Unique Estate Law also handles probate administration, asset protection, Medical Assistance planning, elder law, business succession planning, adoptions and cabin planning.



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| Phone: 952-955-7623

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