What Is The One Thing You Didn't Do To Prepare For the Birth Of Your Child?

As a soon-to-be new parent you probably read "What to Expect When You Are Expecting" cover to cover, right?  Along with baby name books, Parenting Magazine, nutrition books, "The Happiest Baby on the Block," and the list goes on.  Then you were probably busy taking prenatal yoga, birthing and breastfeeding classes.  You had the hospital bag packed before you took the hospital tour too?

• Decorated the nursery
• Secured the carseat in the car with some help from the local safety police class
• Hung all the baby clothes by size & color
• Had every diaper, cream, and lotion all ready on the changing table 

You did it all - or as much as you could while carrying around an extra 30 pounds and taking bathroom breaks every 20 minutes because there was a foot kicking your bladder.

However, for all the "prep" work parents do, very few do one of the MOST important things every parent needs when they have a child....put a Kids Protection Plan in place.

It is hard to think about you not being there for your child, but it is even harder for you to think about and your child to try and survive without you if you didn't have the foresight to plan.  At the very least, name trusted family and friends to act as your child's guardian in the event you are not able to do so even for a short period of time.

It may seem sad or too difficult, but a Kids Protection Plan will actually give you an immense feeling of peace and relief knowing your child will always be taken care of by someone you choose after careful consideration.  It is also really easy and you can get started right NOW from the comfort of your home.  

It is our mission to provide "a plan for every family" and here is a great way to get started for FREE.  Visit http://wilsonlf.kidsprotectionplan.com and name legal guardians with us walking you through the process virtually.  You will end up with legally binding documents nominating your chosen guardians.

If you need even more help and guidance, call (978) 296-4140 or email info@wilsonlf.com with questions or to schedule a Family Plan Session to design a complete estate plan.  If you are one of the first 2 families to book this week for the last week of August we will be able to waive the session fee!  You have nothing to lose and everything to gain.  Good luck and we would love to hear how your virtual Kids Protection Plan turns out!



Wilson, lf is a family-focused boutique law firm specializing in estate planning located in Andover, Massachusetts and Washington, DC.  We help parents like you organize your affairs, in style, to protect your investments and provide for your loved ones.  We are so passionate about providing "a plan for every family" that we meet families throughout Massachusetts and DC in their homes or offices and have some evening and weekend appointments available every month for utmost convenience. www.wilsonlf.com

10 Common Errors When Naming Life Insurance Beneficiaries That Will Hurt the People You Love – and How to Fix Them

If you make a mistake in naming beneficiaries for your life insurance policy, the people you love will end up being hurt.  Insure.com recently provided a list of the 10 life insurance beneficiary mistakes to avoid.  We elaborate on how they’ll affect you and how to fix them.

1.  Naming minor children.  If proceeds of your life insurance are directed to your minor child (instead of to a trust for his/her benefit), a Judge will decide who controls the proceeds and when your child receives them.  And your child could get access to all of that money at 18! That’s bad news. And unnecessary.  A Personal Family Lawyer® can counsel you on the best way to leave life insurance proceeds to minor children.

2.  Naming a person with special needs.  By naming a child with special needs child or other person eligible for government benefits as a beneficiary, you could unwittingly disqualify them from receiving those benefits. Instead, you could name a special needs trust. We can help you with that.

3.  Not considering community property and/or spousal rights.  You don’t have to name your spouse as a beneficiary, but if you live in a community property state, your spouse will need to sign a waiver before you can name someone else as beneficiary. And, if you name a married adult child as the beneficiary of your policy (without a trust), you could be putting your child’s inheritance at risk inadvertently.

4.  Ignoring tax consequences.  While life insurance proceeds are usually income tax-free, they are subject to the estate tax.  Talk to us about these issues so we can identify any traps for the unwary.

5.  Trying to use your Will.  A properly executed beneficiary designation form always trumps your Will, so don’t make the mistake of thinking you can change beneficiaries by naming someone else to receive insurance proceeds through your Will.  

6.  Failing to update.  Many ex-spouses are enriched by a life insurance benefit because their ex forgot to update the policy’s beneficiary form.  Review your beneficiary designations every time you have a significant life change, or at least every three years.

7.  Not being specific.  You should name your beneficiaries in as specific a manner as possible, which means using their legal names, not just a designation such as “my spouse” or “my children.”

8.  Not informing family or losing track of policies.  If you have a life insurance policy, tell your family about it.  Otherwise, it may be overlooked and the benefit never claimed.  We track our clients’ assets using a Family Wealth Inventory that is updated regularly so no assets are lost after your passing.

9.  Not considering individual circumstances.  If you leave a large sum of money to an adult child with a substance abuse problem or someone not equipped to handle money, this can lead to more problems.  Consider establishing a trust that can protect your beneficiaries’ inheritance.  We can even protect these assets from bankruptcy, creditors and divorce, for multiple generations.

10.  Naming only one beneficiary.  If you name only one beneficiary and that beneficiary dies at the same time, or before you, the proceeds of your insurance could go end up directed by State law or a Judge.  To prevent this from happening, name secondary and tertiary beneficiaries. 

If you would like to learn more about protecting the inheritance you’ll leave behind, call (978) 296-4140 or email info@wilsonlf.com today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Plan Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Don't forget to mention this article when you call or email!