In this episode of The Savvy Parent Podcast, we’re back with Shannon McNulty, NY Lawyer to talk about what parents need to think about when it comes to their legal and financial plans. Shannon’s goal is to help families get their legal and financial plans in place so you can feel peace of mind and so that in the event anything occurs, your children and family are protected.
What grown-ups need to address
It can feel daunting to tackle such important areas, and many families let this overwhelm or fear hold them back from putting plans in place. Shannon aims to make this a simple process while getting critical pieces of your legal and financial plans in order.
Shannon’s law firm handles the legal aspects of planning: Your estate plan including your will, guardianship information, and more. She also assists with the nitty-gritty details you might not think about like the letters you’ll want to write to explain how you’d like your children raised, and all the documentation needed to make sure your wishes are carried out in the way you want. It can be scary to think about all of this, but it’s scarier to think about what happens if you don’t have these items taken care of.
Other considerations
It’s great to have a detailed will, but if you have no life insurance or college fund, then there’s no financial security for those you may leave behind. Shannon shares some of the other financial areas you need to consider as you work through your estate plan.
We recorded this episode in Summer 2020, and the COVID-19 pandemic is ongoing and many people are feeling a bigger sense of urgency to get their plans in place. Shannon shares that at this point in time the courts are backlogged, so it’s even more important to create plans that allow you to bypass the courts.
Yes, there are lots of pieces to your legal and financial plans and sometimes fear of needing these plans holds parents back from creating them. Start with one step whether that’s reading Shannon’s book, The Complete Guide to Legal Planning for New York Parents, checking out our blog at The Savvy Parent, or scheduling a consultation with Shannon.
Resources mentioned
Read The Complete Guide to Legal Planning for New York Parents
Get more expert advice at The Savvy Parent and join our newsletter
Learn more about McNulty Law and schedule a consultation