Male   Female
  • How do I start a trust fund for my children?
  • February 19, 2014
  • how much to leave to childrenBy Wes Lind

    Not only can cash from a  help settle present financial matters, it can also ensure that your family’s dependents are taken care of down the road through a trust. Children are the most in need of financial support that can stretch from a few years to a lifetime. Additionally, you or your spouse may need funds during the grieving process before returning to employment.

    How much financial support your dependents need depends on your family’s situation.

    In addition to any children you have had with your spouse, you should consider the support of any children you may have from a previous marriage, advises Edward E. Graves, author of “McGill’s Life Insurance.” The death of an income-earning family member could financially impact multiple households.

    Another issue to consider involves children with physical or mental disabilities that prevent them from becoming self-sufficient. Institutional or home care can be expensive and possibly require financial support beyond you and your spouse’s lifetimes.

    Specialist Donna Scalaro of The Hartford stressed the importance of creating a special needs trust for children with physical or mental impairments.

    “You should really establish a trust for your child and fund it with life insurance,” says Scalaro. “This way the parent would be able to provide for the child, supplement their living expenses and not jeopardize the child’s eligibility for additional government benefits.”

    Whatever the needs of your child, you’ll want to make sure they’re taken care of. The proper life insurance policy can provide immediate resources that would periodically provide them with an influx of funds.

  • Category: Articles Library, Life Insurance, Videos

Leave a Reply

Archives

About

Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at bob@lifequotes.com.

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates www.consumerinsuranceguide.com and www.lifequotes.com, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  


Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.
10.1.1.86