Estate Planning for Young Families

By Ryan J. Byrnes, Esq., Littman Krooks LLP In the movie “It’s a Wonderful Life,” when George Bailey stands on that bridge outside Bedford Falls, contemplating whether life for his young wife and five children really would be better without him, George has just one tangible asset: the $15,000 life insurance policy tucked in his suit pocket. Small-town banker George Bailey, a paragon of self-sacrifice and family responsibility, knew that it was important to do what he could for his family at a time when he had no significant assets to leave behind should he suddenly pass away. He didn’t have much money, but he found room in the family budget for a life insurance policy. That’s how it is with all young families. They may not have great wealth to distribute, but they have great responsibilities toward their children and this alone should provide a strong impetus for estate planning. Heads of households with young children should be asking the…

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