Boomers Kids better have life insurance

Recently I have encountered quite a few young couples with the same situation. They have little to plan for besides nominating a guardian for their children. However, many of the young couples I talk to with Boomer parents seem to think that Grandma and Grandpa could care for their minor children if something happened to them.

I think this notion is highly unrealistic. Many boomers will not have the resources to care for additional dependents. Many have not saved enough for retirement especially with the ballooning costs of health care and the recent downturn in the markets that may be here to stay.

A recent Wall street Journal article highlights the problem. Many Boomers are essentially planning not to leave anything to their children because they don't think they will have anything left after retirement. This means that similarly Boomers won't have the financial resources to adequately care for your minor children. And that's just the essentials, food, clothing etc let alone trying to pay for your children's college education.

If you have a concern that your parents may not be able to provide fully for your children should something happen to you then its time to consider some life insurance. Most agents I talk to recommend purchasing between 8-15 times annual income to provide for dependents.

There is no need to go out and purchase complicated insurance policies when all you really need is to purchase some affordable term insurance coverage. If you are relatively healthy and in your thirties this should be fairly affordable. You may want to have spouses own the policies on each other as well as name the children as contingent beneficiaries of the policy. So long as you have nominated guardians in your simple will, then it would be relatively easy for the named guardian to receive the life insurance proceeds and manage them for your minor children.

You can check the cost of simple term policies at sites like selectquote.com.

ABOUT CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, based in the Westwood Neighborhood of Los Angeles is an innovative estate planning, probate & trust administration, and elder law attorney, who offers in home services for busy and movement challenged clients. The Law Office of Christopher R. Twining serves the cities of Los Angeles, Santa Monica, Culver City, Beverly Hills, West Hollywood, Pasadena, Burbank and the neighborhoods of West Los Angeles, Westwood, Brentwood, Bel-Air, Pacific Palisades, Palms, Pico-Robertson and Encino. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.

CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
1440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775 - 9774
http://www.twininglaw.com