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Yahoo
3 days ago
- Business
- Yahoo
5 Financial Planning Concerns That Are Totally Unique to Parents
Financial planning looks different for people at different stages of life and in different situations. For parents, every money decision must consider both their own needs and the current and future concerns of their children. For You: Check Out: According to Laura Cowan, an estate planning attorney and founder of 2-Hour Lifestyle Lawyer, 'It's not just about paying for diapers and daycare; it's about rebalancing how every financial resource is allocated.' From taxes to priorities, every major financial decision shifts when you become a parent. Here are five planning concerns that are uniquely challenging for parents. When raising kids, the early years are about managing cash flow and budgeting for daycare, medical costs and insurance, Cowan pointed out. These expenses just evolve as your kids age, she said, growing into costs like extracurriculars, tutoring, summer programs, braces — and eventually, college tuition. 'By the time they're young adults, you may be helping with first apartments, down payments or a wedding,' Cowan said. 'People without children do not have any of these financial concerns.' Parents need to regularly adjust their financial plan to reflect these evolving stages — without putting their own long-term goals at risk. Moreover, parents should plan for up to two decades of financial dependency, Cowan added, citing research showing that around 40% of young adults ages 20 to 34 still live at home. Learn More: Before children start school, parents often find that budgeting becomes harder and their savings rate drops significantly due to high child care costs, according to Ari Weisbard, a CFP, managing partner at Values Added Financial LLC, and principal attorney at the Law Office of Ari Weisbard. 'They shouldn't feel badly about that or think they're failing in any way,' he said. 'The key is to make sure the drop is temporary and that when the children enter public school, the new financial slack is used to catch up on needed savings.' Parents also often struggle to prioritize between saving for their kids' education and planning for their own retirement. But Cowan stressed, 'Retirement comes first. Your children can borrow for school; you can't borrow for retirement. If you deplete your savings trying to 'do right' by your kids, you may become a financial burden to them later.' Instead, focus on maximizing contributions to your retirement accounts first, Cowan advised. Once that's in place, you can begin contributing to a 529 plan or other college savings vehicle. Parents have a much stronger need to consider term life insurance and estate planning than non-parents, Weisbard said. 'Funds for raising their children and a clear guardian for their children, and trustee to manage the funds, matters much more for parents than for non-parents.' He recommended term life policies in the ballpark of $1 million to $2 million, if possible, for a term of at least 20 years. 'Thirty-year policies are more expensive and usually only necessary if there won't be a lot of other property — house, retirement savings — in the picture or if children are really spaced out in ages,' he said. While parents are not the only ones who need an estate plan, they do need to think about how any inheritance they leave can help set their children up for success. 'Many parents skip estate planning entirely,' Cowan said. 'They think they don't have enough money and fail to realize that estate planning is actually financial planning in disguise.' She pointed out that even a $50,000 inheritance can disappear quickly if spent on 'rent, takeout or impulse buys.' But if that money is placed in a trust, it can be used to fund college, start a business or buy a home. 'The wealthy don't just pass down money — they pass down structure. That's what helps keep them wealthy,' Cowan said. She recommended all parents use estate planning to put rules in place that help their kids use an inheritance to build a stronger future. 'Every parent should have a plan that protects their legacy and sets their kids up for success.'More From GOBankingRates 4 Things You Should Do When Your Salary Hits $100K If a Financial Advisor Doesn't Ask These 5 Questions in Your Consult, Keep Shopping 5 Steps to Take if You Want To Create Generational Wealth Robert Kiyosaki: 5 Money Habits of People Who Retire Early This article originally appeared on 5 Financial Planning Concerns That Are Totally Unique to Parents Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
18-03-2025
- Business
- Associated Press
Attorney Jason Hatfield Featured in Arkansas Times for Lawyer of the Year, Best Lawyers in Arkansas
Springdale, Arkansas – Attorney Jason Hatfield was recently featured in the Arkansas Times, earning the title 'Lawyer of the Year.' Mr. Hatfield also appears on the Arkansas Times list of the Best Lawyers in Arkansas for both workers' compensation and personal injury plaintiffs. Jason M. Hatfield is one of only three lawyers in Arkansas to receive the 'Lawyer of the Year' distinction for plaintiff's personal injury litigation. These three attorneys represent the top of their professional field in Arkansas when it comes to representing those injured by another's negligence. Mr. Hatfield was also recognized as one of Arkansas' top attorneys for workers' compensation claims, helping injured workers fight for the compensation they deserve. These distinctions aren't the first for Jason M. Hatfield this year. Mr. Hatfield was also named to the Mid-South Super Lawyers list in 2024 for the 11th time. He also received his third nomination to the Super Lawyers Top 50 list in 2024. Admitted to the State Bar of Arkansas in 1997, Jason M. Hatfield has worked to secure significant verdicts for clients and support his colleagues' professional efforts ever since. His work includes serving on the Board of Governors of the Arkansas Trial Lawyers Association and as President of the Washington County Bar Association, among other roles. Attorneys are chosen for the Best Lawyers list solely by the ranking of their professional peers. Lawyers vote on the work of other attorneys in their practice areas, ensuring that those casting votes fully understand the role's demands and the skills required to attain excellence. Attorney Jason Hatfield, along with other lawyers who receive this distinction, was chosen for the Best Lawyers distinction based on his reliability and integrity in professional service. The 'Best Lawyers in Arkansas' list is compiled each year from The Best Lawyers in America, a research-based list that collects information about outstanding attorney efforts across a range of practice areas. Best Lawyers has been published yearly since 1983, covering attorneys in 148 specialties and all 50 U.S. states. The Best Lawyers in America and Best Lawyers: Ones to Watch rankings are published annually by BL Rankings, LLC. At the Law Office of Jason M. Hatfield, P.A., we are seasoned veterans of the Arkansas legal system. We have families who are proud to live, work, and play in Northwest Arkansas – from Fayetteville to Bentonville. Law Office of Jason M. Hatfield, P.A. 1025 E Don Tyson Pkwy Springdale, AR 72764 (479) 888-4789 Press Contact : Jason Hatfield Distributed by Law Firm Newswire Legal Disclaimer:
Fox News
13-03-2025
- Politics
- Fox News
Illinois Dem lawmaker pushes bill to legalize attacks on police for people having mental health episode
An Illinois lawmaker has introduced a bill that critics say will make it legal for anyone experiencing a mental health episode to attack police officers. Democratic state Rep. Lisa Davis, an attorney in the Law Office of the Cook County Public Defender's office, introduced House Bill 3458 in February. Under the terms of the legislation, the bill would "[provide] that it is a defense to aggravated battery when the individual battered is a peace officer and the officer responded to an incident in which the officer interacted with a person whom a reasonable officer could believe was having a mental health episode and the person with whom the officer interacted has a documented mental illness and acted abruptly." The bill has picked up two co-sponsors, Reps. Marcus Evans and Kelly Cassidy. Currently, a person in Illinois can be charged with aggravated battery if they attack "an individual whom the person knows to be a peace officer, community policing volunteer, fireman, private security officer, correctional institution employee, or Department of Human Services employee supervising or controlling sexually dangerous persons or sexually violent persons." Second Cop City, a blog that reports on Chicago policing matters, first reported on the bill. "If this passes, mental illness will be an excuse to attack and beat police officers," the blog states. "In fact, who wants to bet there will be thousands of people who suddenly have doctor notes that permit them to attack cops?" Davis' proposal would legalize attacks on peace officers. Other first responders would be spared, such as firefighters, like her husband, CWB Chicago reported. The bill has been referred to the Illinois General Assembly Rules Committee, where unpopular legislation goes to die, the news report states. Fox News Digital has reached out to Davis and the Chicago chapter of the Grand Lodge of the Fraternal Order of Police.
