What are the steps needed for legal protection in a single-parent family? What legal, financial and insurance steps do we need to take? This is an essential aspect of the responsible Choice Mom journey, and one we should pay as much attention to, prior to becoming a family, as we do in picking a donor or making an adoption match.
A TRUE STORY: CHOICE MOM DEATH
Two women share the story of a Choice Mom whose unexpected and tragic death — leaving behind a son born posthumously — remind us of the reason we need to have life insurance in place before we conceive, and an estate plan created before we bring our children home.
CREATING A DETAILED PLAN
How do we take care of our child, legally and financially, as a single person with one paycheck? What do we need in place for single-parent protection of our child if something happens to us? Estate attorney Micah Salb, Ameriprise-affiliated financial planner Rebecca Hall, and insurance agent Gayle Thompson give special insight to Choice Moms.
This radio show was recorded at a panel discussion in Washington, D.C., and was originally published in July 2009.
ESTATE PLANNING BASICS
Estate planner and Choice Mom Racheal Isan explains the basic options for anyone who is creating an estate plan for her child, including the difference between a will and a trust, the benefits of having a trust, and how to pick a guardian. She discusses what happens if we don’t have an estate plan in place, the cost of setting up a plan, and how state regulations have an impact.