Your Allegheny County Family Lawyers bring you some parenting tips we can learn from the Royal Family:
It has been 8 months since the Duke and Duchess of Cambridge gave birth to their first child, George Alexander Louis, but the media frenzy is still in full force. After photographs of the family were released this weekend, the adorable little prince, his equal cute pup, and the royal family are back in the spotlight. Even though Prince George will live a lifestyle most people cannot even begin to imagine, there will still be tremendous costs associated with raising the royal child for the Duke and Duchess of Cambridge. Though they have a much larger sum in the bank than most of us, they still have to keep their finances in mind because raising a child, royal or not, is an expensive endeavor.
Like parents in Western Pennsylvania, Will and Kate have had to purchase diapers and baby food, things which if not properly planned for can be very expensive and put a dent in anyone’s bank account. Before deciding on whether to have a baby, it is important to take into consideration the immense costs associated with child rearing. It is at least an 18 year financial commitment, and one which should not be taken lightly.
Even though you likely won’t spend as much on your child as the Duke and Duchess have been spending on little Prince George, you should still consider having a plan in place before your child’s birth. It is in the best interest of first time parents, as well as parents considering having a second or third child, to speak to a PA family law attorney and a financial professional, in order to be ready legally and financially for the birth of their own little prince or princess. There are many things parents can do to prepare themselves for their baby and to be ready for any unforeseen future events. Things that should be considered include:
Estate planning. Choose someone as a legal guardian for your child or children, and include this individuals name in your Allegheny County Will. This will ensure that if something happens to you and your spouse, your children will have someone taking care of them.
Retirement savings. Consider adding your children as contingent beneficiaries so that in the unfortunate situation that both parents pass away, the money in these accounts transfer to the kids without too much difficulty.
College savings. With college it’s pretty simple: start saving, now. Start by setting aside money in your own account before the child is born, you have no idea how beneficial this will be for you and your child. Even if your child decides that college is not right for him or her, the money can be used for any other endeavor they choose to pursue. Your child will thank you for keeping their future in mind from such a young age.
Divorce. Even royals go through divorces. As everyone who has an interest in the British monarchy is well aware, Will’s parents went through a marital split, and their separation was full of financial disagreements. In the event of your own PA divorce, any assets you wanted to leave for your child could potentially go to an ex-spouse in a divorce settlement. In order to prevent this from happening, a parent may want to set up a Pittsburgh trust naming their child as a beneficiary, in order to ensure that their inheritance cannot be touched in the event of a Pennsylvania divorce.
If you are considering starting a family, or already have one, and want to know what legal steps you can take in order to secure your family’s current and future situation, contact our PA family law attorneys at Taybron Law Firm in Pittsburgh. We work with you to help you protect your most valuable assets, your little prince or princess.