In news that sent the self-proclaimed beyhive into frenzy, Beyoncé and Jay-Z revealed they are expecting twins! Beyoncé shared the news via a photo on Instagram captioned, "We would like to share our love and happiness. We have been blessed 2 times over. We are incredibly grateful that our family will be growing by 2, and we thank you for your well wishes. -- The Carters.", which was more than enough to set the internet ablaze, garnering over 9 million likes and counting. The next day Queen Bey blessed the world with rest of the stunning photo shoot by artist Awol Erizku, and the internet continued to swoon.
With the birth of the twins rapidly approaching, it’s time for the family to re-evaluate their estate planning strategies. In one of life’s many juxtapositions, it may seem morbid to some to plan for an untimely demise while expecting a baby. The reality is that parents to be should contact an estate planning attorney before the arrival of their bundle of joy. Trying to plan for the long-term while sleep deprived, new parents often make costly mistakes.
At the Gallardo Law Firm, we help families set-up or revise their Last Will and Testament, as well as set up and amend their Living Trusts. Many families make the mistake of thinking that estate planning is necessary only for the very wealthy but the opposite is true. A Will does more than distribute assets among beneficiaries; it functions to dictate who is to care for children in the event of an untimely death, and can dictate exactly when assets are distributed. A trust works similar to a Will except it can become effective during the benefactor’s lifetime.
In the case of the Carter-Knowles clan, there is no better time than now to modify their Will to ensure the children are well cared for in the event the unthinkable happens. They can also begin changing existing trusts to allow for things such as money for university to be distributed once the children turn 18 years of age, and to distribute some of their wealth (should they choose to do so) as the children get older. Many parents opt to distribute a portion of their wealth once their children turn 25, allowing them to purchase a home or make an investment.
Estate planning is not solely for the ultra-rich. Like Beyoncé, those parents expecting little bundles of joy are wise to get their affairs in order ahead of time. AT the Gallardo Law firm we help families plan for their financial futures by first exploring what options are best suited to meet their financial wishes. It’s never too early to start planning for the road ahead; and you don’t have to be a hip hop mogul or a pop princess to set up a Living Trust. Decide how and when you want your assets distributed; take control of your family’s financial destiny and contact the Gallardo Law Firm today.