How to Ensure You Leave Enough for Your Kids
I'd like to take a moment and share with you some tips to ensure that you leave enough for your kids in th event anything ever happened to you.
According to the U.S. Department of Agriculture, it takes approximately $308,000 (adjusted for inflation) to raise a child in Minnesota to the age of 18. That number does not include college costs. If you have more than one child, you need to increase that amount appropriately.
With this in mind, how do you make sure that you've left enough to take care of your kids in the event anything ever happened to you?
With our clients, we often suggest that they figure out how much they would need to leave behind to take care of their kids in the way they would want in the event anything ever happened to them. We then work with them to determine their current assets, and often suggest life insurance as a way to bridge the gap between their current assets and how much they want to leave to protect their kids.
I don't sell life insurance, but include this important piece of planning to help fully protect your kids.