How much time should the trusted person or guardian take off to take care of the emotional needs of the children. My husband thinks 6 months ? and we should designate a certain amount of money so they can take off work and pay for living expences during that time. Does this sound right ?
2007-09-23 04:48:16 · 4 answers · asked by liliana 4 in Business & Finance ➔ Insurance
Six months sounds really long. The quicker the kids can get into a normal routine (their new normal) the better off they'll be. I'd think the time the guardian took off work would be measured in weeks, not months.
A lot would depend on the ages of the children - if they are 2, 3 and 4, you might take longer than if they are school-aged. But even then, if they are going to be settling in to daycare anyway when you go back to work, could be best to have them there within a month or so, or even a little less if they were in daycare before when their parents were alive.
2007-09-23 06:15:54 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Every situation will be different and it depends upon the ages of the children. You can't expect the guardian to drop everything, they still have their own life to live. You can expect the guardian to do whatever is in the best interest of the children.
You each need a life insurance policy. You will want to set up a revocable trust funded by the life insurance proceeds. You and your spouse should be listed as the trustee, with the guardian listed as the successor trustee. The trust will stipulate how the money is used.
2007-09-23 05:11:46 · answer #2 · answered by Zarnev 7 · 0⤊ 0⤋
As an agent myself, I advise my clients to financially plan for 7 to 10 times of your spouse's annual salary plus any unpaid expenses such as mortgage, cars, loans etc..
Also, I advise my clients to build in term life options versus whole life policies because you will not need that level of coverage when the kids grow up. Keeps things more affordable and however; pays me less.
As for the emotional aspects, that is a rather unpredictable variable. I am wouldn't plan for 6 months. Although the event would be tragic, you must weigh into the fact that life must go on. In my experiences, people are back to work in 4-6 weeks sometimes sooner which allows daycare and other end life planning . Sometimes, coming back to work is more theraputic then sitting at home.
2007-09-23 05:06:36 · answer #3 · answered by Dimples_in_NJ 3 · 1⤊ 0⤋
The problem is, how easily will they be able to find a job again? I don't think it's realistic. I'd say, two weeks. Then they won't get canned.
2007-09-23 11:19:32 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋