Resource planning for your child after you are gone is a straightforward process. Essentially you need to plan for expenses over and above their government benefits, and depending on the stability of their employment, their personal income.
We discussed the first and second steps of this analysis here and here.
The third step of this analysis* is to understand the amount of your child’s expenses that you supplement. This supplement will have to be replaced from some source when you are no longer around. This table can help you out:
*adapted from Planning for The Future, Russell and Grant, 6th Edition, 2006
Securities and Advisory services offered through LPL Financial, A Registered Investment Advisor, Member FINRA/SIPC. For informational purposes only. Integrated Financial Group and LPL Financial do not provide legal advice or services.