June is National Hunger Awareness Month, and with that comes the sobering reminder that there are people among us who do not have food to put on the table each night. Hunger takes a lot of different forms. It’s not just the typical vision of someone homeless on the street, though that is a large part of the hunger problem. It is also about families struggling to make ends meet and single parents barely making it.
If you’re fortunate enough not to have this problem, you can give back this June by donating canned food, money, or other supplies to local shelters and food drives. Often, homeless shelters and soup kitchens needs volunteers to work there and help out during the week and on weekends.
Another thing to keep in mind this June is that putting food on the table isn’t the only way to be responsible for your loved ones and keep them safe. Here are other ways you can provide for your family for the future.
Asset Protection
Think about your possessions (assets) and how much they mean to you. This isn’t to say you’re materialistic, but we all love our stuff. There are things each of us have that we want to pass on, and these possessions are important, whether they are items or actual pieces of real property.
Estate planning allows you to transfer your assets to loved ones. If you choose a trust, the transfer goes through immediately, and it is given to your loved ones at a time you select. You can transfer real property through estate planning, and get your affairs in order in other ways too, which are detailed briefly below.
Taking Care of Loved Ones
Note that when we say “get your affairs in order,” we don’t mean that you have to be on your deathbed. You can do this at any age, in any health condition. This estate plan might not come into realization for years and years. However, taking care of the vulnerable members of your family in the future is something you do not want to wait to do. Here are ways to take care of the most vulnerable members of your family, including the elderly, children, near-adults (AKA college students), and the sick.
The Most Vulnerable in the Family
The Elderly
If you have elderly family members, giving them the gift of an estate planning session is valuable. Whether they have an estate plan that needs updating or checked-over or they have no estate plan at all, it is important to make sure they are all set for the future. This doesn’t include just asset transfer. It also includes healthcare directives, Powers of Attorney, and other assignments to protect their finances and honor healthcare decisions in the event of incapacitation.
Children
If you have children, the last thing you probably want to think about is what would happen to them if something happened to you. But, unfortunately, it is a remote possibility you should give some thought to. Selecting a responsible guardian is part of a well-rounded estate plan. Consult with your proposed guardian before selecting them officially, and make sure you two are on the same page when it comes to parenting.
Almost-Adults
If you have college kids or soon-to-be college kids in your life, there is always the matter of tuition. It’s never too early to start planning for your kid’s college education. Starting a 529 tax plan is a way to save up for college tuition and get tax breaks for doing so. Even if it’s just part of the cost of education, any little bit is enough.
The Sick
If you or your family members are infirm, consider setting up (or helping them set up) a healthcare directive and/or Power of Attorney for healthcare. A POA for healthcare is someone entrusted with making healthcare decisions on a sick and incapacitated person’s behalf. A healthcare directive is a set of instructions for a hospital to follow in case you are too sick to give these instructions yourself.
Protecting your loved ones, particularly the most vulnerable in your family, is essential to being responsible.
June is a good time to remember those who are struggling in the world. We all should give back and provide for others during this time, as well as every other month. Take a look at your local news to see how you can help during National Hunger Awareness Month.