Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Single and Secure: 4 Ways a Single Mom Can Insure Her Children’s Futures

Being a single mom is not easy, but children make all the challenges worthwhile. In addition to caring for kids on a daily basis, parents need to think about their future, especially with regard to possible financial needs. Here are some things a single mom can do to secure her children’s future and protect them from financial hardship.

Life Insurance

All parents should have a life insurance policy to protect their children’s future. The policy will help to pay for final expenses when the parent passes on as well as living expenses like housing and transportation if needed. In addition, a life insurance policy can include a provision for college education or career training to help launch young adults into future careers that will make them independent and successful.

Credit Protection

Single moms who use credit cards should consider getting credit protection for their accounts. In case of credit fraud or hackers, the accounts will be covered against criminals who feloniously use the accounts for personal expenses and rack up hundreds or thousands of dollars that a single mom might be obligated to pay. At the very least, having an account hacked or stolen can lead to a lengthy process to restore the lost credit and to reverse any negative credit score damage.

Investments

Financial experts often advise single moms to start even a small investment account and make affordable monthly contributions to gradually build the account. A conservative investing approach is sometimes recommended to protect the growing assets from a market correction during which gains may be lost. The investments may include a 401K for retirement as well as liquid assets for immediate access if needed.

Last Will and Testament

A Last Will and Testament is a critical legal document for single moms. If anything should happen to her, a clear plan for raising the children should be on file with the family attorney. The Will typically explains who will serve as the estate’s executor to pay remaining bills as well as distribute assets like a home, furniture, car, and investments along with an insurance policy payout. The assets would be applied to raising any underage children. A trust fund can also be set up with the help of a trustee for the children’s future needs. Making these arrangements during a period of good health and clear mind without illness or stress is the best time to ensure a logical plan for the children’s future upbringing if needed.

These crucial steps should be taken now so that family members can be consulted about their role in helping to raise the kids and manage their needs if anything should happen. Hopefully, these documents will not be utilized for many years, but it is good to prepared when young children are involved.

Tim Esterdahl

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2 days ago

Integrated Family Community Services - IFCS

Together, we can continue our mission of feeding our neighbors and our friends during this crisis. With unemployment rising, people who have never needed help before are calling IFCS. There can be enough for everyone with your support. www.onecanfeed.org/donation ... See MoreSee Less

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Please give a warm welcome to the newest member of the Integrated Family Community Services - IFCS family, "The Skip", a 24-foot expandable conveyor! This item was necessary as we could not continue to provide Emergency Food to the community in a safe manor without it. ... See MoreSee Less

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National news picking up on what we are seeing - a massive growth in need. Monetary donations are a huge need right now! #DoingMyPartCO

https://abcnews.go.com/amp/US/wireStory/food-banks-face-virus-dilemma-demand-fewer-volunteers-69666357

It's been an incredibly busy day thanks to @KS1075 and DJ Tony V letting folks know about our free Emergency Food Assistance food boxes. Appointments are filled through tomorrow (3/25), so please call to schedule for Thursday and Friday. (303) 789-0501

IFCS is feeding up to 8 families per hour Monday- Friday! That's a lot of boxes filled with food. Thank you to two local U-Haul locations for donating 12x12's to us today. To make a financial donation please visit https://onecanfeed.org/donation/

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