Reply to How much money would this family need to be able to raise my daughter if I die?

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[quote=Anonymous][quote=Anonymous]We are considering changing who we ask to be the guardian of our child if we die, from a very wealthy family to a family with more modest means. The family we would like the ask lives very comfortably in a home that’s just the right size for their family of 4. Their cars really only fit 2 kids. They would probably need a larger house to get one more bedroom and would need 2 new cars. With the addition of my child, they would have 3 young kids (although the oldest two are in school), which is a lot for two working parents to handle, so I would want to leave enough money for them to hire household help. Plus money for my daughter’s expenses. She’s 6 now. College is already paid for. How much would I need to have in life insurance or other money to pass along to the family to make it so that raising her is not a financial burden for them?[/quote]

Unless you expect to die within the next 12 months, I wouldn’t get into the weeds too much. Cars change, houses change, etc. It’ll be their choice whether to buy a new home, expand their existing home or stay as is. Likely will depend on (1) how much they want to stay in their home and (2) the future housing market which is unknown at this time.

For sure you’ll need to set up your daughter for education, food, activities, clothes, transportation, opportunities. $1m sounds great - should cover all that plus cars (if the need is there) and contributing toward a down payment on a larger home (but this will depend on what neighborhood they need, how much equity they have in their home now, etc.). Honestly in the slim chance you and your spouse both die, I think your daughters well being and that of their own kids is going to be a much bigger priority than whether they have a 5 bd home. [/quote]

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