Picking a guardian for your child whether you are expecting or already have young children can be an emotional process. Trying to pick a family member from one person’s side or the other can cause tension or make you feel like you’re “picking sides”. Having a new baby and having children is a joyful yet challenging time. Naming the guardian(s) of your children shouldn’t be something you feel guilt over. Most assume that they must pick a family member, but you can actually name whomever you feel will be the best fit. In a Business Insider article, former financial advisor and mom, Katie Oelker, shares how she and her husband made the decision to pick guardians for their daughter and later daughters, before each child was born, and how they ultimately picked friends instead of family.
Boost Your 2020 Financial Confidence
Managing money is something we all strive to continuously improve upon. They are always newer, bigger, and better financial goals to set for yourself. Yet, many of us don’t feel confident in our ability to be financially savvy or to stick to resolutions regarding finances. The new year is typically a prime time to set new goals, but all the advice out there can be overwhelming and deter you. There are apps, articles, social media accounts, books, etc. Instead of wading into the abyss, we have a few recommendations for you start off 2020 with to boost your financial confidence before you start any other financial journeys. These recommendation concepts are drawn and expanded upon from a recent article from Nerd Wallet, “6 Empowering Money Moves to Boost Your Financial Confidence”. These tips are not only ones that we encourage you to practice, but also your loved ones (think recent or soon to be graduates). We are only going to highlight a few of their 6 “money moves”, but feel free to give the article a read if you want to see the others!
Modifying Your Estate Plan After a Divorce
Divorce is a tough process for everyone involved. Even in situations where both spouses want it and know it to be a good outcome, there are so many complicated, lengthy aspects to the process that can place more stress on the couple as well as their families.
If you have already planned your estate in marriage, a divorce will obviously require some work to reconfigure in light of your separation. Regardless, assets—and the ownership thereof—get more complicated after divorce, even if you didn’t set up an estate plan while still married.
Moving to a New State and Modifying Your Estate Plan
Not all families stay in one place forever. Whether it’s following work opportunities, finding a better home or just making a change of scenery, around 300,000 Americans each year end up moving to a new place to live.
If you’re one of the thousands trading your old home state for a new one, remember that important laws that affect your estate plan can be different! Moving away from Massachusetts might mean you’re playing by a different set of rules in your new home, regarding anything from taxes to qualification for government benefits.
But fret not, because finding your home in a new state doesn’t mean your estate plan has been knocked back to square one.
Tools of the Trade
Most people believe that having a proper estate plan in place is important to ensure that they and their families are taken care of. According to Caring.com’s 2019 survey, 76 percent of respondents believe that having a will is important, but only 40 percent of the respondents actually have one. While it’s great that 76% believe that a will is important, it is essential to realize that a will is just a tool that needs to be used in conjunction with other tools and is part of a larger holistic estate plan that needs to be continually updated. Today, we want to briefly go over the four main tools that will be used in your holistic estate plan.
Bear in mind, estate planning is not a one-size-fits-all endeavor; it is a customized plan designed to best protect you and your loved ones. Your estate plans will likely include the following components:
Vacation Homes and Estate Planning
If you invest in property at any point in your life, it’s likely that some of your real estate purchases become important assets in your estate plan. Second homes and vacation homes are a popular investment, between buying an attractive property in a growing area or using the space to make additional income through short-term rentals.
Second or vacation homes that have been in the family for a long time also accrue emotional attachment. Some family members—maybe your own children—grew up in them and made many enduring memories there. Both the emotional and financial value of a vacation home point to the need to include it in your estate plan.
2020 Things to Review
Happy New Year! It’s day 2 of the new decade and it is a great time to review or move forward with your estate planning. Estate planning is a comprehensive plan designed to take care of your loved ones, not just a single document. As our clients know, it is important to regularly review all aspects of your plan, your finances, and your family’s needs. Whether or not you have a plan with us, take some time this month to review the below categories and then schedule a time to come in and either establish your estate plan or go over plan updates with our team!
Beneficiary Designations: For assets such as life insurance and retirement accounts, the beneficiary designation form is crucial. If these documents are not filled out properly, the wrong or unintended person could end up with your asset, completely unraveling your estate plan. As a result, it is a good idea to review these documents periodically to make sure that the correct beneficiary is named. Life can change quickly, and sometimes changing beneficiary designations is the last thing on anyone’s mind.
Putting Humanity Back into Estate Planning
Pop culture presents estate planning as a singular event where you sign the dotted line in a will and move on with your life. Then after you die, as daytime soap operas portray, there is dramatic reading of your last will and testament by your attorney that results in family drama. This makes for great television, but a terrible real-life experience.
Why You Should Plan Your Own Funeral
The main goal of an estate plan is to take care of your family and loved ones, and to give you assurance of this. The more thorough your estate plan is, the fewer instances there will be of wondering “do I have this covered?”
Our team at Family Estate Law Planning Group helps families consider the details, even the ones which may not be obvious. If you’ve followed our blog, you may have noticed some of those aspects of estate planning, like outlining end-of-life or life-extending care wishes. Something else that you should include in your estate plan is a set of funeral instructions.
Best Places to Have a Second Home in Retirement
Whether you’re retired or simply planning ahead for the day you no longer have to work, one investment that’s worth looking into is a second or vacation home. After a lifetime of working, it’s worth having a getaway that you and your family can enjoy. Plus, it also serves as something you can pass down to the rest of your family after you’re gone.
Adding a second home can double as a good property investment in a desirable or up-and-coming area. Give these attractive locales consideration if you’re thinking about adding a getaway house to your assets:
