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!
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.
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.
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:
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.
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.
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.
In 2007, the movie The Bucket List was a big hit, tapping into the universal feeling of getting the most out of life, even if you think you’re too old to do all the things you’ve dreamed of doing. And while the movie itself may have faded somewhat from public consciousness, the idea of writing down all the things you’ve never gotten around to experiencing and then setting your mind to doing so is a powerful one that has stuck with many of us.
If you’re going to be a first-time parent or you already have kids, we know you’re ready to take on the world to protect your child(ren). Yet, many parents forget that estate planning is a critical element in caring for your child, and that your estate plan must be regularly updated to account for additional children, newly acquired assets or changes in family dynamics. The Motely Fool lists some estate planning steps to take in their article, “If You’re a New Parent, Take These 4 Estate Planning Steps”, so you can rest easy knowing your children are protected even if you’re unable to be there for them.
- Get Life Insurance – Life insurance is a fantastic financial tool you can use to ensure that your partner and child will be taken care of financially if you die. Buying life insurance provides funds that your partner will be able to use to support themselves and your child now that they are a one income home. In the tragic event that both you and your partner die, if your estate is properly planned, the funds can be used to raise your child and perhaps help fund their education.
Mompreneurs are a force to be reckoned with. These moms are balancing the work of being stay at home moms while also pursuing an entrepreneurial venture. The call to be a mompreneur stems from a desire for flexibility, the ability to be home and according to one candle making mompreneur quoted in an article from USA Today, “to show [our] children what it looks like to be a mom who also can support the family, sustain a business and create something that then sustains all of us.”