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!
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.
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.
2016 may be remembered for many things, and we can only imagine what 2017 will bring. Take a moment to pause and reflect on your resolutions for this year and consider some good advice from an article in US News, “A Simple Resolution for the New Year.” The takeaway: don’t just come up with resolutions; come up with a plan and stick to it. [Read more…]
According to a recent CBS MoneyWatch article, “How to ease the pain of paying for elder care,” the cost of caregiving for parents, spouses or partners is shared by members of all generations. Baby Boomers spend 13% of their annual income on unpaid caregiving, while members of the 71 to 91-year-old Silent Generation spend about 25%, mostly on spouses or partners. Gen Xers—ages 35 to 50—spend about 24% of their annual income on caregiving for parents, and millennials (ages 18 to 34) spend the largest percentage, at 27%, belying many stereotypes. [Read more…]
For most Americans, preparing an estate plan is not overly complicated. They meet with an estate planning attorney to discuss what the family needs, how they want to provide for the family and the attorney prepares documents. According to a post on CNBC.com, “Don’t drop the ball when planning your estate,” people who have cared for their families for decades often forget the importance of this step; it’s a way to care for loved ones even long after they’re gone. [Read more…]
At Family Estate Planning Law Group, we focus quite a bit on educating our clients about the importance of aligning their assets with their estate plans. However, equally important is the verification that financial institutions have correctly aligned assets and ongoing tracking of assets to ensure new assets are aligned and old assets are transitioned out correctly. Today, we’ll look at these crucial elements of making sure an estate plan works. [Read more…]
You’d be surprised at how many people you know don’t have an estate plan in place. Statistics tell us that the majority of Americans don’t have a plan in place. For some, it’s because they think that only wealthy people or those with complex tax issues require estate planning. But that’s not true; if you want to make things simpler for your family after your death, you need an estate plan. [Read more…]
You could have the best of intentions and even the best estate plan possible. But if your heirs haven’t been told what you have in mind, you may create a legacy of bitterness and family discord, according to Forbes in “How to Keep Your Heirs from Fighting Over Your Estate.” [Read more…]