Entering college is the start of an exciting chapter in a young person’s life. It may seem inappropriate or even a little morbid to be thinking about estate planning at that time, but there are documents that are important for a college student to have in place, even if the more traditional elements of estate planning, like assigning asset distribution, aren’t as relevant.
The key here is that once your child becomes 18 years old, they’re a legal adult in the eyes of the government. That means if the unthinkable should happen and your son or daughter should become incapacitated, there is no legal guarantee that you, as a parent, can step in to guide financial and medical decisions unless you have certain planning documents.Read More
Norms are changing. Every new generation brings about change, and Generation Z and the younger Millennials are reshaping the road traveled once high school is completed. Instead of taking the traditional path that older Millennials largely took, of going to college after secondary school and incurring high student debt, these young adults are taking more varied approaches to building debt-free and successful futures. Since the paradigm is changing, you need to be more flexible in how you save for college and the future for your children. A recent article from Kiplinger, “How to Stay Flexible in Saving for Your Child’s Future,” gives advice on how to be more adaptable in today’s changing college and career world.
A recent TD Ameritrade survey, as cited in the Kiplinger article, found that 1 in 5 young Americans ages 15-21 (Gen Z) and 22-28 (Millennials), may opt out of college. We’ve mentioned this in previous blogs, but one of the underlying reasons for this is that student debt is a major roadblock to life milestones and financial freedom. As the Kiplinger article points out, the TD Ameritrade survey found, “47% [of young Millennials] delayed buying a home because of what they owe, 40% delayed saving for retirement, and 31% delayed moving out of their parents’ home” (Kiplinger).Read More
One of the more neglected topics in healthcare is palliative care. Palliative care is something that BJ Miller, a physician, hospice and palliative medicine doctor, is quite passionate about and believes that it is part of saving healthcare (Ted.com). In 2015, Dr. Miller did a Ted Talk, What Really Matters at the End of Life, where he drew listeners in with his graciousness and sensitivity as he talked about the experience of dying.
Miller has firsthand experience shaking hands with death. In his sophomore year of college, he and some of his friends were “horsing around” on a parked commuter train. He ended up bumping into the wires that run overhead, and an electrical current of 11,000 volts went through his arm and blew through his feet. He survived, but his life was dramatically changed. He spent several months in a burn unit and he lost half of his arm and the bottom half of both legs.Read More
Elder law has a bit of an unfair reputation. On one hand, it conjures up images of being old to the point of infirmity. People in or entering retirement can, understandably, think ‘I’m not that old! I don’t need an elder law attorney!’ And on the other hand, pop culture fans may jump to scenes from Better Call Saul and think of elder law as the domain of minor league lawyers protecting nursing home residents from crooked scammers.
But elder law plays a vital role in estate planning. Elements of it include addressing workplace age discrimination and elder abuse. Elder law is a subspecialty that focuses on taking care of you through retirement, making sure you can get the benefits you need for late-in-life care and housing while still protecting the assets you want to pass down to your children and family.Read More
When I entered high school, I remember sitting down with my dad and discussing financial responsibility. I had actually been working since I was 8 (I worked on a goat farm, yes, I am Heidi in real life), so I already valued work, but what my dad wanted to talk about were my “needs” and “wants”. This meant when I went to the drug store or grocery shopping with my mum after flute lessons, and I needed things, I had to determine if they were true needs or if I just wanted them. Things like toiletries I used regularly were needs. Buying new songs on iTunes or getting new nail polish, those were wants. For wants, I was only allowed to get so many things a month and I had to think about what I had already asked for, and some things I would pay for out of my money from the goat farm. Of course, I tried to argue that books were needs, but I only occasionally won that battle!Read More