Do You Tithe?

It’s the time of year when our church begins to think about its budget for the new year, and people are asked to come up with money from their own budgets to support the church. This can be a challenge for many of us. Even though we value the church community, we all have tight budgets and sometimes it can be hard to find the money to contribute. Traditionally, a tithe is about 10% of your income, perhaps more, and it’s easy to feel floored by this number. Think about the bones of your budget. What are the things that … Continue reading →

Planning for the Worst

It is something that we don’t want to think about, but it happens. What would happen to your finances if you or your partner were to get sick or die? Yes, when you have small children you really, really don’t want to think about the potential for death, especially dying when they are small. However, planning for these potential events is important. We just got life insurance. When my daughter was about to be born, we were going to get it, but it dropped off the plate. This is because I thought I was no longer eligible, since at that … Continue reading →

Bypass Trusts

First, I have to say, I love the lawyer I found to do mine and my husband’s wills. I highly recommend finding a good lawyer yourself to do your estate planning. Paying for good legal counsel to write up your will, is worth the money. Ask around your neighborhood, I am sure someone has a good recommendation. What impressed me about our lawyer was his advice, which I hope to also share with you. The key when making a will is to ensure you have covered all the basics of your current situation, and included sections that will cover changes … Continue reading →

Estate Planning

Estate planning should be a continual process, always evolving as your life changes. Ideally, you should review your plan yearly and every time you undergo a major lifestyle change. One such event is a change in martial status. Since marriage is a legal union, it comes with an assortment of financial changes and rights as well. With a new marriage, benefits such as Social Security, veterans, pensions, and retirement accounts will change. In addition, depending on the laws in your state, your assets and liabilities will also merge. Before marriage and shortly after is a great time to review your … Continue reading →

Do you Need a Power of Attorney?

Most people envision a power of attorney as something you designate on your deathbed. Actually, this is the worst time to attempt this decision. When my husband and I completed our wills, the lawyer also had a file the paperwork for the power of attorney. My first thought was why? As my husband, can’t he already access all our bills and accounts anyway? Not completely… any joint assets like a house can’t be sold without the consent of both parties. Imagine a scenario where you were in an accident, unable to respond, and the bills were stacking up. Your spouse … Continue reading →

Take a Class in Financial Planning

Before you spend a dime to hire a financial planner, look into enrolling in a class. Many Junior colleges and community centers offer these types of finance classes. You will find them on a variety of subjects, from budgeting to estate planning. Usually the cost is less than $50 for a couple hours of instruction time. A financial planner will cost you far more than that, in both time and money. Numbers and money management is not everyone’s cup of tea; but even if you failed math class, you can still benefit from a financial planning course. It should be … Continue reading →

Do You Have a Will?

A horrible thing happened to a friend of mine. Her husband’s best friend died suddenly of a heart attack. He was only 40, active and slim. There was no heart disease in the family. It was a shock to all, one that put fear in our hearts and sent many to the doctor for a physical. Unfortunately, you just never know when disaster will strike. This is why people pay loads of money for insurance, they hope to never use. What is surprising is while most families carry home, car, and life insurance, they don’t bother to have a will. … Continue reading →

Life Insurance: I Bet You Need It!

Do you have life insurance? In almost every case, you should. There are several things to keep in mind when choosing how much insurance to purchase: 1. How much would it cost to replace you? – Financially that is, not emotionally. What type of work do you do? I’m a stay at home mom, with a bit of income, and to replace me would cost my husband day care, plus the cost of my lost income, plus some help around the house. It add ups quickly! 2. What expenses would need to be paid immediately upon your death? The insurance … Continue reading →

Writing down your wishes

Everyone should have a will. Sorry if I sound morbid this morning. Even if you are really young, or in great health, or won’t be dying for years and years yet, I still suggest you make up a will. If you have children, it is irresponsible not to have one. If you’ve been re-married and have children outside of your present marriage, you are doubly irresponsible if you don’t have a will. If you die before your spouse, and do not leave a will, it is very likely that your spouse will inherit everything, leaving nothing to your children. Not … Continue reading →

The Basics of Estate Planning

Estate planning is the process by which you make arrangements for your assets that you would like to be carried out upon your death. It can be difficult to plan for the time when you will not be here, but it is necessary to protect the property you have accumulated over a lifetime. Estate planning is also important because it ensures that your family and other loved ones will not suffer avoidable financial hardship because you failed to plan. Your estate refers to the property that you own, including all of your total assets and liabilities. Your property includes your … Continue reading →