Tag Archives: estate planning

Special Needs Trust Funds

Raising a child with a disability takes a lot of energy, perseverance, patience, and most of all–planning. You plan your nightly meals based on the color because your dear one doesn’t eat anything, red, crunchy, round or grainy. The same goes for where to shop, who to visit, when and if we vacation, and what TV programs to watch. However, the most important factor we contemplate is who will take care of our child with a disability when we’re gone. It’s a tough pill to swallow, but one day, a child with significant disabilities will not have his parent with … Continue reading →

Tips for Retirement Planning

Every year you should take the time to evaluate your long-term financial plans. If you are very close to retirement, you might need to do this more often than once a year. Try to come up with a schedule that works for you. Look at it each year on your birthday, the New Year, each fall when school starts, at tax time, find a time that is best for you. During this time, your retirement plans should be part of this process. When you do sit down to review, consider these tips: 1. Every year we see inflation rising. Your … 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 →

Life Stages

Different life stages call for different money goals. Where do you fit in? Getting Started If you are early in your career, it is a perfect time to build a strong financial foundation. Good money goals are: 1. Pay down all your debt. 2. Establish an emergency fund and tuck it away tight. 3. Start up a savings account for longer term goals and larger purchases so you can avoid adding to your debt. 4. Invest in your retirement funds. Shoot for a target of 15% of your income, as early in your life you tend to have less financial … 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 →