Learn the basics of Estate Planning, including wills and probate, trust, beneficiary designations & taxes.
Probate is a process that identifies the deceased person’s assets and provides for the legal transfer to the intended beneficiaries. The process can identify debts, value property, and pay debts and taxes. Probate can last for a period of 9 months to a number of years depending on the complexity of the estate.
Not every situation requires the need for a full team and often just putting together a few parts can be enough to start the process. You should consider your personal situation and how it currently relates to your goals. When considering using advisors make certain they are necessary for your current plan.
"As you move from the accumulation segment of your financial life into the distribution phase, can you truly afford to take on more risk?"- Diane Marra As I lamented in my book, Retirement Planning Made Easy, the concept of retirement has taken on some negative connotations in the 21st Century. Along with an intensely complex [...]
Fees. It just sounds like a dirty word, doesn't it? No one likes paying fees. I certainly do not. But is it crazy to think we pay fees all of the time? They go by different names – service charge, bills, expense, etc. – but, at the end of the day, they are fees. We [...]
The Baby Boomers are overpowering the health care system. For over 100 years, the discussion of a national health care system in America has been both a hot and cold discussion. As president, Theodore Roosevelt first suggested a health care system that would be available for all Americans. In fact, as a candidate for [...]
Make sure you understand the financial burden of long-term care. What's one of the quickest ways your clients can blow through their retirement nest egg? Long Term Care, and with a 70% likelihood of needing some level of extended care, is a predominant retirement risk that should be addressed in every conversation. Many people believe [...]
"Liquid assets are a major component of a healthy financial plan. Are you making sure your clients have the cash they need to hedge against disasters?" Del Fujinaka Income shocks produced as a result of the pandemic have had a somewhat purifying effect on financial planning. Before COVID-19, many consumers were dismissive of the idea [...]
Let me say that all of America knows where to find Safety—CDs, money markets, and treasury bonds. All of America knows where to find an opportunity—the stock market. However, many do not know where to find safety, an opportunity for growth, liquidity, and income on the same dollar, at the same time, with no risk [...]
As people get close to their retirement years, objectives and goals must adjust from accumulation to income distribution, and portfolio investment risk must be also be addressed accordingly. There is no good reason for investors at or near retirement to have stock or bond market risk, especially in the current low-interest-rate environment. So, where can [...]
"Life expectancies have dramatically increased in North America and much of the rest of the world. People now have to make critical life choices with a longer future in mind than ever before."- Teresa Kuhn. There's not much retirement advice I can give you that you haven't heard before. Parents, friends, co-workers, financial advisors, and [...]
