Category Archives: Estate Planning

Common Estate Planning Mistakes

The most common way to transfer assets to your heirs is also the messiest: to have a will that is so out of date that it doesn’t relate to your property or estate, to have your records scattered all over the place, to have social media, banking and email accounts whose passwords only you can find—and basically to leave a big mess for others to clean up.

Is there a better way?

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Facts About Powers of Attorney

Everybody should have a power of attorney.  But not everybody knows exactly what it is or why it’s so important.

A power of attorney is a legal document that empowers a person you trust to handle your financial affairs if and when you become incapacitated.  While you’re up and around, the document just sits in a file.  But if you’re in an accident, where suddenly you can’t act on your own behalf, the document allows somebody else to make decisions on your behalf—usually temporarily, until you can start handling your own affairs again.  At that point, the document goes back in the file, and you’re back in charge.

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Who’s On Your Side?

Friday, June 9 quietly marked/will mark an historic day in the financial services world.  On that date, all financial advisors will be required to forego any sales agenda and give advice that would benefit their clients or customers—or, if they decide otherwise, to explain how and why they intend to give advice that instead primarily benefits themselves and their brokerage company.  This rule only pertains to rollovers from a qualified plan like a 401(k) into an IRA, and to the investment recommendations for that IRA account.  But it may be a first step toward something larger.

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My Family Record Book

My Family Record Book by Harris Rosen

A client of mine recently suggested that I recommend something like this book, here is the Amazon description:

 

 

 

 

 

 

 

 

One of the biggest problems people face when a family member passes is finding and acting on critical information such as final wishes and arrangements, financial accounts, wills, house maintenance records, etc.

My Family Record Book is a complete step-by-step guide that will help you keep tract of and organize: final wishes & arrangements, computer information and passwords, estate planning documents, employment records, insurance policies, tax records, retirement accounts, government benefits, real estate records, house maintenance and more!

Much more than a check list of information, this guide helps you convey how and why decisions were made so others can make informed choices about such items as:

• How to keep the household running smoothly
• Where to get cash and how to access financial accounts
• How to get into your computer and access passwords
• How and when to downsize
• Which ongoing services to stop and which to keep going

Whether you are planning for retirement, have aging parents, or are a caregiver or estate executor, this book will help you organize important information so everyone will feel in control and know what to do during a stressful time.

My Family Record Book is the easiest and best way to organize your records and instructions for you and your family. Most importantly, it provides you with peace of mind knowing that vital information is easily accessible and is a loving and important gift for those you care about most.

Order a copy of this book today and empower your loved ones with knowledge!

The good news is if you are a Kindle Unlimited subscriber the book is free, otherwise it’s only $3.95. If you want the physical copy it will set you back about $15.

I’ve not yet read the book, but after reading the glowing reviews, I suspect I won’t have much issue with it. Now if only there was a simple online system we could use to implement much of this!

Scott Dauenhauer, CFP, MPAS, AIF

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Protecting Your Parents — Financially

People reach their peak decision-making abilities sometime in their 50s, and then decline slowly until after age 70, when the decline starts to take off more dramatically.  This helps explain why sweepstakes frauds, Nigerian investment schemes and other scams target seniors and retirees.

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Preliminary Tax Forecast

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Many of President-Elect Donald Trump’s policy proposals are too vague to analyze, but one area where he has been clear is on reforming our tax system.  Here’s a quick primer on the changes that you can expect to be introduced to Congress in the coming year.

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Not-So-Powerful Powers of Attorney

power of attorney

Everybody should have a power of attorney—that is, a legal document that gives a designated individual the right to act on their behalf when making financial decisions. The power of attorney is most often used by adult children to make decisions on behalf of aging parents when they are no longer capable of making sound decisions on their own.

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