Three Things To Do Now For Your Loved Ones

We are well on our way in 2019, but there’s still time to decide to do things differently than we’ve done in the past.  There’s still time to purpose in our hearts to do those important things we’ve been putting off doing, because the time isn’t right (there’s no time like the present), or because we just don’t have enough time (we make time for the things that are important to us).  While we have our health and mental abilities, now is the time to protect and provide for our loved ones, and although it is difficult to think about, we will become sick or die at some point, and we owe it to ourselves and our families to plan for these times. Here are three things we can do to get started.

  1.  Get organized.  It is important that all of your legal documents and other important paperwork are organized and assembled in one place and you let your family know where they can find them. Also give them the key to your safe deposit box and all your password information to access online accounts, like email, Facebook, etc.
  2.  Make a plan.   The purpose of Estate Planning is to give you the tools to manage your affairs if you ever are unable to. These tools include a Will, Trust, Power of Attorney, Health Care Directive, Personal Care Plan (Living Will), and if you have kids, a Child Care Plan. You can also make your final arrangements and decide on whether you want to be cremated or buried, and let your loved ones know, so they won’t have to make that decision.  And consider pre-paying for your funeral expenses, so they won’t have to.
  3. Leave your legacy. Lastly, consider passing on more than just your money and assets when your gone; leave behind, in written or recorded form, your traditions, values, and experiences for the next generation.

If you are interested in getting organized and creating a plan, call me today to schedule your free Estate Planning Strategy Session.

A Gift For Your Children

At this time of year, families all over the world are engaged in giving gifts to their loved ones, as an expression of their love and appreciation.  As parents, we look for the best gifts for our children, and children can’t wait to wake up Christmas morning and open presents left under the Christmas Tree.  However, as you already know, some of the best gifts (and things in life), can’t be found in a store.

This Christmas, give your children the gift of a foundation of financial security; consider establishing a wealth creation trust.  Now, I know I almost lost some of you with the inclusion of the word “wealth” in the last sentence, but I assure you, you don’t have to be rich to utilize this amazing tool.  The “wealth” is accumulated during childhood (you can start at birth), from cash gifts from birthdays, holidays, graduation, etc., and invested on behalf of the child.

Start by having the Trust created and designating a Trustee, then informing family members that all gifts for the child should be made out to the Trustee of the wealth creation trust for the benefit of the child.  Be sure to inform your child that the purpose of the Trust is to manage and invest existing assets so wealth can be created from one generation to the next, rather than squandered or wasted.

With this unique gift, our hopes and wishes for a more secure financial future for our children may start to materialize.  If you would like to learn more about how to establish a wealth creation trust contact my office to schedule your free Estate Planning Strategy Session.


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