Your investment strategy and estate plan should keep pace as your views evolve. Time changes our perspective on many things, including our finances. Perhaps you used to think that money would solve all your problems, or that you didn’t want to spend your time and energy thinking about your finances. You’ve lived, and you’ve learned.
It’s a great time to take stock of your career. It was once unthinkable to stray from your primary career before you retired, but that’s no longer the case. A career change in your 40s is a great way to redeploy all the business and interpersonal skills you’ve accumulated over the previous decades. The trick
Your insurance at mid-life: Gauging if you are underinsured. Life comes with all sorts of curveballs. Sometimes, they’re easily overcome and even end up being positive experiences. But every now and then, something unexpectedly serious can happen. When was the last time you assessed your insurance coverage? It may be time to reevaluate your needs.
Know your options for transferring assets. Some wealthy individuals begin or revisit their estate planning in response to a life event; others do so when their business or career changes. In either case, some key questions need to be asked. What assets are most vital to protect, and how are they titled? In pursuit of
Automate your retirement planning and wealth-building approach. Build your emergency fund with automatic transfers. Practically any bank or credit union can arrange daily, weekly, or per-paycheck transfers of money from a checking account into a savings account, or split your incoming paycheck into percentages going to both accounts. Try some apps. Apps like Qapital subtly
Also referred to as a conservator or protector. A guardian is named to serve for the benefit of a minor child or an adult who has become incapacitated or is unable to act on their own behalf. The guardian is responsible to the individual requiring guardianship. The role requires patience, compassion and sensitivity. By Definition:
No one likes to consider the possibility of becoming mentally incapacitated due to age, accident or illness, but the fact is that almost every family will eventually face this kind of difficulty. Everyone should consider naming an agent to act in their best interests, in case they become unable to make their own decisions over
When a trust is created, the creator of the trust names someone to serve as the trustee and to assume legal ownership of the property funding the trust, which could be cash, securities, real estate or other property. Many times, a friend, family member or loved one is named as trustee for a trust. A
There are advantages and disadvantages to using a trust as an estate planning tool. Depending on your goals, the use of a trust can be an effective way to achieve your estate planning objectives. Trusts are usually categorized in one of two ways: 1. Inter Vivos Trust (Living Trust) An inter vivos, or living, trust
