Yes, I will die. And you will too. So will my children, my husband, and my friends. I don't know when or how but I hope it won't be for a long time. The "how" part I don't EVEN want to dwell on since that would be morbid. But planning for our death is actually a kind and loving gesture...not to mention smart. I hosted a financial webinar last week and one of the topics included wills and estate planning. Did you know that if you had a will made in one state but later moved to a new state, your documents may not stand up in court? I didn't know that. I don't know about you but that would stink if I made all that effort to create a will and everything I planned would go to waste or stuck in probate for an extended time. So if you have moved to another state, check on the legal status of your will.
Okay, next. Don't think you make enough money for estate planning? Guess again. Even college students should consider estate planning. What?!! Yes. Here's why. 18-year olds in most states are considered adults and estate planning would cover the issue of power of attorney for medical care in the event of an emergency. Example: You have an accident with permanent brain injury and will require daily medical assistance. Who has legal authority? In many states, your parents legal decision-making authority for you ended once you turned 18 years old. What every single adult needs is an estate planning document called DURABLE POWER OF ATTORNEY. This will allow YOU to name a person who will make decisions for you and to act on your behalf when you are unable to do so yourself. Estate planning will help not only create documents explaining what to do with your money and property but also how you want to be taken care of should you become incapacitated. (As my husband proof-read this blog, we both realized our eldest son, Gabriel, who is in college, does not have an estate plan. Proof that it's something that is often neglected by many of us)
This next one, we have all heard. If you die without a will, each state has a plan for distributing your assets. It may not be what you want so it's a good idea to decide NOW where you want your money and properties to go before you die. Consider it like a "love letter". Actually I took that idea from a financial planner. Documents like a will and POA, power of attorney, are like love letters. You are letting everyone you love, know what to do with you and your money and belongings. One more important thing about your legal documents. What good are documents if no one knows where they are? Make sure your spouse, family, friend or whomever is suppose to make legal decisions for you, KNOWS its whereabouts. Tomorrow is Valentine's Day. Wouldn't it be a good time to create that "love letter"?
Sunday, February 13, 2011
Saturday, January 1, 2011
What took Me So Long???
Okay....I admit, I procrastinate. But who doesn't at one time or another. But I finally have a BLOG and since I'm new to this, I know I will make mistakes along the way. Like writing too much, or not enough or hang me now, misspell. But I felt compelled to create a blog. Besides being a long time broadcast journalist, I'm also a co owner of a multi-media production company with my husband. It's going on its 6th year and we continue to work hard for our clients. We both have learned a lot and it has actually added to our media and business skills. But while running our business, I have decided after many years in the news industry, I took a job in to take a job in corporate communications. Many top notch corporation are realizing the impact of social media and are creating their own broadcast studios and promoting their services and products on the internet. Those companies see the importance of hiring broadcast journalists like myself to help them in this "Wave of the Future." My job now is to help educate people when it comes to their financial needs by creating videos and work on webinars. I consider myself a financial journalist. Hey, it makes the transition easier for me, okay? But what has really happened, besides a jolt in my career, has become an eyeopener FOR ME. I, like so many others, are not financially prepared for the future.
Today is January 1, 2011 and the oldest members of the Baby Boomer Generation turn 65. For the next several years, tens of thousands will enter retirement or hope to with little or no planning. Here's where I come in. I'm not in that "league" yet... but I am learning that so many of us are holding on to our "youth" and in doing so, have not prepared a will, considered estate planning, annuities, or even basic retirement planning. My husband and I actually thought our home would be our nest eggs. You did too? Guess what??? The housing dilemma just smashed our eggs. I read a newspaper headline recently "Reality about to Bite" the baby boomers. But you know what I'm learning? It's not too late. Game plan. That's step one. Today, my husband and I sat down and talked about our finances. It wasn't easy. We've talked in the past about our bank accounts, loans and bills and had some harsh words. Finger pointing was also part of the conversation. Each time we ended the talks with no answers. I guess we were hoping one of us or someone would have an answer. But who are we kidding. And I know we aren't the only ones with this situation. Big lesson here.
I dove into my new job and swam like crazy in the financial waters...preparing myself for various webinars, featuring all sorts of financial topics that left my head spinning. I learned being ignorant won't pay the bills and set you up in your later years. Many people are doing the same thing we're doing and that's talking but not REALLY talking. Don't get me wrong. There are plenty people with retirement plans and in a better financial place. I want to be there too.
So today, our game plan took a different hit. We sat down and came up with a simple game plan and it direction actually felt like we were finally on a good direction. It won't be easy and I know we'll make mistakes but I know I can't be a good financial reporter unless I take my own advice to heart. My blog will share what we are doing to be financially fit and maybe along the way, offer you advice, input on what you need to be doing as well.
But that's not all I will be blogging about. As someone who has drummed up stories in the past, I plan to continue but on a different level. Not sure how this is going to work but I plan to put a bug in your ear, give you something to think about, point you in directions, provide you with knowledge that will hopefully better your life. I did not walk away from news, I merely have taken a modern approach. Okay....let's be honest. It's my way of hanging on to something I have always enjoyed doing and helping people with their lives. I'm also going to make sure I have two bowls of black eye peas tonight when we sit down for our New Year dinner.
Today is January 1, 2011 and the oldest members of the Baby Boomer Generation turn 65. For the next several years, tens of thousands will enter retirement or hope to with little or no planning. Here's where I come in. I'm not in that "league" yet... but I am learning that so many of us are holding on to our "youth" and in doing so, have not prepared a will, considered estate planning, annuities, or even basic retirement planning. My husband and I actually thought our home would be our nest eggs. You did too? Guess what??? The housing dilemma just smashed our eggs. I read a newspaper headline recently "Reality about to Bite" the baby boomers. But you know what I'm learning? It's not too late. Game plan. That's step one. Today, my husband and I sat down and talked about our finances. It wasn't easy. We've talked in the past about our bank accounts, loans and bills and had some harsh words. Finger pointing was also part of the conversation. Each time we ended the talks with no answers. I guess we were hoping one of us or someone would have an answer. But who are we kidding. And I know we aren't the only ones with this situation. Big lesson here.
I dove into my new job and swam like crazy in the financial waters...preparing myself for various webinars, featuring all sorts of financial topics that left my head spinning. I learned being ignorant won't pay the bills and set you up in your later years. Many people are doing the same thing we're doing and that's talking but not REALLY talking. Don't get me wrong. There are plenty people with retirement plans and in a better financial place. I want to be there too.
So today, our game plan took a different hit. We sat down and came up with a simple game plan and it direction actually felt like we were finally on a good direction. It won't be easy and I know we'll make mistakes but I know I can't be a good financial reporter unless I take my own advice to heart. My blog will share what we are doing to be financially fit and maybe along the way, offer you advice, input on what you need to be doing as well.
But that's not all I will be blogging about. As someone who has drummed up stories in the past, I plan to continue but on a different level. Not sure how this is going to work but I plan to put a bug in your ear, give you something to think about, point you in directions, provide you with knowledge that will hopefully better your life. I did not walk away from news, I merely have taken a modern approach. Okay....let's be honest. It's my way of hanging on to something I have always enjoyed doing and helping people with their lives. I'm also going to make sure I have two bowls of black eye peas tonight when we sit down for our New Year dinner.
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