MY STORY

In 2012, my life changed. From being on the road touring as a professional drummer, I suddenly had to come off the road and take care of my mother. She became ill and needed more hands on care. I became her primary care giver. 

Prior to her becoming very ill, my mother assigned me as her power of attorney, we completed her advanced directive, updated the beneficiaries on her life insurance policies, and established a joint bank account. Also, we had those hard conversations about her last wishes. We did not complete a will, because she did not own a house, car, and no major assets. I paid off all of her debt. 

There was continuous communication with her doctors, health insurance, disability, employer, etc. Having those documents completed, provided more focus on her care. January 2015, my mother took a turn for the worse. Because we completed her Advanced Healthcare Directive, my siblings and I were not bickering about what to do. Her instructions were carried out, and she died peacefully. 

I speak from experience, the importance of having a plan in place for protection. Because we never know what can happen. 

WHY ESTATE PLANNING

If you read my story above, you can see the WHY. I believe in being more proactive than reactive. Proper planning can alleviate some of the stress and burden when an issue arises. Three main objectives for estate planning are accumulation, preservation, and distribution. It is an ongoing process to meet goals during lifetime and after death. 

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A will is the most basic estate planning tool. It is a legal document by which an individual expresses their wishes on the distribution of assets and/or property after death. Also, can appoint guardians for minor children. Names one or more persons, the executor, to manage the estate until its final distribution.

IMPORTANCE OF A WILL

• You decide rather than the government.
• Reduce family conflict.
• Create trusts for your children or other young beneficiaries.
• Forgive debts, and more.

ELEMENTS OF A WILL

• Testator - Made or died leaving a valid will.
• Executor – Make sure the testator’s wishes are followed.
• Legacies – Gifts or assets leave to individuals or charities.
• Children and guardians – Held in a trust until age 18.
• Residuary of an estate – Leftover assets or property without being distributed.
• Foreign assets - Located outside the country.

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POWER OF ATTORNEY

• Authorizing another person to act on your behalf.
• Estate planning and managing your estate during incompetence.
• Manage issues such as paying bills. 

ADVANCED HEALTHCARE DIRECTIVE

• Your say about the type of care you receive in the event of a catastrophic medical event.
• Two Types of Advance Directive
  • Living Will - Preference of medical  care
  • Medical Power of Attorney - Appoint another person to  make medical decisions for you, if you are unable. 

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Life Insurance protection is very important. People buy life insurance: 

• To cover funeral expenses.
• For financial emergencies.
• To help pay for educational costs.
• To supplement retirement income.
• Take advantage of business opportunities.

With the many benefits of life insurance to cover both death and living protection, it is important to determine your individual need and financial objective for you and your family. Conducting an analysis helps us with creating and implementing an insurance plan to provide the type of life insurance protection needed. 

Life Insurance falls into two categories for coverage:

Term Life

• Provides Temporary protection for the term of the policy.
• Pays a death benefit only if you die.
• Does not earn cash value.
• Lower premiums at the beginning, but become costly at renewal.

Cash Value Life Insurance

• Provides Lifetime protection, as long as the policy is kept in force.
• Accumulates cash values that can be used for emergency expenses, college education, etc. 
• Fixed or flexible premiums.
• Guaranteed cash values or cash values based on current interest rates.

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Some people believe they won't live before they retire. Not only will many of us live to reach retirement age, but with advances in medical technology, we can expect to live for a significant number of years after retirement. Planning now, provide income protection for our latter years.  The key is financial independence during retirement. 

I recommend seeking advice from a financial advisor on making sure your retirement is producing income needed. 

CONTACT our office to discuss how Annuities with guaranteed benefits can be a part of your retirement plan. 

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Approximately 150 million people have their identity stolen each year in the United States. Once identity thieves have your personal information, they can access your bank account, credit card charges, open new accounts. Some extreme cases, they might give your name to the police during arrest. It is important to protect your personal information. With mostly everything  digital and requiring passwords, we are more open to risks. 

Recovering from Identity Theft can be time consuming and stressful. It can take up to 6 months or longer to restore your identity. It is important to protect your privacy, manage your reputation, and restore if necessary. 

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