Understand The Purpose And Intent Of Financial Planning
Supplement 1, Chapter 6
STEPS IN FINANCIAL PLANNING FOR SENIOR LIVING
1. Come to Understand the Purpose and Intent of Financial
Planning:
Financial planning is the process in which you set goals for your life through the proper management of all your financial resources. It entails all issues related to your current income, savings, investments, and estate plans. It also involves paying constant attention to issues related to your fixed and projected expenses. It includes all the decisions you need to make in regards to how you might offer financial help to family members or friends who are close to you. It certainly includes a decision each year about the extent of your charitable giving. Certainly, all these issues are critical to your …show more content…
What are the benefits of an estate plan?
An estate plan helps to provide for those you love who survive your death. You spent most of your life accumulating assets and various physical possessions. Now you need to plan carefully how they can be distributed to your family and friends. Your plan gives you the real assurance that your possessions will continue to help those you care about.
2. How can you prepare those who will receive your assets? It is a shock and surprise to many recipients that you remembered them and often for more than they ever expected.
When it comes to specific items, like jewelry or mementos, it is always so helpful if you could include a note about why these items were given to specific people. It is also helpful if you could explain why you divided your assets the way you did along with your hope about how they may be used.
3. How can you avoid probate of some of your …show more content…
The property in the trust does not have to be probated.
4. The great value in establishing a living trust is that you serve as the initial trustee of your estate and select the successor trustee(s).
Your chosen successor will be able to take charge of your estate if you become ill or incapacitated as well. This role is important and creates a comfortable feeling that your ideas and goals for your estate will be honored and implemented as you have planned.
5. Your will or trust documents, statement of advance directives, and personal notes should be stored in a safe place.
Keep them safe, but let those close to you, including your attorney, know where the full list of your legal papers is located. In addition, they need to be updated annually, so that they ref lect your personal preference and your picture of your changing assets.
6. How can a larger estate be transferred with a good result over years after our death?
It is important to know that distribution of an estate can be postponed to a later date and even age with your children or grandchildren. You can set up a target date and conditions for the transfer when you feel they are ready to take responsibility for their new assets. Spelling out specific conditions of the transfer of property is a prerogative of the giver of the
STEPS IN FINANCIAL PLANNING FOR SENIOR LIVING
1. Come to Understand the Purpose and Intent of Financial
Planning:
Financial planning is the process in which you set goals for your life through the proper management of all your financial resources. It entails all issues related to your current income, savings, investments, and estate plans. It also involves paying constant attention to issues related to your fixed and projected expenses. It includes all the decisions you need to make in regards to how you might offer financial help to family members or friends who are close to you. It certainly includes a decision each year about the extent of your charitable giving. Certainly, all these issues are critical to your …show more content…
What are the benefits of an estate plan?
An estate plan helps to provide for those you love who survive your death. You spent most of your life accumulating assets and various physical possessions. Now you need to plan carefully how they can be distributed to your family and friends. Your plan gives you the real assurance that your possessions will continue to help those you care about.
2. How can you prepare those who will receive your assets? It is a shock and surprise to many recipients that you remembered them and often for more than they ever expected.
When it comes to specific items, like jewelry or mementos, it is always so helpful if you could include a note about why these items were given to specific people. It is also helpful if you could explain why you divided your assets the way you did along with your hope about how they may be used.
3. How can you avoid probate of some of your …show more content…
The property in the trust does not have to be probated.
4. The great value in establishing a living trust is that you serve as the initial trustee of your estate and select the successor trustee(s).
Your chosen successor will be able to take charge of your estate if you become ill or incapacitated as well. This role is important and creates a comfortable feeling that your ideas and goals for your estate will be honored and implemented as you have planned.
5. Your will or trust documents, statement of advance directives, and personal notes should be stored in a safe place.
Keep them safe, but let those close to you, including your attorney, know where the full list of your legal papers is located. In addition, they need to be updated annually, so that they ref lect your personal preference and your picture of your changing assets.
6. How can a larger estate be transferred with a good result over years after our death?
It is important to know that distribution of an estate can be postponed to a later date and even age with your children or grandchildren. You can set up a target date and conditions for the transfer when you feel they are ready to take responsibility for their new assets. Spelling out specific conditions of the transfer of property is a prerogative of the giver of the