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08 Mar

How to Pick a Trustee, Executor, and Agent Under a Power of Attorney

While the term fiduciary is a legal 6a01b8d0a6271d970c01bb087bd2a1970d-500piterm with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better. read more

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06 Mar

Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment

Elder Couple at Home with Bills

Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning as if they’ll be as sharp as a tack late into their golden years. Unfortunately, this common approach of ignoring a potential problem and hoping it simply won’t happen can leave a giant hole in your estate plan. Read on to find out that this common hole can be more easily filled than you might think. read more

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27 Feb

Work with Your Body’s Natural Processes to Control Hunger Pangs on a Diet

Hunger pangs can create chaos while you’re on a diet. It’s hard to concentrate on work, family, or anything else because of the cravings. Luckily, there are several ways to alleviate this situation.

 

Use these tips to control hunger pangs and stick to your diet at the same time:

  1. Get back into the habit of eating breakfast. It’s easier to prevent the pangs than to treat them, so eating breakfast is important.
  • Breakfast can help you control blood sugar levels throughout the day and stop hunger pangs from ruining your diet. It’s important to eat a complete breakfast that combines carbohydrates, proteins, and healthy fats into one meal.

 

  1. Eat protein. Protein can make you feel satisfied after a meal or snack, so you’re less likely to crave other foods.
  • You can select food that has protein and still fits your diet. For example, nuts and seeds are a healthy source of protein. Peanut butter and other butters, such as almond butter, also pack a healthy serving of protein.
  1. Chew well and eat slowly. If you swallow your food without chewing it enough, then it becomes more difficult to feel full. The rate at which you eat affects your stomach hormones and how you feel.
  • A study, titled “Eating slowly increases the postprandial response of the anorexigenic gut hormones, peptide YY and glucagon-like peptide-1,” found that eating slowly was better. The researchers discovered eating too quickly affected the release of stomach hormones related to feeling full.
  • Researchers recommend eating slowly, so the stomach hormones that make you feel full have a chance to become active.

 

  1. Chew gum in between meals. Researchers have found that gum can help you avoid temptation and stay on your diet. A study from the University of Rhode Island found that chewing gum encouraged people to eat less during the day.

 

  1. Eat potatoes. Potatoes can be a useful tool for fighting hunger pangs. They have a resistant starch that takes longer to digest, so you feel full for a greater length of time. You won’t feel hungry while you’re still trying to digest the potato you had for lunch.
  • It’s important to eat healthy preparations of potatoes, so potato chips and French fries shouldn’t be on the menu. Baked or steamed potatoes can help you stay on your diet.

 

  1. Add more grapefruits. These citrus fruits can help you control hunger while providing more vitamin C. Grapefruits can help control blood sugar levels, so you avoid the dangerous spikes that lead to hunger pangs.
  • Fresh grapefruits are easy to add to your diet. They can be part of a fruit salad or smoothie for breakfast. They can also be cut into small pieces for a quick snack.

 

  1. Use food aromas advantageously. Did you know that smelling certain foods without eating them can help you control hunger pangs? Researchers have found that different aromas can be used to feel full.
  • A study, titled “Food aroma affects bite size,” revealed that aroma could be used to control hunger. Researchers discovered that people took smaller bites of food with different aromas. They noticed that controlling the scent of the food affected how much people ate.

 

Hunger pangs don’t have to destroy your diet. By planning ahead and using these strategies, you can stay on your diet and subdue your cravings.

 

Hope you enjoyed this article and have a beautiful week filled with love and light, Barbara

www.BarbaraSavin.com

BarbaraESavin@aol.com

Facebook: https://www.facebook.com/MotivateYourLifeWithBarbara/

Twitter: https://twitter.com/BarbaraSavin

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24 Feb

Got Stuff? George Carlin Says You Need An Estate Plan!

shoppingGeorge Carlin would have been a great pitchman for estate planning. You may remember his stand-up routine on “stuff.” We all have stuff, and we’re pretty particular about our stuff. We move it around with us, it’s hard for some of us to get rid of it, and some of us don’t like our stuff mixed up with other people’s stuff.

 

During your lifetime, you collect a lot of stuff, some of it valuable and some of it not. But because it’s your stuff, it means something to you. You already know you can’t take it with you when you die, so there has to be some way of distributing your stuff to other people.

 

Normally, you want your stuff to go to people you care about… your family and special friends, sometimes a worthwhile cause. And you may want certain people to have certain things to remember you by.

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22 Feb

How to Align Insurance with Your Estate Plan

Pad of Paper & PenIf you’re like most folks, you use a variety of insurance products to manage risk and protect you, your family, and your assets from losses caused by property damage, businesses, property, accidents, disability, retirement, and death. However, instead of considering these insurances as separate items, we suggest you make them part of an integrated, overall risk management plan.

 

Different Kinds of Insurance for Different Risks

 

Most insurance can be grouped in these general categories.

 

Property and Casualty Insurances: This would include insurance on automobiles and other vehicles, home, furnishings, jewelry, and artwork – and personal liability insurance, including umbrella insurance.

 

Business Insurances: Business owners need insurance on buildings they own, office equipment and computers as well as liability, worker’s compensation, errors and omissions, and business interruption insurances.

 

Health and Disability Insurances: Disability income insurance replaces part of your income if you become ill or injured and unable to work. Health insurance helps to pay for medical services received and long-term care insurance helps to pay for extended care that is not covered by most health insurances or Medicare.

 

Retirement Insurances: Annuities and other insurance products can help replace income after retirement.

 

Estate Planning Insurances: Life insurance is often used to replace an earner’s income; pay funeral expenses, debts and taxes; fund family and charitable trusts; fund a business buyout and compensate the surviving owner’s family; provide an inheritance; and equalize inheritances for family members who do not work in a family business.

 

What You Need to Know About Insurance

 

Remember, insurance is for risk management — to protect you, your loved ones, and your assets from potential areas of loss. If a risk is no longer there (the exposure ends or you are able to self-insure and cover the risk yourself), then the insurance coverage for that risk can be eliminated.

 

Actions to Consider

 

Trying to coordinate your own insurances and manage risks yourself is a daunting task. Instead, we suggest you work with a team of advisors who have the knowledge and experience to help you make sure your risks are covered at the appropriate levels, without duplication and unnecessary costs.

 

An advisory team usually includes your financial investment advisor; estate planning attorney; life, health and property/casualty insurance agent(s); and a CPA. Other members may be added to your team as needed. You will probably find that your advisors will welcome the opportunity to work on your team, because they want to provide you and your family with the best possible service and solutions.

 

We’re happy to connect you with the experts you need or work with the experts you already have in place.

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22 Feb

The Real Life Perils of Online and Do-It-Yourself (DIY) Estate Planning

6a01b8d0a6271d970c01bb0866d4c0970d-500piWith the number of online and do-it-yourself (DIY) legal providers continuing to grow and advertise heavily, you may be wondering if you could do your estate planning with the help of these forms. The advertising is seductive. Ads say, “attorneys use similar forms,” “the cost is significantly less than hiring an attorney,” and “many of these websites and kits are created by attorneys.” Most folks think their estates are not complicated and many think forms are forms – and – attorneys just charge for forms, right?

 

Wrong.

 

All estate planning attorneys know that DIY estate planning is dangerous and those same attorneys make more money cleaning up someone’s DIY mess than they charge for an estate plan that works in the first place.

 

  • While completing the forms may seem easy and straightforward, a single mistake or omission can have far reaching implications that only come to light after you have become incapacitated or died.
  • With you not here to explain your intentions, your heirs may end up disappointed and confused; and they could end up paying much more in legal help to sort things out after the fact than it would have cost in the first place.The results of DIY are tragic. Good people fall for the “estate planning is just a form” and they said they have attorneys on staff.

 

  • But, we’ve seen folks accidentally disinherit their beloved children, pass assets outright to a drug-addicted beneficiary, and create documents that have no legal validity or don’t control their assets.
  • We’ve even seen young children with no guardians named at the mercy of the court to determine their future.It’s sad and frustrating. DIY companies mislead good people like you to make a few bucks; the results, often chaos and pain.

 

7 Factors Those Contemplating the DIY Route Should Consider

 

1. Legal Expertise. Experienced estate planning attorneys have the technical expertise to draft documents correctly so they are legally valid and reflect your wishes. Yes, they likely start with pre-drafted forms, but they know what language to bring in as well as what to change and how to change it to make your plan work the way you want. They also understand the technical terms and legal requirements of your state. Laws vary greatly from state to state; and, a DIY program or kit may not tell you everything you need to know to prevent your plan from being thrown out by the court or failing to carry out your wishes.

 

2. Counseling. Attorneys are called “counselors at law” for a reason. Estate planning attorneys counsel families and they have seen the results of both proper and improper planning. An experienced attorney can guide you with delicate decisions, including who should be the guardian of your minor children; how to provide for a child or elderly parent who has special needs without interrupting valuable government benefits; how to provide for your children fairly (which may not be equally); and how you can protect an inheritance from creditors and irresponsible spending.

 

3. Explanation of Intentions. If there is any confusion as to what your intentions were after you are incapacitated or gone, the attorney, who counseled you, will be able to explain what you wanted. This unbiased interpretation from someone who does not stand to benefit from your plan can help avoid costly litigation by your beneficiaries, keep peace in your family, and maintain the validity of your documents.

 

4. Coordination of Assets. A will only controls assets that are titled in your individual name. You probably have other assets that are controlled by a contract, joint ownership, and/or beneficiary designations; these include IRAs, 401(k)s, joint bank accounts, real estate, and life insurance. A will does not control these assets. An estate planning attorney will know how to coordinate your assets and estate plan so that your assets are distributed as you wish.

 

5. Tax Planning. The federal government and many states have their own death or inheritance tax. State taxes often kick in at much lower exemptions than the federal tax. Careful professional planning is a must in order to avoid paying too much federal and/or state tax – and probate fees.

 

6. Unmarried Couples. Being married creates rights and privileges under the law. If you’re not married, you need to create contracts and documents that will protect you and your partner. Because laws are frequently changing and vary greatly from state to state, it’s vital to have updated advice from a competent estate planning attorney. Without proper planning, many rights may be limited for unmarried cohabitants. Providing for your pets may also be very important to you.

 

7. Complexity and Cost. Many people think their estate planning will be simple. But the reality is, most folks discover they do need some personalized planning…and you may not know that without the guidance and counseling of an estate planning attorney. It is far better to spend a little more now and make sure your plan is created correctly than to try to save a few dollars and have things turn out badly later. You won’t be around then to straighten things out.

 

Often a DIY estate plan is worse than no plan at all, but don’t let that discourage you. You wouldn’t participate in DIY surgery so forget the DIY law; the lawyers who work for those companies don’t represent you and they are not your fiduciary; they represent the company for whom they work. Only a lawyer you hire individually, usually with a written engagement agreement, is your fiduciary and must always act in your best interests.

 

Though your first priority needs to be a plan that protects you and your family, if payment is a concern, we will work with you. We have levels of planning to fit a variety of budgets as well as payment plans. We invite you to call our office right now to get you and your family truly protected.

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20 Feb

The Value of Having a “Life Plan” in Estate Planning

House and Keys in Female HandsAll too often, estate planning is viewed as a transaction; just sign here, here, and here on a document: will, a living trust, and powers of attorney – then be off. But the best planning happens when an estate planning attorney can get to know the client on a deeper level, to uncover hopes, dreams, and aspirations. It becomes more about family and values, and it becomes a lifelong process instead of a transaction.

 

This process begins with having a plan for our lives. There is a certain power in planning. When plans are carefully thought through and written out, they tend to come true. A plan can also serve as a guide, helping to align our deepest values, beliefs, and goals with our financial resources so we can realize our dreams. Having a plan allows us to live richer, fuller lives — personally, professionally, financially, and spiritually.

 

How to Formulate A Life Plan

 

1. Think broadly and deeply about what matters most to you. If you had all the money you needed, what would you do with it? If you had only five or ten years to live, how would you live them? If you learned you have 24 hours left to live, what would you miss?

 

2. Take this vision, sweep away any doubts, and craft your ideal life in as much detail as possible. This action will energize you to achieve your vision in the shortest time possible. Goals are no longer something to be hoped for “some day,” but can become immediate and vibrant.

 

3. A thoughtful professional can help you identify obstacles and roadblocks that may be keeping you from achieving your vision. These are sometimes financial, but more often they are internal beliefs.

 

4. An experienced estate planning attorney can then recommend the best ways to achieve your goals. Quite often, we will put together a team of professionals from different disciplines to make sure all your needs are met. In addition to our office, the team may include a financial advisor, an insurance advisor, a CPA, a retirement plan advisor, and even a planned giving expert.

 

We will ask open-ended questions and listen carefully to the answers. The client, on the other hand, will need to be open, honest, and willing to make an emotional connection, with us and with him/herself. We will be building mutual trust and a relationship, one that can last for many years, possibly even into the next generation.

 

The result of this type of planning is a real life plan -not just a pile of papers – and is far more rewarding than any document-focused transaction.

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17 Feb

Why Does a Living Trust Cost More than a Will?

Avoiding LossesYes, you will likely invest more in trust-based planning than will-based planning because you get a whole lot more value. Comparing these estate planning investments is like comparing apples and oranges – and the overall investment may not be what you think.

 

  • A living trust document has more provisions than a will because it protects you and your loved ones while you are alive and well, while you are alive and not-so well, and after your death. A will only handles matters after death.
  • A properly prepared and funded living trust will avoid court proceedings at incapacity and death. A will provides no such protection and ensures court interference at both events, which can be very costly (in time, privacy, dollars, and stress) to your family.

 

Instructions at Death and Incapacity

 

  • Both a will and a living trust contain instructions for distributing your assets after you die.
  • But only a living trust contains your instructions for managing your assets and your care and providing for your loved ones should you become incapacitated.

 

A Living Trust Avoids the Costs of Court Interference at Incapacity and Death

 

  • A properly prepared and funded living trust (one that holds all of your assets) will avoid the need for a court guardianship and/or conservatorship if you become incapacitated.
  • The person(s) you select will be able to manage your care and your assets privately, without court interference.
  • A will is only effective after death, so it fails to provide instructions and assistance during any period of incapacity.
  • If incapacity strikes, your family would almost certainly have to ask the court to establish a guardianship and/or conservatorship for your care and your assets — a process that is public, time-consuming, expensive, and stressful.

 

What You Need to Know

 

  • The same living trust document that can keep you out of court at incapacity can also keep your family out of probate court when you die.
  • But a will requires probate. Depending on where you live, this can be costly and time-consuming. Probate is always public and open to nosey neighbors and predators.

 

Costs to Transfer Assets… Pay Now or Later

 

  • There may be some minor costs to transfer assets into your living trust when you set it up, and then from your trust to your beneficiaries after you die. But these will be minimal if you and your successor trustee do much of the work yourselves.
  • With a will, the probate court (with its costs and attorney fees) is the only way to transfer your assets to your heirs after you die. So you can pay now to set up your trust, transfer titles, and benefit from the trust during your lifetime – or you can pay the courts and attorneys to transfer assets after you die.

 

Actions to Consider

 

  • Find out what probate costs are where you live. If your state has a fee schedule based on the value of probate assets, this will be fairly easy. If it has “reasonable” fees, ask an attorney to estimate what these fees would be if you die tomorrow and, if you are married, and your spouse dies the next day.
  • Similarly, ask your attorney to estimate what the costs would be if you become incapacitated tomorrow and, if you are married, if your spouse becomes incapacitated the next day.
  • Practically speaking, this will be impossible to estimate because no one will be able to predict how long the incapacity will last or what complications might arise. The mere uncertainty of these costs should give you pause — and propel you to plan for incapacity.
  • Add these estimates to the cost of having a will prepared — and compare that to the cost of a living trust. When you make a true comparison, you may conclude that having a living trust actually costs less than a will.

 

And what’s the cost of a plan not working and you and those you love being vulnerable, losing control, and being tied up in court? What’s the cost of your loved ones having their inheritances seized and being left with a mess? For many folks, the investment in trust-based planning is a good one.

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13 Feb

Rebuild Your Confidence After a Job Setback and Boost Your Career

Job setbacks can shatter your self-confidence and make it difficult to stay positive. Luckily, however, they don’t have to ruin you or your career. You can rebuild your confidence again and get your career back on track.

 

Follow these strategies:

  1. Let the wounds heal before revisiting the setback. It may be tempting to focus on the issues that led to the job setback, but you need time to heal.
  • Once you’re ready to address the issues, then you can look over the events. This will give your confidence a chance to mend itself.
  • Ask yourself questions to learn more from the experience. What lessons have you learned? Do you need to correct something to avoid similar challenges in the future? Do you understand how the job issues developed and what could have prevented them?
  • Answering these questions will help you find closure. This is important for boosting your confidence.

 

  1. Develop your skills. Developing your skills will help increase your self-confidence. You can learn from the job mistakes of the past and work on specific details to prevent them from happening again.

 

  1. Take small risks to boost your confidence. Try a new project at work or start a new job.
  • By facing your fears, your self-confidence will begin to grow. Carefully weigh the consequences of new ventures and take small risks. It’s important not to dwell on the job setback.

 

  1. Avoid isolation and seek out your friends. Isolation can make positive thinking more difficult.
  • Your friends can offer valuable support. They can encourage you to try again and help you figure out effective ways to deal with all the emotions that you experience in a time like this.
  • Ask for help and find new mentors. Mentors can reassure you while helping you develop new career paths. They can also help you network with new companies or peers to boost your confidence.

 

  1. Remember the successes in your life. A job setback doesn’t define your entire life. Your life has multiple aspects beyond work, so it’s important to acknowledge and appreciate them. Analyze the successes in other parts of your life or consider past job successes.
  • Are you proud of your healthy and strong family? Do you consider your ability to run a marathon a success? Do you appreciate the knowledge you gained while pursuing a graduate degree? All of these factors can help you increase your self-confidence and remind you of success.

 

  1. Put things in perspective. Focus on the positive aspects of your life. Realize that the job setback provided a valuable learning opportunity and the chance to reevaluate your career.

 

  1. Create new goals. New goals can help you feel accomplished and raise your self-esteem.
  • The list should consist of a variety of goals ranging from small to big. For example, it can include going for a run every day or taking on a new project at work. If your confidence needs to be rebuilt, then consider doing one goal at a time.

 

A job setback can affect you emotionally, but it doesn’t have to destroy your confidence. You can overcome the setback and advance your career by practicing these strategies.

 

Hope you enjoyed this article and have a beautiful week filled with love and light, Barbara

www.BarbaraSavin.com

BarbaraESavin@aol.com

Facebook: https://www.facebook.com/MotivateYourLifeWithBarbara/

Twitter: https://twitter.com/BarbaraSavin

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13 Feb

Impacts of the Trump Presidency on Estate Planning: Your Quick Guide

MP900341744It’s official — the Electoral College voted on December 19, 2016, essentially completing the 2016 presidential election cycle. With that bit of uncertainty behind us and a fresh year starting out, here’s what you need to know about planning your estate under the incoming Trump administration and Republican-controlled Congress.

 

President Trump’s tax plan

 

A new president usually means major shakeups in fiscal and tax policy, and Trump’s tax plan is no exception. Here are several of the proposed changes we will potentially see rolling out during his administration:

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