James C. Molet's Blog, page 19

The Millennial Money Fix – A SavvyReview

The Millennial Money Fix: What You Need to Know About Budgeting, Debt, and Finding Financial Freedom Paperback: 224 pages Publisher: Career Press (2017) Douglas A. Boneparth, seeing how the recession affected family and friends, wanted to invest in them so he founded Bone Fide Wealth, LLC, a boutique wealth management firm in New York City which specializes... Read Article →

Avoid the Debt Trap

Debt, that hard to slay, life sucking, insidious beast. There are any number of straight-forward, familiar ways – through various actions and circumstances – in which people become its victim. Some people are simply hyper-consumers and perhaps, are trying mightily to keep up with the Joneses. Through ignorance, some take out a number of student... Read Article →

5 Reasons to Repair Your Credit Before Retiring

In previous research, experts have found that a massive number of retirees are retiring without concrete plans on how to pay their debts off. As we are all aware of, debts can eventually lead to a bad credit score and report. Some car companies such as Road Loans, Auto Credit Express, and Alpha Finance – for... Read Article →

myRA Being Phased Out

The myRA – My Retirement Account – was introduced in 2015. As noted by President Obama at that time, the program’s goal was to encourage millions of Americans to build savings that could supplement Social Security benefits. Considering that many Americans already had access to a myriad of savings and retirement plans including 401(k) and... Read Article →

How This Blogger Killed His Credit Card Debt and Why He Did It

The following is a guest post from Josh Wilson. Josh is the owner of a start-up personal finance blog, Family Faith Finance. Feel free to check out his blog and learn more about his journey through life. It’s no secret: Americans have more credit card debt than ever before. In fact, consumers in the United... Read Article →

You Don’t Need to Change Your Company Culture to Attract Millennials

The following is a guest post from Brad Deutser, president of Deutser LLC, a consulting firm that advises leaders and organizations about achieving clarity, especially in times of transition, growth or crisis. He is an expert at leveraging culture to drive business performance, and his firm has counseled organizations ranging from the Fortune 100 to nonprofits.... Read Article →

3 Strategies to Increase the Value of Your Financial Legacy

The following is a guest post from Rich M. Groff II, a third generation Certified Financial Planner and entrepreneur. Although he has worked with people from all walks of life, he has focused his practice primarily around high income and high net worth professionals. Groff prides himself in assembling the best financial team to address and... Read Article →

Estate Planning is Not Just for the Ultra-Rich Anymore

The following is a guest post from Ernie Burns, president and chief executive officer of Burns Estate Planning and Wealth Advisors. Ernie has more than 25 years’ experience in retirement income planning. He is an Investment Adviser Representative, and also is a Master Certified Estate Planner (MCEP) and a Million Dollar Round Table-Top of the Table Member... Read Article →

Estate Planning is Not Just for the Ultra-Rich Anymore

The following is a guest post from Ernie Burns, president and chief executive officer of Burns Estate Planning and Wealth Advisors. Ernie has more than 25 years’ experience in retirement income planning. He is an Investment Adviser Representative, and also is a Master Certified Estate Planner (MCEP) and a Million Dollar Round Table-Top of the Table Member (MDRT). He has been published and/or quoted in Fortune Magazine, Entrepreneur Magazine, Money Magazine and Bloomberg BusinessWeek. Burns Estate Planning and Wealth Advisors is now the “Official Wealth Management Firm of Southeastern Athletics” for Southeastern Louisiana University.

Hollywood’s stereotype of estate planning usually features assorted nieces, nephews and cousins gathered in the drawing room of a 100-year-old mansion greedily waiting to hear what an eccentric rich relative left them.

By the time the scene is over, no one is happy – and that part, at least, has some veracity.

Thousands of people fight over money every year after someone has died, especially if that person did a poor job of planning what would happen with their assets. But families don’t have to be rich to get in an uproar over who should inherit what. And unfortunately, the average person doesn’t show the same kind of concern about estate planning that the rich do – and that’s a mistake.

People often think, “Well, I’m married so everything will just pass along to my wife or my kids.” But it doesn’t always work that way. For example, in some states your brothers and sisters could possibly inherit part of your estate, even if that wasn’t your intent.

Estate Planning

That’s why everyone – regardless of how small their wealth – should do at least some estate planning. Some things to consider:

A will. This is the most basic of estate-planning documents, yet a Caring.com survey this year showed that more than half of Americans don’t have a will. A will can provide certainty and clarity and eliminate the grey areas when property is moving from one generation to the next. Don’t just assume everything will end up with the people you want it to if you fail to leave specific instructions.
A trust. Not everyone needs a trust, but it often makes sense. Basically, a trust allows you to control your assets from the grave. You can set certain restrictions, which is especially helpful if your kids are young or they don’t really manage money well. That way you may be able to keep them from blowing their inheritance all at once. For example, a restriction might be that they don’t receive the money until they earn a college degree.
Power of attorney. It’s important to assign someone power of attorney so that if you become incapacitated that person can speak on your behalf and sign important documents. You can also have a living will to outline your wishes, which could help your family make tough decisions about your healthcare.

Final Thoughts

There are online services that can prepare a will, but that may not be the best route. Laws and rules are always changing,” he says. “So it’s better to consult with a professional who understands all the nuances.”

Retirement Living

There a number of factors when considering where to retire. The wife and I have two overriding priorities with respect to where we will retire. First, we have to enjoy the climate and environment. Second, we will not go into retirement with a mortgage. Moving, and committing to paying a new mortgage, after we retire... Read Article →