February 15, 2019
It is always good to take a few moments for evaluation when it come to your financial responsibilities. Here are a few items we would like to encourage you to take inventory on. These are things that can be overlooked in the busyness of life, yet can greatly affect your estate.
WILLS & POWERS. If you don’t have them … get them. If you do have them, look them over to see if there are any changes that need to be made, such as executors, beneficiaries, or guardians.
INSURANCE. Do you have the proper amount of life insurance? The rule of thumb in the industry is five to ten times your yearly income, but there are also many other factors that may influence your amount such as the number and age of children, the amount of your mortgage, and your spouse’s income. Other insurances that should be looked at are Long-Term Care and Disability Insurance. While the risk of needing either of these is actually higher than the risk of untimely death, fewer people are covered by these insurances. You might be surprised at the affordability of some of these products.
ROTH IRA. Would you like to save money in an account that you never have to pay income taxes on any interest earned? Not everyone qualifies, but many do. Contributions for 2018 can be made up to April 15, 2019.
TRANSFER ON DEATH. Did you know that checking accounts, savings accounts, and many investment accounts that do not have beneficiaries can be transferred on death to your loved ones and avoid probate also? Usually it is as simple as filling out a form.
* * *
These are just a few things we thought it might be a good time to take inventory on. If any of these raised questions for you, please contact our office to schedule an appointment.