If you’ve ever heard or any famous people dying in the news or have had a loved one close to you pass away you probably heard the term “probate” dished around a lot. Probate is the court-supervised legal procedure that: Determines the validity of your will; Gathers and distributes your assets; and Provides a process for paying creditors and putting a time limit on claims against your estate. Sounds pretty good right? Pretty easy? Well, it can be a pain…
We all want to protect our families, and one of the most fundamental ways we do that is putting a roof over their heads. There is nothing that makes us feel safer than having a home to go to. But, if tragedy strikes, your home can be one of the first things to be taken away from you. In this episode I talk about three ways to keep from losing your home. Three Ways to Keep From Losing Your Home…
Most people know they need to have a will at some point, but when? Is there a certain amount of money you should have to your name (net worth) before you have a will made? Is it a waste of money to have a will made if you don’t own many valuable things? If You Have Anything of Value You Should Have a Will Okay, I must admit, that’s not completely true. What the headline should say is “if you…
One of the things we don’t often think about but that is critical to our existence is our online presence. It’s not just the bank account login that you have. Think about your electronic life. Facebook. Instagram. LinkedIn. Email. Snapchat. Your iPhone. Your computer. Paypal. Amazon. Retirement account. Basically anything that has a password is subject to being cut off if you are injured or die. That may not sound like such a big deal, but if your significant other…
If you are like most of the people I know you probably haven’t spent a ton of time thinking about financial planning. And because of that you are making these financial planning mistakes. Sure, you have thought about retirement and paid slight attention when the 401K rep comes into your office to talk about their plans, and you may have a financial planner that is helping you manage some of your extra cash. But have you really thought about how…
“I’m not leaving my kids anything.” I wasn’t expecting to hear that from Tom, but I completely understood his point of view. “I don’t want them to waste all of my money, become lazy, and never amount to anything in their lives,” he said. “I want my kids to have the same kind of work ethic I do, and I think knowing that you’ve got a big inheritance coming, or actually receiving it, is a recipe for disaster.” “What if…
A pay on death account is a special type of bank account that allows for all of the money in that account to pass to the named beneficiary of the account without having to go through the probate process. When the person who owns the account dies, the person named to take it over simply has to show the bank a copy of the owner’s death certificate and they are entitled to the money in the account. Why Use a…
