Recently, I drove 2,000 miles from my home to my 72-year-old mother’s home. I hadn’t seen her for two years, so I was excited to visit. However, I also had another motive in mind. While visiting, I wanted to discuss end-of-life planning with her. Imagine my surprise when she was the one who initiated the discussion with me! … [Read more...] about How I Planned to Discuss End of Life Planning with My Parent
Wills - Estate Planning
A few decades ago, I read Your Money or Your Life by Vicki Robin and Joe Dominguez. It changed the way I thought about spending money, especially the formula that looked at hours worked in relation to the price of something that you buy. For instance, if you’re going to buy a meal out, that may equate to one or two hours of work, especially if you’re young and just starting … [Read more...] about Die with Zero: One Little Book That Changed My Perspective on Money
We often think of documents like life insurance being just for those adults with children, but as DINKS once you reach a certain age or a certain level of responsibility, you should have a level of insurance protection. Surprisingly, sometimes DINKS need certain insurance policies more than their peers with children. What follows are the insurance policies DINKS should have. … [Read more...] about Insurance Policies DINKS Should Have
Do you have life insurance? Many adults only buy it after they have kids so the kids will be supported if a parent passes. However, buying life insurance is a responsible decision for each partner in a relationship, even if they don’t have kids. Once you decide to buy life insurance, you will need to choose if you should buy decreasing or level term life insurance. … [Read more...] about Should You Buy Decreasing or Level Term Life Insurance?
As recently as 2010, approximately 15 million people live together as an unmarried couple (Nolo.com). Couples choose to live together rather than get married for a variety of reasons. However, if you’re one of these cohabitating couples, you need to realize that you don’t have as many of the rights and protections as married couples have. Therefore, you need to protect yourself … [Read more...] about Reasons Why Unmarried Couples Need a Will
As you age, you’re at an increased risk of a host of physical and mental ailments. In the United States, “an estimated 5.8 million Americans age 65 or older are living with Alzheimer’s dementia in 2020” (alz.org). If you suspect your partner is afflicted, or if you’ve gotten a diagnosis, there’s no time to waste. Among the many preparations you’ll have to make, you’ll want … [Read more...] about Financial Planning Tips for a Spouse with Dementia
A living will is a document that lets people state their wishes for their end of life medical care, in case they aren't able to communicate their decisions. Some states may have a different term for it, but most living wills are also referred to as advance health care directives. An example of where a living will can come into play is if you're in some type of accident and … [Read more...] about What is a Living Will
estate Good morning Dinks. We preach about saving for your goals, planning for retirement and living a happy financial life. But are you planning for what comes after retirement? I know that many people don’t like to talk about estate planning because it’s so final, but the truth is we have to talk about our money’s life after retirement because money doesn’t go away … [Read more...] about Estate planning for the financial savvy
Hi All, The world is full of misconceptions about money and class. One particular misconception that a lot of people don't understand is the role of charitable trusts in maintaining wealth and power. Charitable trusts are basically a way for the wealthy to retain control of business ownership without the tax man getting involved. When a large fortune is made, such as the … [Read more...] about Charitable Trusts About Power and Control, not Charity
Good Morning DINKS. Today we are discussing a touchy subject. I apologize if this seems grim, but our topic today is something that needs to be discussed. During our lives we work hard and save our money, but what happens to our money in the After Life? It is great to accumulate wealth, but what happens if we don't live long enough to enjoy it? Today we are talking about … [Read more...] about Get Your Finances In Order!