HHM Finance Night - Financial Planning & Wills

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Tips for consideration when developing a financial plan or will

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HHM Finance Night - Financial Planning & Wills

  1. 1. 1 Financial Planning and Wills Presented by: Jennoa R. Graham, Ph.D. Friday, July 12, 2013
  2. 2.  Estate - The whole of one's possessions, especially all the property and debts left by one at death.  Financial Planning – a blueprint for using and maintaining assets and expenses  (Revisit annually and limit flexibility)  Wealth Management – overseeing the day to day transactions of all short term and long term assets 2
  3. 3.  Living Will - A notarized document in which the signer states his or her wishes regarding medical treatment, especially treatment that sustains or prolongs life by extraordinary means, for use if the signer becomes mentally incompetent or unable to communicate.  Will - A notarized document in which a person specifies the method to be applied in the management and distribution of his estate after his death. 3
  4. 4.  Trust -  Endowment –  Legacy - 4
  5. 5.  Get Organized  Living Wills/Power of Attorney  Wills  Financial Planning  Wealth Management 5
  6. 6.  Personal Information  Self, Spouse, and Ex-Spouse(s)  ALL Children (legal and biological)  Family Registry  Documentation of family history  www.ancestry.com  Membership Fee  DNA & Lineage Testing  Emergency Contacts  Business and Personal Contacts 6
  7. 7.  Personal Finance  All Income Sources  Debts  Insurance  Real Estate & Personal Property  Employee Benefits  Retirement  Final Wishes/Other 7
  8. 8.  NOT a Medical Power of Attorney  Contains predetermined instructions  Terminal Condition  Permanent Coma  Persistent Vegetative State  Willingness to receiving services  Artificial Life Support  Food and Water Administration  Comfort Care 8 Proactive
  9. 9.  Designated person(s) to make healthcare decisions on your behalf  Not capable  Unable to communicate  Does not override Living Will content  Delegated representative must be of legal age  Must know your wishes and have spoken to you about them 9 Reactive
  10. 10.  Last Will and Testament  Have an attorney review and file  Must be notarized and signed in front of 2 witnesses  Same 2 witnesses must also sign  Legal and enforceable instructions on what to do with all your stuff and who to tell  Income  Debt  Property  Trust/Endowments  Details of Final Wishes/Organ Donations/Other 10
  11. 11.  State Bar of Georgia, Consumer Pamphlet  http://www.gabar.org/newsandpublications/consumerpamphlets/uplo ad/wills_09.pdf  Making a Will in Georgia  http://www.nolo.com/legal-encyclopedia/georgia-make-will- 32191.html  http://www.legalzoom.com  http://www.standardlegal.com  http://www.uslegalforms.com 11
  12. 12.  What are my personal/family needs?  How much money is required to meet needs?  When is this money needed?  What is Plan B if those needs are not met? 12 Current Future 12 Months Living Expenses Private School/College Debt, Credit and Taxes Travel/Weddings Final Expenses/Medical Standard of Living/ LT Care
  13. 13.  Saving money for future personal/family needs  Retirement  Insurance  Investment/Bank Savings  Retirement  401(k) – Profit Sharing for employees  403(b) – Tax Sheltered Annuity Plan  Individual Retirement Arrangement (IRA)  Pension 13 http://www.irs.gov
  14. 14.  Insurance  Term Life  Whole Life  Long-Term Care  Annuity/Trust/Endowments  Investment/Bank Savings  College  https://www.gerberlife.com  https://www.path2college529.com  Money Market Account  Certificates of Deposit  Municipal Bonds 14 Life Insurance Policy building cash value Similar to 401(k) savings account
  15. 15.  Uses financial and estate planning to grow long- term wealth  Money makes money  Traditional work day no longer applies  Cash Management  Earn Interest  Investments/Tax Shelters  Reporting and Analysis  Investment  Taxes  Legal 15
  16. 16.  Organize all your family documents and store in a safe place (i.e. fire proof box, safety deposit)  Living Will and Medical Power of Attorney are separate documents. Living supersedes Medical Power of Attorney  Attorney must review Last Will and Testament  Financial planning is essential for meeting long-term family and personal goals  Wealth Management used to grow long-term wealth 16
  17. 17. 17
  18. 18.  The American Heritage® Dictionary of the English Language (2009), Fourth Edition, Houghton Mifflin Company. Retrieved March 6, 2013, from http://www.thefreedictionary.com  LawDepotTM (2012-2013), Free Healthcare Directive, Retrieved July 10, 2013, from https://www.lawdepot.com  IRS (2013). Tax forms and definitions. Internal Revenue Code, Retrieved June 3, 2013, from http://www.irs.gov 18
  19. 19.  College Savings Plan Network (2010), Georgia Path2College 529 Plan details. Retrieved July 10, 2013, from http://www.collegesavings.org  Gerber Life Insurance Company (2013), Gerber Life Collage Plan details. Retrieved July 10, 2013, from http://www.gerberlife.com  LexisNexis (2013), Official Code of Georgia. Retrieved July 10, 2013 from http://www.lexisnexis.com 19

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