Tips for consideration when developing a financial plan or will

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Financial Planning and Wills
Presented by: Jennoa R. Graham, Ph.D.
Friday, July 12, 2013

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
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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.
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4.  Trust -
 Endowment –
 Legacy -
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5.  Get Organized
 Living Wills/Power of Attorney
 Wills
 Financial Planning
 Wealth Management
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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
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7.  Personal Finance
 All Income Sources
 Debts
 Insurance
 Real Estate & Personal Property
 Employee Benefits
 Retirement
 Final Wishes/Other
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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
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Proactive

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
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Reactive

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
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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
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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?
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Current Future
12 Months Living Expenses Private School/College
Debt, Credit and Taxes Travel/Weddings
Final Expenses/Medical Standard of Living/ LT Care

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
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http://www.irs.gov

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
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Life Insurance Policy building cash value
Similar to 401(k) savings account

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
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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
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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
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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
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