This document provides tips for married couples to achieve financial goals through becoming financially compatible, creating a budget, obtaining proper insurance, distributing their estate, and contacting Rapacki + Co. P.A for additional help. Some key steps include discussing financial goals, money personalities, risk tolerance, establishing an emergency fund, writing a will, drafting a living will, and appointing a healthcare proxy.
StateTrust specializes in providing financial products and services to help clients reach their investment goals and objectives, including marriage and estate planning. Married couples need to establish how property will be divided between spouses upon death, as laws regarding community and common-law property differ by state. An irrevocable life insurance trust allows life insurance proceeds to pass tax-free to beneficiaries upon death. A person can transfer unlimited assets to their spouse during life or at death without gift or estate taxes, though the assets will eventually be taxed in the surviving spouse's estate if not sold or subject to gift taxes. Ways to transfer property between spouses include outright gifts, jointly held property, life insurance, trusts, and wills.
This document discusses strategies for wealth preservation and estate planning, including the risks of taxes reducing the value of an estate and solutions like life insurance. It also covers the risks of critical illnesses and long term care needs, and how insurance can help cover costs to protect finances during illness or care needs. Estate equalization strategies using life insurance are presented as a way to fairly distribute assets among heirs.
A prenuptial agreement, or "prenup," is a written contract entered into before marriage that establishes how assets will be divided if the marriage ends in divorce or death. It should include details on dividing property and debts, spousal support, and inheritance. Signing a prenup is recommended if one partner has substantial assets or both wish to protect assets like a business, inheritance, or children from a previous marriage. Both partners must voluntarily sign the prenup in front of witnesses for it to be considered valid.
This document provides an overview and summary of estate planning concepts for a successor trustee training. It discusses the goals of estate planning including controlling assets while alive, planning for disability or death, and passing on assets in accordance with one's wishes. It also covers the responsibilities of a successor trustee in administering and distributing trust assets according to the terms of the trust document.
The document provides an overview of the United States healthcare system, which includes both public and private initiatives. It describes the two primary public programs, Medicare and Medicaid. Medicare provides health insurance for those aged 65 and older, while Medicaid is for low-income individuals. The document also provides guidance on selecting insurance based on residency status, employment, health needs, and family size. It outlines how to apply for insurance through employers, open markets, or state/local programs. Tips are provided on obtaining coverage and understanding benefits and responsibilities.
The document discusses selecting a fiduciary and provides information about different types of fiduciaries. It outlines the priority order for who can serve as a fiduciary, including a person nominated in a power of attorney, spouse, adult child, or parent of the incapacitated person. It also discusses private fiduciaries, public fiduciaries, the Arizona Department of Veterans' Services, and when a fiduciary is needed. Key factors in selecting a fiduciary include their qualifications, expertise, personality fit with the client and family, and ability to work with co-fiduciaries if needed.
This document provides an overview of advanced estate planning strategies including those aimed at minimizing estate taxes, asset protection, and charitable giving. It discusses techniques such as utilizing each spouse's estate tax exemption, optimizing the marital deduction, dynasty trusts, GRITs, QPRTs, family limited partnerships, private annuities, charitable remainder trusts, and offshore trusts. The document also provides context on the federal estate tax system, changing exemption amounts, and who may benefit from advanced planning.
Actuarial statistics indicate that disability has a greater likelihood of occurring than death. Many persons possess life insurance with nothing in place for disability or critical illness. Could we bear being a financial burden to our family for an extended period with nothing in place to offset the expenses incurred in taking care of us?
StateTrust specializes in providing financial products and services to help clients reach their investment goals and objectives, including marriage and estate planning. Married couples need to establish how property will be divided between spouses upon death, as laws regarding community and common-law property differ by state. An irrevocable life insurance trust allows life insurance proceeds to pass tax-free to beneficiaries upon death. A person can transfer unlimited assets to their spouse during life or at death without gift or estate taxes, though the assets will eventually be taxed in the surviving spouse's estate if not sold or subject to gift taxes. Ways to transfer property between spouses include outright gifts, jointly held property, life insurance, trusts, and wills.
This document discusses strategies for wealth preservation and estate planning, including the risks of taxes reducing the value of an estate and solutions like life insurance. It also covers the risks of critical illnesses and long term care needs, and how insurance can help cover costs to protect finances during illness or care needs. Estate equalization strategies using life insurance are presented as a way to fairly distribute assets among heirs.
A prenuptial agreement, or "prenup," is a written contract entered into before marriage that establishes how assets will be divided if the marriage ends in divorce or death. It should include details on dividing property and debts, spousal support, and inheritance. Signing a prenup is recommended if one partner has substantial assets or both wish to protect assets like a business, inheritance, or children from a previous marriage. Both partners must voluntarily sign the prenup in front of witnesses for it to be considered valid.
This document provides an overview and summary of estate planning concepts for a successor trustee training. It discusses the goals of estate planning including controlling assets while alive, planning for disability or death, and passing on assets in accordance with one's wishes. It also covers the responsibilities of a successor trustee in administering and distributing trust assets according to the terms of the trust document.
The document provides an overview of the United States healthcare system, which includes both public and private initiatives. It describes the two primary public programs, Medicare and Medicaid. Medicare provides health insurance for those aged 65 and older, while Medicaid is for low-income individuals. The document also provides guidance on selecting insurance based on residency status, employment, health needs, and family size. It outlines how to apply for insurance through employers, open markets, or state/local programs. Tips are provided on obtaining coverage and understanding benefits and responsibilities.
The document discusses selecting a fiduciary and provides information about different types of fiduciaries. It outlines the priority order for who can serve as a fiduciary, including a person nominated in a power of attorney, spouse, adult child, or parent of the incapacitated person. It also discusses private fiduciaries, public fiduciaries, the Arizona Department of Veterans' Services, and when a fiduciary is needed. Key factors in selecting a fiduciary include their qualifications, expertise, personality fit with the client and family, and ability to work with co-fiduciaries if needed.
This document provides an overview of advanced estate planning strategies including those aimed at minimizing estate taxes, asset protection, and charitable giving. It discusses techniques such as utilizing each spouse's estate tax exemption, optimizing the marital deduction, dynasty trusts, GRITs, QPRTs, family limited partnerships, private annuities, charitable remainder trusts, and offshore trusts. The document also provides context on the federal estate tax system, changing exemption amounts, and who may benefit from advanced planning.
Actuarial statistics indicate that disability has a greater likelihood of occurring than death. Many persons possess life insurance with nothing in place for disability or critical illness. Could we bear being a financial burden to our family for an extended period with nothing in place to offset the expenses incurred in taking care of us?
The document discusses the importance of estate planning and provides a top 10 list of reasons to do estate planning. It begins with defining estate planning as a way to distribute your assets according to your wishes after your death or incapacitation. The top 10 reasons include protecting pets, leaving a charitable legacy, protecting assets from children's creditors, passing values to future generations, and ensuring one's wishes are fulfilled. The document also provides brief history of estate taxes in the United States.
This document discusses asset protection and estate planning strategies. It notes that asset protection is important to ensure assets are distributed to intended beneficiaries and protected from unintended claims. Testamentary trusts are discussed as an effective strategy, providing benefits like asset protection, tax benefits from income splitting and capital gains streaming, and insulation from claims from things like a deceased's previous spouse or a beneficiary's relationship breakdown. The document also notes potential disadvantages of trusts like administration costs and loss of tax exemptions. It emphasizes taking a holistic approach to asset protection including controlling companies and trusts, superannuation, and powers of attorney.
Estate planning involves systematically addressing problems and offering solutions related to wealth, dependents, businesses, and charitable goals upon death. An estate planning team typically includes an attorney, accountant, and insurance advisor. Key issues at death include caring for minor children, paying taxes and fees, and transferring assets through probate. Proper estate planning tools like wills, trusts, gifts, and life insurance can avoid probate, reduce taxes, provide for heirs, and offer peace of mind.
The document discusses estate planning and provides an overview of the traditional estate planning approach versus the "Truth Approach". It emphasizes the importance of developing a personalized plan through counselling to ensure client goals are met, maintaining and updating the plan over time, and properly transferring assets and wisdom to beneficiaries. The document also covers topics like mental disability planning, asset ownership, taxation, and funding trusts to reduce estate taxes.
This document discusses basic estate planning and common estate plans such as wills, joint ownership, beneficiary transfers, and revocable living trusts. It explains that a revocable living trust can help avoid probate, control the distribution of assets after death, and provide maximum tax savings. The document outlines some of the key components of an estate plan including a trust agreement, pour over will, powers of attorney, living will, and trust amendments. It also describes the estate planning process of completing forms, reviewing a draft living trust, signing final documents, and funding the trust.
This document discusses using an irrevocable life insurance trust (ILIT) for estate planning purposes. It notes that ILITs are used to keep life insurance proceeds out of an insured's taxable estate to avoid estate taxes. It provides details on candidates for ILITs, how ILITs pay estate taxes by purchasing assets from the decedent's estate, issues to consider with transfers within three years of death, trustees, paying premiums through gifts or other methods, income and generation skipping transfer tax considerations, and summarizes key points about setting up an effective ILIT.
This document provides information for graduating college students about health insurance. It notes that large medical bills are a primary cause of bankruptcy and that even minor surgeries can cost thousands without insurance. It recommends obtaining a job with good health insurance coverage or affordable individual plans if unemployed. It offers tips for finding low-cost plans, like choosing higher deductibles and co-payments. It also lists nine important things to look for in a health insurance plan and provides resources for where to find plans in New Hampshire or other states.
Health insurance costs for a couple moving from Maryland to Florida for the same high deductible coverage will be 5 times more expensive despite them being healthy with no claims. The couple asks if any pre-medicare seniors have found affordable coverage in Florida for under $6k per year.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
This document summarizes a critical illness insurance policy from Assurity that provides a lump sum payment between $5,000-$500,000 upon the first diagnosis of a critical illness like a heart attack, cancer, or stroke. The payment can be used for expenses like a mortgage, loans, medical costs, or vacations. Interested individuals should contact their Assurity agent for more details on coverage, costs, limitations, and exclusions.
The document discusses options for handing down a family cottage to future generations upon death. It addresses determining family wishes, considering the cottage as part of one's estate, options for transferring the cottage including during lifetime or upon death, tax implications, funding transfer costs, and establishing a written plan in consultation with estate planning professionals.
This document provides guidance on qualifying a client for Medicaid benefits. It outlines the key steps in determining eligibility, which include reviewing the client's goals, economic status, income, assets, transfers of assets in the last 5 years, living situation, health insurance coverage, and dependents. Eligibility is based on having income at or below 64% of the federal poverty level and countable assets at or below $1,500 for an individual or $2,250 for a couple. The document also discusses the transfer of asset rules and period of ineligibility if assets were transferred within the last 5 years.
This document summarizes recent changes to estate planning law from the American Taxpayer Relief Act of 2012 and other relevant legislation. It discusses increased estate and gift tax exemptions, portability provisions, generation-skipping transfer tax rules, annual gift tax exclusions, and considerations for married couples' estate planning. It also covers creditor protection for inherited IRAs, same-sex married couple planning, advantageous Nevada trust law, and the importance of periodic estate plan reviews. The presentation was given by Gerald M. Dorn of Anderson, Dorn & Rader, Ltd. to provide an update on current estate planning law and considerations.
This document provides information about North Star Consulting & Fiduciary Services, LLC, which helps families apply for Medicaid assistance to pay for nursing home or home care. The company reviews clients' asset protection options and guides them through the Medicaid application process. Audrey Toussaint has over 20 years of experience in estate and Medicaid planning and works as a paralegal for North Star Consulting. Contact information is provided.
Six factors to consider when buying life insurance(finished)RandyBett
This document outlines six factors to consider when buying life insurance: 1) Determine if you need life insurance based on dependents, 2) Choose between term or whole life policies based on needs, 3) Select an appropriate term length based on dependents, 4) Purchase an amount you can afford without being underinsured, 5) Buy when young and healthy for better rates, and 6) Disclose all relevant information truthfully when applying. The document stresses consulting an advisor to purchase the right amount of coverage.
This presentation provides an overview of the road map needed to avoid the land mines and traps related to Medicaid. Proper planning is needed to preserve a legacy, cover final expenses and still be eligible for all available Medicaid benefits.
The document summarizes estate planning strategies in light of changing estate tax laws. It notes that current estate tax exemptions are set to expire after 2010. For clients with estates over $1 million, it recommends reviewing gifting options, life insurance trusts, and other strategies to minimize estate taxes and coordinate plans with beneficiary designations. Costs for basic estate planning range from $400 for individuals to $700-2,400 for married couples with children.
What do you do as a Godly husband when you are tired of trying? This presentation will help you to understand what God expects of you as a "Christ Husband"!
The document discusses preparing daughters for godly marriage. It emphasizes that the season of singleness is important for preparation, yet many fail to recognize this. Parents must guide their daughters' hearts and train them to be servants as described in the Bible. Daughters should prepare by staying pure physically, emotionally, and in perspective, thinking, praying, and seeking counsel. Both potential spouses should focus on serving God to prove themselves worthy before Him and a godly partner.
The document discusses the importance of estate planning and provides a top 10 list of reasons to do estate planning. It begins with defining estate planning as a way to distribute your assets according to your wishes after your death or incapacitation. The top 10 reasons include protecting pets, leaving a charitable legacy, protecting assets from children's creditors, passing values to future generations, and ensuring one's wishes are fulfilled. The document also provides brief history of estate taxes in the United States.
This document discusses asset protection and estate planning strategies. It notes that asset protection is important to ensure assets are distributed to intended beneficiaries and protected from unintended claims. Testamentary trusts are discussed as an effective strategy, providing benefits like asset protection, tax benefits from income splitting and capital gains streaming, and insulation from claims from things like a deceased's previous spouse or a beneficiary's relationship breakdown. The document also notes potential disadvantages of trusts like administration costs and loss of tax exemptions. It emphasizes taking a holistic approach to asset protection including controlling companies and trusts, superannuation, and powers of attorney.
Estate planning involves systematically addressing problems and offering solutions related to wealth, dependents, businesses, and charitable goals upon death. An estate planning team typically includes an attorney, accountant, and insurance advisor. Key issues at death include caring for minor children, paying taxes and fees, and transferring assets through probate. Proper estate planning tools like wills, trusts, gifts, and life insurance can avoid probate, reduce taxes, provide for heirs, and offer peace of mind.
The document discusses estate planning and provides an overview of the traditional estate planning approach versus the "Truth Approach". It emphasizes the importance of developing a personalized plan through counselling to ensure client goals are met, maintaining and updating the plan over time, and properly transferring assets and wisdom to beneficiaries. The document also covers topics like mental disability planning, asset ownership, taxation, and funding trusts to reduce estate taxes.
This document discusses basic estate planning and common estate plans such as wills, joint ownership, beneficiary transfers, and revocable living trusts. It explains that a revocable living trust can help avoid probate, control the distribution of assets after death, and provide maximum tax savings. The document outlines some of the key components of an estate plan including a trust agreement, pour over will, powers of attorney, living will, and trust amendments. It also describes the estate planning process of completing forms, reviewing a draft living trust, signing final documents, and funding the trust.
This document discusses using an irrevocable life insurance trust (ILIT) for estate planning purposes. It notes that ILITs are used to keep life insurance proceeds out of an insured's taxable estate to avoid estate taxes. It provides details on candidates for ILITs, how ILITs pay estate taxes by purchasing assets from the decedent's estate, issues to consider with transfers within three years of death, trustees, paying premiums through gifts or other methods, income and generation skipping transfer tax considerations, and summarizes key points about setting up an effective ILIT.
This document provides information for graduating college students about health insurance. It notes that large medical bills are a primary cause of bankruptcy and that even minor surgeries can cost thousands without insurance. It recommends obtaining a job with good health insurance coverage or affordable individual plans if unemployed. It offers tips for finding low-cost plans, like choosing higher deductibles and co-payments. It also lists nine important things to look for in a health insurance plan and provides resources for where to find plans in New Hampshire or other states.
Health insurance costs for a couple moving from Maryland to Florida for the same high deductible coverage will be 5 times more expensive despite them being healthy with no claims. The couple asks if any pre-medicare seniors have found affordable coverage in Florida for under $6k per year.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
This document summarizes a critical illness insurance policy from Assurity that provides a lump sum payment between $5,000-$500,000 upon the first diagnosis of a critical illness like a heart attack, cancer, or stroke. The payment can be used for expenses like a mortgage, loans, medical costs, or vacations. Interested individuals should contact their Assurity agent for more details on coverage, costs, limitations, and exclusions.
The document discusses options for handing down a family cottage to future generations upon death. It addresses determining family wishes, considering the cottage as part of one's estate, options for transferring the cottage including during lifetime or upon death, tax implications, funding transfer costs, and establishing a written plan in consultation with estate planning professionals.
This document provides guidance on qualifying a client for Medicaid benefits. It outlines the key steps in determining eligibility, which include reviewing the client's goals, economic status, income, assets, transfers of assets in the last 5 years, living situation, health insurance coverage, and dependents. Eligibility is based on having income at or below 64% of the federal poverty level and countable assets at or below $1,500 for an individual or $2,250 for a couple. The document also discusses the transfer of asset rules and period of ineligibility if assets were transferred within the last 5 years.
This document summarizes recent changes to estate planning law from the American Taxpayer Relief Act of 2012 and other relevant legislation. It discusses increased estate and gift tax exemptions, portability provisions, generation-skipping transfer tax rules, annual gift tax exclusions, and considerations for married couples' estate planning. It also covers creditor protection for inherited IRAs, same-sex married couple planning, advantageous Nevada trust law, and the importance of periodic estate plan reviews. The presentation was given by Gerald M. Dorn of Anderson, Dorn & Rader, Ltd. to provide an update on current estate planning law and considerations.
This document provides information about North Star Consulting & Fiduciary Services, LLC, which helps families apply for Medicaid assistance to pay for nursing home or home care. The company reviews clients' asset protection options and guides them through the Medicaid application process. Audrey Toussaint has over 20 years of experience in estate and Medicaid planning and works as a paralegal for North Star Consulting. Contact information is provided.
Six factors to consider when buying life insurance(finished)RandyBett
This document outlines six factors to consider when buying life insurance: 1) Determine if you need life insurance based on dependents, 2) Choose between term or whole life policies based on needs, 3) Select an appropriate term length based on dependents, 4) Purchase an amount you can afford without being underinsured, 5) Buy when young and healthy for better rates, and 6) Disclose all relevant information truthfully when applying. The document stresses consulting an advisor to purchase the right amount of coverage.
This presentation provides an overview of the road map needed to avoid the land mines and traps related to Medicaid. Proper planning is needed to preserve a legacy, cover final expenses and still be eligible for all available Medicaid benefits.
The document summarizes estate planning strategies in light of changing estate tax laws. It notes that current estate tax exemptions are set to expire after 2010. For clients with estates over $1 million, it recommends reviewing gifting options, life insurance trusts, and other strategies to minimize estate taxes and coordinate plans with beneficiary designations. Costs for basic estate planning range from $400 for individuals to $700-2,400 for married couples with children.
What do you do as a Godly husband when you are tired of trying? This presentation will help you to understand what God expects of you as a "Christ Husband"!
The document discusses preparing daughters for godly marriage. It emphasizes that the season of singleness is important for preparation, yet many fail to recognize this. Parents must guide their daughters' hearts and train them to be servants as described in the Bible. Daughters should prepare by staying pure physically, emotionally, and in perspective, thinking, praying, and seeking counsel. Both potential spouses should focus on serving God to prove themselves worthy before Him and a godly partner.
A man's basic needs are respect, encouragement, and feeling significant. The document advises treating your husband like a king, being his best friend, making him laugh, keeping the fire of your relationship lit, and staying attractive. It also promotes joining a Facebook group about nurturing relationships.
This presentation highlights the notes from DLIM Bible Study on 1-28-15 regarding the family structure, building it and the importance of unity in the home for the purpose of the church.
This document discusses the importance of understanding love languages in marriage and communicating love effectively to your spouse. It identifies five main love languages - physical touch, words of affirmation, acts of service, gifts, and quality time - and encourages becoming multilingual in expressing love, rather than insisting on only your own love language. The expression of love in marriage requires investment of heart and discipline rather than being romantic, and spouses should be the primary benefactors of each other's love languages.
Cooke lynda final marriage counseling power pointLynda Cooke
This document provides an overview of the history of marriage and divorce. It discusses how marriage began with Adam and Eve in the Bible. It then outlines some of the key developments in the history of divorce in England and the United States, including Nevada becoming the first state to legalize divorce in 1931. The document also examines the philosophy around marriage in the 1950s and the establishment of premarital and marriage counseling in the 1930s. It concludes by noting that every divorce represents the crumbling of human society.
A woman's primary concerns are nurturing her family and husband. She has basic needs of healthy self-esteem, companionship, affection through touching, hugging and sitting close together. She also needs protection or security and romance through romantic gestures, as women do not equate love and sex in the same way as men. The document encourages joining a Facebook group for further discussion.
1. The document discusses blended families and reasons for divorce in first and second marriages. It notes that 48% of first marriages end in divorce and that blended families are becoming more common as 79% of women and 89% of men remarry.
2. The top reasons for divorce in first marriages are listed as immaturity, sex issues, lack of marriage preparation, in-law problems, conflicting values, adjustment problems, child rearing difficulties, and financial disputes. For second marriages, the leading causes of divorce are issues around child rearing, finances, problems with relatives, and differing values.
3. The document provides advice for preparing for and achieving unity in a blended family, including getting to know family
This presentation covers having to live in what you have built with regard to your home environment and God's desire to see "his way" preserved through the unified actions of husband and wife as they "construct" the home by God's plan.
The document discusses marriage, outlining its definition and how it has changed over time. It used to involve tradition weddings where women married young, often without education, but now couples choose each other. Early marriage is still caused by tradition, pressure, and poverty. Solutions include open-minded parents, financial stability, and education.
2013 02 03 Love, Courtship, Sex, and Marriageroadsidebbc
How love, courtship, sex, and marriage are defined in a biblical standpoint. Includes discussions on the no-no's of premarital sex and the integrity in relationships
The counselling process; Stages of the counselling processSunil Krishnan
The counselling process:
Stages of the counselling process
Stage 1: Initial Disclosure
Stage 2: In-depth Exploration
Stage 3: Commitment to action
Three stages of Counselling in Perspective
Counselling …………………………………………………………………
Counselling and Psychotherapy………………………………………
The Role of the Counsellor……………………………………………
Counselling Skills ……………………………………………………
Stages of the counselling process: …………………………………………
Some Misconceptions About Counselling ……………………………
The Counselling Process ………………………………………………
Stage 1: Relationship Building - Initial Disclosure ………………………
Stage 2: In-Depth Exploration - Problem Assessment ………………….
Stage 3: Goal Setting - Commitment to Action ………………………….…
Guidelines for Selecting and Defining Goals ………………………..
Summary ………………………………………………………………
Three stages of Counselling in Perspective …………………………………
Psychoanalytic theory ……………………………………………..…
Benefits and limitations of Psychoanalytic theory ……………
Psychodynamic Approach to Counselling …………………………
Id, Ego and Superego …………………………………………
Humanistic Theory …………………………………………………
Client Centred/Non Directive Counselling……………………
Benefits and limitations in relation …………………………
Humanistic Approach to Counselling …………………………………
Behaviour Theory …………………………………………………
Behavioural Approach to Counselling …………………………
Cognitive Theory …………………………………………………
The document provides an overview of key financial considerations during and after divorce, including types of child and spousal support, dividing marital property such as homes and retirement accounts, health insurance, and social security benefits. It outlines steps individuals should take to establish financial independence and negotiate settlements, such as gathering financial documents, opening new bank accounts, and updating beneficiaries. Post-divorce, individuals need to finalize estate planning, choose investment strategies, and determine the impact on taxes and social security.
1. The document provides information about financial planning services offered by Turenne Joseph, a financial advisor with Investors Group. It discusses various financial topics and risks women may face.
2. Building wealth, protecting assets, and planning for retirement and legacy are important topics to discuss with a financial advisor. Insufficient planning can leave one vulnerable.
3. Meeting regularly with a financial planner allows them to ensure one's investments, insurance, and estate plan align with their goals and risk tolerance over the long term. Asking the right questions is important to financial security.
This document discusses the importance of financial planning and protection. It recommends having an emergency fund equal to 6 months of fixed living expenses. It also stresses the importance of health insurance for the entire family as well as life insurance for breadwinners. The document provides tips for wealth accumulation through asset allocation and preservation through tax planning and retirement planning. It addresses the need for succession planning through wills and estate planning to distribute assets smoothly.
Due to the variations in plan benefits and membership fees as well as other regulatory requirements, this presentation is to be used only in New Jersey. (updated 09/16/09)
A presentation made by Lise Poratto-Mason during the free public forum "Continuing the Conversation: a discussion on preparing for end-of-life care" on February 6, 2014 at the United Steelworkers Hall in Sudbury, Ontario.
Lise Poratto-Mason is a partner with the law firm of MASON PORATTO-MASON LLP.
Learn more about the forum at http://www.hsnsudbury.ca/events
The document discusses identity theft protection services provided by Pre-Paid Legal Services, Inc. It summarizes their three-pronged approach to protecting members from identity theft which includes monitoring services to prevent theft, legal services to assist if theft occurs, and restoration services to recover from theft. It highlights Kroll, the risk consulting company partner, and the benefits of expediting consumer credit disclosures and notifications.
Due to the variations in plan benefits and membership fees as well as other regulatory requirements, this presentation is to be used only in Canada. (updated 9/24/09)
This document discusses financial planning options for elder care. It covers Medicare and Medicaid programs, long-term care insurance, budgeting out-of-pocket expenses, money saving tips, selecting a financial advisor, and ways to retrieve cash from home equity like reverse mortgages, deferred payment loans, and gifting the home. The goal is to help plan for longer lifespans and cover assisted living costs that insurance may not.
Can I Give Away Assets to Qualify for Medicaid in Arizona?Larry Deason
In fact, there are some significant out-of-pocket expenses to contend with, and there is an enormous gap: Medicare will not pay the majority of all for long-term care. Learn more about medicaid in Arizona in this presentation.
- It is critical to regularly review beneficiary designations for registered accounts and life insurance policies to ensure they match your current intentions, as situations like divorce and remarriage can cause outdated designations.
- Without proper beneficiary designations, assets may have to pass through probate instead of going directly to intended beneficiaries, causing delays and potential fees.
- Doctors should consider incorporating or using holding companies to potentially defer more tax through structures utilizing insurance policies and loans.
A quick overview of the PrePaid Legal plan and the business opportunity. You can be a member without being an associate. The law provider firm in Ontario is Mills and Mills based in Toronto.
This document summarizes the Pre-Paid Legal services company and membership program. It outlines the legal services covered by the membership, including preventative services like will and contract preparation, as well as services if arrested or detained. It details the compensation structure for associates selling the memberships. Overall, the summary is that Pre-Paid Legal offers legal service memberships for a monthly fee that provide various preventative and emergency legal services, and associates can earn commissions for selling the memberships.
The document summarizes a meeting on November 28, 2007 in Rancho Bernardo, California to discuss wildfire recovery efforts after fires in October 2007. It provides information from representatives of the local community Presbyterian church, United Policyholders insurance advocacy group, California Department of Insurance, and local fire survivors. Topics included insurance claims processes, contractor scams, legal issues, and the importance of community networking groups for support.
Don't Let the Insurance Company Push you Around! Keys to Getting Your Bills PaidSeva Law Firm
This presentation was given on May 14, 2014 at the Michigan Association for Home Care by Seva Law Firm Owner and Attorney, Pratheep Sevanthinathan. Seva Law Firm specializes in insurance litigation.
The document provides an overview of life insurance, discussing why people own life insurance, the different types of policies, and how life insurance can benefit both individuals and their families. It summarizes the benefits of term and permanent life insurance, and explains that a needs analysis can help individuals choose the best type of policy based on their specific needs, budget, and goals.
The document discusses key principles of insurance that individuals should understand when developing an effective insurance plan. It outlines six principles: 1) Know your goals and needs, 2) Understand your budget and affordability, 3) Fully understand insurance products and costs, 4) Only insure against high-cost, high-severity losses, 5) Work with high-quality agents and companies, and 6) Review your insurance needs annually. The document emphasizes understanding principles over specific products, which can change over time, in order to wisely manage insurance needs.
Finance Knowledge, Finance is a broad field that encompasses many aspects of personal and business management. Having basic financial knowledge can help you make informed decisions and ensure a more stable financial future. In this article, we’ll cover the essentials of finance for beginners.
The document describes a service that automatically collects, calculates, and populates important financial documents and account information for users. It allows users to enter their basic online account information once, have it stored securely in an online vault, and then monitor, adjust, and make informed decisions about their finances based on the collected data. The service also offers reduced rates for assistance entering existing paper documents into the system by scanning them.
The document discusses various strategies for planning and paying for college in a cost-effective manner. It notes that the average annual cost of attendance is $18,000 for public universities, $36,000 for private universities, and over $48,000 for elite private schools. However, over 60% of students do not finish their degree in 4 years, increasing costs. It emphasizes the importance of finding the right college fit through career and personality assessments to guide major and school selection. The document also outlines strategies for maximizing financial aid, utilizing education tax benefits, and developing a comprehensive college funding plan to pay for education costs without jeopardizing retirement savings goals.
There are several tax considerations when forming a new business entity. A sole proprietorship reports profits and losses on the owner's personal tax return. Partnerships do not pay taxes but partners report their distributive share of income regardless of distributions. Corporations can elect S corporation status to avoid double taxation of dividends. The tax treatment of asset and stock sales depends on whether assets are sold individually or as part of an entity.
The document discusses various strategies grandparents can use to fund their grandchildren's college education, including custodial accounts, outright gifts, gifts for tuition, employing the grandchild, loans, trusts, Coverdell accounts, 529 plans, Roth IRAs, life insurance, and annuities. Each option has advantages like potential tax benefits and shifting income to the grandchild, but also disadvantages like loss of control, impact on financial aid eligibility, and administrative costs. The best approach may be combining these strategies with financial aid planning to start saving early for rising college costs.
This document summarizes four case studies from an estate planning and probate law firm:
1. Estate tax planning for a married couple worth $2 million saved their estate around $97,000 in taxes with a basic tax plan.
2. Appointing a son as guardian and conservator for his mother with Alzheimer's disease allowed him to manage her finances and medical decisions.
3. Officially appointing a mother as conservator through the courts allowed her to collect funds from an annuity for her minor children.
4. Obtaining a decree of descent allowed a family to sell a cabin inherited from their father without going through a full probate process.
The document provides information on preparing for retirement including discussing options, obtaining support and advice, investing wisely, reducing housing and other costs, understanding retirement and healthcare plans like Medicare, deciding where to live, considering long-term care insurance, estate planning, and reducing taxes. It recommends preparing a personal data record, tapping taxable accounts first, downsizing housing, getting a job, using generic drugs, and checking the benefits and costs of variable annuities and Medicare Advantage plans.
The document provides information on preparing for retirement including discussing options, obtaining support and advice, investing wisely, reducing housing and other costs, understanding retirement and Medicare plan options, where to live, long-term care insurance, taxes, estate planning, and more. Key things to consider are preparing personal records, tapping taxable accounts and reinvesting, downsizing housing costs, getting a job, using generic drugs, the types of retirement plans like 401ks, reviewing variable annuity costs and investments, assisted living versus nursing homes, purchasing long-term care insurance before age 60, eligibility for Medicare parts A and B, expenses not covered by Medicare, and planning ahead for health, disposition of estate, and reducing taxes.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
13. Rapacki + Co. P.A Contact us for more help on this topic. We have resources in this area if we can’t handle it ourselves. Call 888-RAPACKI
Editor's Notes
Thank you for joining us today. The goal of this program is to improve your knowledge and understanding of basic financial tools and goals—information that can help each of us in our daily lives. As CPAs, we are committed to the highest ethical standards and excellence. Our mission is to provide the public with trusted advice and counsel on which you can base your most important financial decisions. Today’s program offers common-sense guidelines to help couples make informed financial choices. Personal financial planning is a key ingredient to achieving your goals and plays an important role in achieving financial harmony in your marriage, whether you are considering marriage, are recently married, have children, or have reached the “empty nest” stage. And being realistic, we’ll also touch upon financial aspects of divorce.
Whether you are thinking about marriage or are currently married, do you know how your partner views financial matters? You may be surprised! If you haven’t done so already, you should sit down and ask each other the following questions. Would you sign a prenuptial agreement? If you have substantial assets before marriage (e.g., houses, investments, business ventures), a prenuptial agreement may be in order. A “prenup” can ensure that those assets are available to you in the event of a divorce. You especially should consider a prenup should you have minor children from a previous marriage or are taking care of an elderly parent. What do you know about personal finance? If the two of you are unknowledgeable about finances, read the money and business sections of your newspaper, subscribe to a personal finance magazine, check Bankrate.com and other financial websites, or take a personal finance course at a high school or community college. Also consider meeting with a financial planner. Will you discuss money regularly? Differences are inevitable. How you handle them is important to your marriage. Honest communication is the key to a lifetime of financial compatibility. Share your thoughts about saving and spending, investing and borrowing. Doing so can make acquiring wealth much easier.
Have you discussed your financial goals? Setting financial goals—both short- and long-term—helps you define the type of lifestyle you will lead. Break down your goals into manageable pieces. If you want to buy a house in five years, determine how much you need to save monthly to meet the down payment. Try to anticipate how changes in your life, such as the birth of a child, disability of a family member, or the need to care for an elderly parent, may affect your financial future. If you have been married a while and already have financial goals in place, take the time to update your goals and assess your progress. Commit your goals to paper and then plan and prioritize objectives for achieving them. How will you structure your finances? Will you pool all your resources into joint accounts, maintain separate accounts or devise some combination of the two? Consider appointing a money handler who will handle money management tasks like balancing the checkbook, paying the bills, and monitoring investments. Perhaps you might want to switch who is the chief money handler every now and then. Are you comfortable with each other’s money personalities? For example, are you spenders or savers? Do possessions like fancy cars or mink coats matter?
Do you know your partner’s risk tolerance? Investing styles are different. They range from conservative to risky. Take the time to arrive at a level of risk that is comfortable to you both. How will marriage affect your taxes? Check with a CPA or tax professional to ensure that you are prepared to meet your tax responsibilities. He or she can make you aware of any tax law changes. Effective tax planning is a year-round activity. Take advantage of every opportunity: shift income, use tax-deferred retirement plan, bunch deductions. How much debt does each of you have? Couples must enter marriage aware of the debt each partner carries and how it will be paid. You need to be aware of how much debt each of you has throughout the marriage. Once you know who owes what, develop a plan to reduce debt. Consider moving credit card balances onto a card with a lower interest rate. For several months, only make purchases that you can pay with cash. If you have substantial equity in your home, you could take out a second mortgage to reduce credit card debt.
Can you reduce expenses? Spending less than you earn is the key to being able to save and invest money. Continually look for ways to cut your expenses or increase your income. Try trimming a couple of items in your monthly budget. For example, resist the temptation of going out for dinner and a movie. Will you pay yourself first? The key to saving is discipline, and one of the best habits to get into is to pay yourself first. Automate your savings plan. Put the maximum amount possible into your employer-sponsored retirement plan. Most young newlyweds should consider investing a substantial proportion of their portfolios in stocks, which tend to offer higher yields than bonds or cash over the long term. Remember that it’s never too soon or too late to save for retirement. Have you created an emergency fund? You should have three to six months of living expenses that you can easily tap in the event of an emergency.
After you know the above information, it is time to establish a realistic budget. A viable budget helps you save regularly, use income wisely, and avoid misunderstandings about how money is spent. With a computer and personal finance software, you can make the task easier and enhance your ability to analyze the results. Personal finance software can chart the success of your budget by category. Personal finance software also can serve as a planning tool to help you meet your goal, such as a cruise. Start by listing all sources of monthly income, including wages and salary, bonuses and commissions, interest, dividends and rental income. Next, identify your major expense categories: mortgage or rent, insurance premiums, child care, and utilities, food, clothing, medical and dental bills, gifts and car repairs. If you can’t account for a large chunk of your income, carry around a small notebook and record every dime you spend over the next few months. Look for expenses that you can cut so you'll have more money for investing, vacations, your children's college fund and other purposes. It is important that you monitor your budget regularly. If you find that your spending is outpacing your income, rework the numbers.
Adequate insurance coverage is vital to protecting your family and your assets. You should update your insurance annually. Review your life, disability, medical and property insurance needs. Make a checklist of your policies and the amount of coverage you have. Determine whether changes in your financial and family life warrant adjusting coverage. Couples with children from a previous marriage and couples with only one working spouse should seriously consider purchasing life insurance for both spouses. Young married couples who both work and have no children may not need life insurance now. However, most CPAs agree that there are advantages to purchasing life insurance early in life. Buying coverage while you're young and healthy gives you the opportunity to “lock in” favorable rates. For most people, term insurance is the best way to get adequate coverage at an affordable cost. Expect to pay more for permanent life insurance, such as whole life, which offers an investment component in addition to the death benefit. Regardless of which insurance you purchase, you should make sure that the beneficiaries listed reflect your current circumstances. For example, if you’ve remarried, is the primary beneficiary on your policy your current spouse?
As important as life insurance is, statistically, young people are more likely to be disabled than to die prematurely. That’s why disability insurance is so important. Disability insurance provides you with a monthly income in the event an accident, illness or injury leaves you unable to work. Most people who work in California are covered by the State Disability Insurance program or SDI. If you are covered, your employer automatically deducts your SDI payment from each paycheck. SDI provides short-term benefits to eligible workers who suffer a loss of wages when they are unable to work because of a non-work related illness or injury or a medically disabling condition from pregnancy or childbirth. Only four other states have state disability insurance programs. If you move elsewhere, you should consider purchasing a disability insurance policy. Even Californians should consider purchasing a long-term policy as the state’s policy only provides benefits for the first year following a disability. You may be able to purchase long-term disability insurance from your employer. If not, you can buy it on your own. Compare policies and select the one that meets your needs at a premium you can afford. If finances are tight, you can reduce the cost by extending the waiting period before coverage kicks in.
Increased health care costs make it more critical than ever for couples to consolidate health insurance so they are not paying for duplicate coverage. If you and your spouse both have health insurance through your employers, compare your coverage and costs to determine which plan best fits your circumstances and finances. You’ll also want to review your auto coverage. If you each have a car registered in your own name, combining them in one policy may qualify you for a multi-car discount from the insurer. Since the policy rates for married drivers are usually lower than for single policyholders, be sure to notify your agent of your marriage. If you own your home, you should have homeowner’s insurance. It protects your home and your personal property from fire, theft and similar perils. It also provides liability coverage as well. Most lenders require homeowner’s insurance to secure a mortgage. If you rent, renter’s insurance will cover the value of your possessions. And like homeowner’s insurance, renter’s insurance provides liability coverage.
If you haven’t done so already, you should draft a will, and if you already have one, you need to revise it periodically to reflect changes in your life. A will ensures that your assets are distributed according to your wishes to family members or other beneficiaries. With no will in place, state law determines what happens to your property. A will, however, does not override beneficiaries you have designated on your life insurance policies, retirement plans and payable-on-death (POD) accounts. These beneficiaries will receive those assets directly. A will lets you place certain conditions on your assets, such as holding assets in trust for your children until they reach a certain age. A will also allows parents to name a guardian who will care for their minor children should something happen to both parents. Without this provision, the court will appoint a guardian for the children. The estate-tax exemption allows you to leave bequests worth up to $1.5 million free of any federal estate tax to beneficiaries other than your spouse or charities. If you’re married, you and your spouse are each entitled to separate $1.5 million exemptions. The exempt amount will increase to $2 million in 2006 and $3.5 million in 2009. Currently, the estate tax is scheduled to be repealed in 2010, but to return in 2011 unless the law is changed in the interim. Transfers between spouses are nontaxable.
To minimize future estate costs, you can make annual tax-free gifts of $11,000 each to any number of individuals. Couples can give combined gifts of $22,000 per recipient. In addition, the future appreciation on the gifted assets will be transferred out of your estate. You should select a qualified executor to handle your estate. An executor is responsible for paying your debts and distributing your assets in accordance with your will. A professional executor, such as a CPA or other trusted advisers, will be more experienced than a friend or relative at administering estates and adds the benefit of impartiality in distributing your assets. It’s a good idea to prepare a list that shows where all important documents and assets are stored. This should include birth, marriage and death certificates, especially of children, spouses and other potential heirs. You also will want to include important financial records, such as stock certificates, insurance policies and retirement account statements. Be sure to provide your executor with the names of your attorney, CPA, stockbroker and other advisers.
You should also have a “living will,” sometimes called an advance healthcare directive. A living will expresses to your family and to your healthcare providers what medical procedures (life-prolonging, pain-relief, etc) you do and do not want. You also can appoint a “healthcare proxy” to make decisions on your behalf that are not covered by your living will. If you are incapacitated or otherwise unable to take care of your financial affairs, a durable power of attorney will give a trusted individual the ability to pay your bills and manage your affairs during your incapacity. Your will has no effect during your lifetime, and a living will only addresses your medical affairs. Durable powers of attorney fill in the end-of-life planning gap and avoid expensive court proceedings to have a guardian or conservator appointed to handle your affairs.
It’s been a pleasure to talk with you today. I know we covered a lot of information that may be difficult to remember. Thankfully, you have all this information in the 360 Degrees of Financial Literacy packets that you received when you walked in. At this time I will be happy to answer any questions you may have.