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Money Matters for Seniors
How Senior Citizens Protect Their Legacy with Estate
Planning
Leaving a proper legacy has become a science, these
basics get you started.
By Robert Valentine,
Certified Senior Advisor
April 21, 2006 - A person’s legacy cannot be
measured by one solitary event in his or her life. Rather, legacies,
like lives themselves, must be measured as a whole. If you’ve ever taken
a step back and examined your own life and legacy, what have you found?
> Do you feel comfortable with what you’ll
leave behind?
> How do you want people to remember you when you’re gone?
> More importantly, how can you make sure people remember you in
death, as you were in life?
Estate planning has become an important tool in
deciding how your life’s work will be viewed. Without it, the courts
will decide who gets what. With the proper planning, you decide what
individuals or charities receive your assets.
There are a few basic tips to estate planning that
will help you formulate a proper legacy.
● The first, and most basic choice, (but one of
the most important) is to choose a financial professional who can help
guide you through the process. Estate planning is tricky and by
enlisting the help of a professional you help ensure your planning is
done properly and efficiently.
● The second is a small amount of education. By
knowing the basics of estate planning, you have a better idea of what
you need to do. Here are a few basic tips on what you’ll need to begin
estate planning.
● Think Ahead: Before preparing the most crucial
documents needed for estate planning, it’s important to sit down and
decide who you’ll put in charge to make medical and financial decisions
for you. You’ll also want to decide who gets what. Picking out
beneficiaries and an executor of your estate are two of the most
critical decisions you can make. If you have younger children, it’s
also important to decide what would happen to them in case of an
emergency.
● Know which documents you’ll need: In general,
it’s recommended that you have a will, a financial power of attorney, a
medical power of attorney, and a living will. All of these documents
will designate who will make decisions when you’re gone, or if you’re
alive but unable to make important choices regarding medical care or
finances. Your power of attorney will make your financial decisions.
Your medical power of attorney will be the person you put in charge of
medical decisions, while the living will describes the type of medical
decisions you want your proxy to make.
● Survey your finances: Make sure you know what
you’ll owe when you die, including the costs of probate. Subtract that
from your assets and make sure you have a general idea of how much money
you’ll have left over. By keeping tabs on your remaining assets, you’ll
be more prepared to know what you’ll pay in taxes.
● Be ready for anything: When planning your
estate, you must be prepared in all areas of your life. From medical to
financial decisions and everything in between, it can be an
uncomfortable subject, especially when you involve your family in the
planning. But by working with a financial professional, you make sure
your estate is covered from all angles.
In the end, you want your legacy to be protected.
By carefully planning your estate, you can rest assured that all of the
proper measures have been taken to protect your family’s future.
Robert Valentine is a Certified Senior Advisor in
Huntington Beach, CA. He can be reached at (877) 732-2637.
About author
This article was submitted by Robert
Valentine of Financial and Retirement Management. Robert (CA Insurance
Lic #0C23496) is a Registered Representative of and offers securities
through Securities America, Inc., a Registered Broker/Dealer, Member
NASD/SIPC. Advisory services offered through Financial and Retirement
Management, a Registered Investment Advisory firm. Robert is a Certified
Senior Advisor in Huntington Beach, CA. Several of his articles on
financial planning matters that concern investors have been published by
SeniorJournal.com. Robert
can be reached at (877) 732-2637.
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