Financial Wellness @ Work

When Should I Consider Having a Trust?

At Financial Finesse, we are often asked this very basic question.  It seems simple enough.  A trust, by its purest definition, is a form of ownership.  You can own assets in your name alone, you can own assets with someone else (e.g. jointly), you can own assets by contract (e.g. a life insurance policy), or you can own assets in a trust.  There are several benefits to having assets held in trust.  For example, when you have a trust, you can control who receives trust assets, when they receive these assets, and what these assets may be used for.  Consider the following example:

When I was a child, my father was killed in a car accident.  Prior to his death, he provided instructions in his will that basically said if anything ever happened to him, money should be set aside in a trust until each of my two brothers and I turned 18, after which the money would be used to pay for college. Read more

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I’m Thankful for…Estate Planning?

During Thanksgiving, many households (including mine) have a tradition of having each person at the table tell everyone what they are thankful for.  It’s in the spirit of this tradition that I’d like to share with you why I’m thankful for estate planning. Read more

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Estate Planning for the Young, Single, and Not So Rich

When we think of estate planning, we usually think of something that only older, wealthy people do.  After all, how many of us think of ourselves as even having an “estate” to plan?  The fact is that if you own anything at all, you’ll have an estate when you eventually pass away.  The only question is what will happen to it. Read more

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Estate Planning: Governor Brown Has Enough To Do

Around the water cooler at the office yesterday, I was congratulating one of my co-workers on her child’s second birthday.  It seems like yesterday when she was pregnant, went into labor a few weeks early at work and we were all running around like chickens with our heads cut off so she almost needed to drive herself to the hospital!  It was something out of a “Three Stooges” comedy.  She made it to the hospital and everything turned out just fine. Read more

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The Joys of Moving

When was the last time you moved?  Were you amazed at the amount of “stuff” you have?  I am moving this weekend (from a five bedroom three bath home to a condo about half the size) and I am shocked at how much stuff is coming out of my house.  I found that I have not one, not two, but seven cameras!  There is an old Minolta manual 35mm film camera with a bunch of lenses (I’ll keep that one), a Canon 35mm film camera, and a bunch of point and shoot digital cameras (which we don’t really use anymore since we use the cameras on our phones every day). Read more

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Why I Love My Whole Life Policy

Whole life insurance has a bad reputation.  It isn’t perfect but then again it wasn’t ever meant to be.  When used for the right purpose, however, it can fit perfectly into a financial plan when there is a need for life insurance.  You hear a lot of talk about the negative aspects of whole life and what it doesn’t do such as: Read more

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Even Minor Surgery Can Be Scary!!

I had a real life brush with “Estate Planning” recently when I had some minor surgery performed. One of the questions that came up during registration was “Have you contracted any hospital borne infections in the last 12 months?” That question was Read more

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Should an Employee Buy Life Insurance with Their Retirement Plan?

I recently got a call from an employee who wanted to know if it made sense to use some of his retirement plan funds to purchase a life insurance policy.  My answer to him?  “Let’s walk through the pros and cons.” Read more

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Get a Durable Power of Attorney for Your Parents – Unless Your Mom is Betty White

The problem is our parents aren’t as feisty and sharp as Betty White is but they think they are.  Betty who is 89 is still working and even signed on a show on NBC slated for the fall about practical joke playing seniors.  Personally I am not so sure I want to work until 89, unless of course I am asked to be the host of Saturday Night Live at the time.  The issue is with the parents – our parents not wanting to believe they will have a diminished capacity.  Seriously.  Who would? Read more

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Important Steps to Take When Preparing Your Estate Plan

In my last blog I told you about my neighbors Mr. and Mrs. P.  Fortunately for Mrs. P, her next door neighbor is a financial planner, so I’m able to help her during this time of transition.  That being said, there are a few things Mr. P could have done to help make his wife’s situation a little easier.  Here are some things you can do to help your loved ones cope with your loss: Read more

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