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Title: 5 Financial To-Dos Before You Die
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URL Source: http://www.uncommonwisdomdaily.com/ ... al-to-dos-before-you-die-21130
Published: Jun 27, 2015
Author: Brad Hoppmann
Post Date: 2015-06-27 12:01:53 by BTP Holdings
Keywords: None
Views: 25
5 Financial To-Dos Before You Die Posted on June 26, 2015 by Brad Hoppmann Suppose you went to your doctor one day, and he gave you some terrible news. The grim diagnosis is that of an incurable, untreatable disease that is fatal in 100% of cases. It could either kill you in an hour, or lie dormant for decades inside you and just suddenly appear — removing you from the world of the living. Suppose also that nothing you could do — no dietary changes, no aggressive workout regimen, no avoidance of risky behavior — could change the outcome. Undoubtedly, any sane person would regard this prognosis as possibly the worst news he or she could ever receive. But ask yourself this: Would this diagnosis really be “news”? The reality is that every human being carries with them this precise diagnosis from the day he or she is born. The diagnosis here, of course, is the realization that we are humans. And this means that all of us are going to die. Despite your efforts to stave off the inevitable, we all ultimately succumb to the reality of our mortality. Now, I know this isn’t the most pleasant thing to think about. But it is a fact we need to deal with honestly, if we are going to make sure we leave a proper legacy for those we love and care about the most. I also realize that the knowledge of our own mortality is something we all possess, but it’s also something we’d rather not think about too much. Yet, sometimes we are confronted with this reality via news reports such as the recent deaths of legendary Wall Street dealmaker James Lee, vice chairman of JPMorgan Chase & Co. (JPM), and Dave Goldberg, CEO of online polling company SurveyMonkey and husband of Facebook (FB) chief operating officer Sheryl Sandberg. The demise of these two prominent business leaders got me to thinking about this topic. It also prompted me to think about what I need to do to make sure my loved ones are taken care of long after I am gone. The way I see it, there are five financial “to-dos” you need to take care of now, before it’s too late. • Start Making Lists. Preparing yourself and your family for life without you starts with making sure you have a complete inventory of all of your assets valued above $200. You should also make a list of all of your financial accounts — including investment accounts, loans, contact numbers, account passwords, etc. Doing so will allow your heirs easy access to the information they need, right when they need it most. • Discuss it with loved ones. Although this topic isn’t the most pleasant to confront with family and friends, it is a must for those who want to make sure their legacy is secure. Make a plan to sit down one night and talk about what would happen when you are no longer in the picture. • Update life insurance, annuities, retirement accounts and bank accounts. Do you have enough life insurance to secure your family’s future? Do you have annuities, retirement accounts or bank accounts, or other financial relationships that could provide for your heirs? Conduct your due diligence now, and make sure all of your financial accounts have beneficiaries designated the way you want, and that you have adequate coverage for your current fiscal situation. • Living trust. Talk to an attorney about setting up a living trust. A trust is simply a way to place your financial assets under legal protection while you’re alive so that you can easily transfer them your beneficiaries when you die. You also can name a successor trustee who will manage the trust’s assets if you ever become unable to do so for yourself. • Write a will. This is the most basic of protections. Done properly, it will optimize the chances that your wishes will be carried out the way you want. A will should be formally written with an attorney. He or she can write it to protect your loved ones against pernicious assaults on your wealth such as the federal “death tax” and other punitive estate taxes. Making sure you execute on these five financial “to-dos” before you pass on just might be the ultimate gift — and the ultimate legacy — you could ever bequeath your loved ones. Tragedy struck abroad overnight, as gunmen killed nearly 40 people in a tri-continental terror attack. The targets were an Air Products & Chemicals (APD) plant in France, a Tunisian hotel and a mosque in Kuwait.The Islamic State claimed responsibility, although the New York Times wrote that there is no evidence that the events were coordinated. French stocks fell on the day while U.S. markets opened higher after the attacks. Domestic consumer sentiment numbers jumped 6% to hit a five-month high. However, the good news seemed to spook traders. That’s because higher consumer confidence could add further fuel to the Fed’s interest-rate-hike fire. Equities closed lower by -0.03%. • Chinese stocks saw their biggest single-day drop in seven years. The CSI300 index, which represents 300 A-share stocks on the Shanghai and Shenzhen exchanges, fell nearly 8%.This led many traders to wonder what will happen to China’s eight-month stock-market surge. • The Supreme Court ruled in favor of same-sex marriage. This came just one day after the high court handed Obamacare a big victory. •This week, international creditors gave Prime Minister Alex Tsipras 48 hours to accept a deal to help Greece avoid default. He initially called the deal — which could release billions in frozen aid — “blackmail.” Euro-zone finance ministers reconvene Saturday to continue talks. Good Luck and Happy Investing, Brad Hoppmann Publisher Uncommon Wisdom Daily
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