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How to Make Things Easy for Your Loved Ones When You Die

8/10/2022

No one likes to think about the day they will no longer be here to enjoy time with family and friends and bask in the wonderful things of this earth. However, death is one of the few certainties of life and it is important to think about how to make things as easy as possible on your loved ones when you pass. Here are three ways that you can ease the burden of your passing for your loved ones.

Take Care of Debt

When you pass away, your estate will be accounted for. This will include all your assets, including real estate, bank accounts, retirement funds, and other property. When you die with debt, that debt is passed down to your descendants to be paid for from the estate. By paying off your debts before you pass, you significantly increase the amount that will be left to your beneficiaries. This will help them to cover probate fees, burial costs, estate taxes, and more.

Create a Plan

Creating an estate plan is one of the most beneficial ways to help your loved ones manage your passing. Without a clear plan that is easy to implement, your family will be tasked with the nearly impossible job of blindly managing your estate, guessing at your wishes, and grieving for your loss all at the same time. There are several factors to consider in an estate plan. Do you want a memorial or a funeral? There are important distinctions between the two. For example, unlike memorials, funerals usually take place with a casket present. Additional factors to include in your estate plan are your will, assigning durable power of attorney as well as medical power of attorney, and completing your advanced health care directives.

Develop a Living Trust

Few things will simplify your passing like a living trust. When you have a living trust in addition to a will, your loved ones can avoid probate, eliminate squabbling, reduce estate taxes, and keep your estate off the public record. Additionally, a living trust can protect your interests if you are alive but become incapacitated. Furthermore, developing a living trust can save money by avoiding probate fees, lowering taxes, and increasing investment gains through the services of an investment professional.

You have always taken excellent care of the people you love. You can continue to care for them after you pass with a living trust, a clearly defined estate plan, and paying off your debts. By doing so, you will significantly ease the burden that your passing places on your loved ones, offering them one last gift of love.

Check out this article on how to protect your assets in the event of your death!

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Moves To Make Before Rates Rise Further

8/4/2022

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As the months continue to pass interest rates continue to rise as the federal reserve attempts to stave off some of the wild inflation that has taken a grip across the country. With prices rising several percent across the board year to year, if interest rates keep rising the financial options at your disposal will continue to change. To set yourself up for the long term, you need to start acting now and get a few things done before rates rise again. Here are three moves that you need to make before rates rise further.

Pay Down Credit Card Debt

The first thing that you should do to set yourself up before rates rise further is to pay down your credit card debt now. According to The Balance, the interest rate you pay on your credit card is variable over time, and most people aren’t aware that this happens. As the base rate changes (the base rate is what the federal reserve adjusts) so too does your credit card interest, but usually at a much faster rate. If you are carrying around balances on your credit cards, now is the time to pay those balances off to avoid even larger interest payments down the line.

Refinance Your Mortgage

Another critical move to make before interest rates rise further is to refinance your house. When you buy your house with a mortgage loan, you usually lock yourself into a fixed interest rate loan. But if your current interest rate is higher than the mortgage rate you could qualify now, this is the time to refinance. If current rates are lower than your mortgage rate, Equihome Mortgage reminds us that refinancing can save you money. The key is refinancing before rates rise and you can’t get lower interest, so be sure you are taking action right away to make a difference.

Buy A Car

The final move that you should make before rates rise any further is to buy yourself a car. If you are nearing the time for a new vehicle in your life it is probably in your best interest to purchase now. This is especially true if you are planning to lease a car, as the interest rates will impact the monthly price you pay. Cars often require loans too, so keeping that interest rate low is also crucial.

Interest rates are still climbing, and it doesn’t look like they’re going to stop anytime soon. To prepare yourself for this, make these three moves that will help you avoid the negative impact of higher interest rates. Doing so will save you money in the long run and give you more financial flexibility.

Check out this article on when you need a lawyer to help with financial matters!

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Why Bonds Shouldn’t Be the Only Asset in Your Portfolio

8/3/2022

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When you are new to the world of investing, you may start with a single type of investment to get your portfolio started. In many cases, this tends to be bonds because they are a fairly dependable investment that can yield consistent results. However, you don’t want to continue building your portfolio with only bonds. Having a mix of different asset classes will help you to have a healthy portfolio.

Diversification

One of the most important parts of your portfolio is that you want it to be diverse so you have a little protection from risk and more potential for gain. Bonds can be a good source of positive investment but they are unlikely to yield a huge amount of profit. When you add a variety of other investment types you can help to beef up your portfolio. You can start to think about diversifying in ways that will make investing more fun and more successful for you.

Inflation

You also need to think about how inflation can impact your investments. With bonds, you aren’t really going to see any benefits from the inflation that the world experiences. But other kinds of investment assets can actually gain value as investment goes up. For example, gold tends to gain value during times of inflation. When you keep inflation in mind you can start adding additional assets that can take advantage of that aspect of investment.

Flexibility

When you have only invested in bonds, it can be difficult for you to make sure you have the flexibility to manage your investments the way you wish. When you are working with any one single type of investment you are always going to run into issues with flexibility. And when you want to make changes to your style of investing, it is hard to do with only a single asset class. When instead you make sure you have various types of investments, you can make sure that you are constantly moving forward and have the ability to make changes when you need or want to.

It is important that you take time to research all of your investment options so you can make a solid portfolio for yourself. That gives you an option to make sure that you are supported by your investments and not just the other way around. When you diversify your portfolio and move away from only having bonds you can get more from your investments.

Check out this article on what you can do with the equity built up in your home!

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How to Help Your Parents With Estate Planning

8/3/2022

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Estate planning is an important part of making sure that you and your family are taken care of over the years. But many people put it off and then become overwhelmed when they have to take care of it later in life. If this is the case for your parents, it can help for you to be there for them with support and information so they can complete their estate planning in an easy, successful, and stress free way.

Run Their Plan by a Professional

Most people don’t really know what they need to do for their estate plan or what kinds of things need to be included. But there are professionals who specialize in that kind of work and can help you figure it out. Sometimes the best course of action is to help your parents make their plan and then to go together to a financial advisor who can look over the plan. They will be able to fill any gaps and give you advice on things like the wording you use and what to include in the estate plan. They can also offer general and specific guidance on the kinds of changes your parents may want to make to their estate plan.

Make Sure They Have a Will

In general, people don’t want to think too far in the future because there is a lot of worry and stress there. But it is essential to have a will so that your assets are properly distributed. This is also true for your parents. Probate will be much more straightforward when there’s a will. Which means that there will be less stress for everyone involved when your parents assets need to be distributed.

Be Available to Answer Questions

It is a good idea to encourage your parents to plan their estate, but you may want to let them take the lead. In this case, your best course of action may actually be for you to simply let them know that you are available if they need help. That way they can take control of their own estate plan but also rely on you if they have questions or want to talk things out. This will help you to keep your relationship going strong while they estate plan so that you aren’t overstepping any boundaries.

When you help your parents plan their estate you can give them peace of mind. This is because they will know that their needs and your needs will be met over time. Figuring out an estate can take time, but it is worth the effort.

Check out this article on how to produce regular income streams in retirement!

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Big Decisions You Need to Make Before Retiring

8/3/2022

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If you’re coming up on potential retirement, congratulations! That is no easy task. Before jumping right into it, however, you’re going to need to plan some things. Here are a few big decisions to consider before putting things in motion.

When to Retire

The answer to this question is going to be different for everyone. You might find yourself locked in a battle between your wants and your needs. For example, it might be best to hold off on retirement for financial reasons, even if you’re very close to what you need. When it comes down to your savings, it’s better to be safe than sorry – you don’t want to get caught in an emergency after retiring that drains your bank account drastically. Carefully calculate when you will have more than enough to retire. Keep payments on homes, loans, or insurance in mind. Know the economy and the market well enough to make an informed decision.

Where to Live

If you can afford it, you might want to consider picking an entirely new location to retire in! Many of the world’s typical vacation spots, unfortunately, are already struggling under the weight of foreign retirees. Hawaii and New Zealand are two examples of this. Rich foreigners retiring in these locations cause prices to skyrocket, gentrifying the neighborhoods and making living there very difficult for the natives. Even if you could afford to live in these places, the high tourist rate would mean that you never could have a moment’s peace! Try considering options in states or countries that aren’t such hotspots. Some of them would even want you to do so – many countries like Mexico welcome foreign investment.

How to Stay Busy

Many people retire and find, to their surprise, that they become bored quickly – especially after retiring in a foreign, isolated place, maybe far from friends or family. Make sure you have hobbies that you love doing and that you can take with you wherever you decide to retire. Or, even better, learn something new! Learning in old age can help you stay mentally, emotionally, and physically fit. Don’t be afraid to experiment. Connect with the culture and the nature of your location. If you’ve stayed in the same place that you’ve always been in, then make more time for friends and family that you have.

Retiring is an adventure in and of itself. Regardless of what you decide to do, you’ve earned it. Relax. Have fun. Enjoy the free time, and don’t necessarily rush to fill it with activity. Plan and make decisions now so that later you can have the best time of your life.

Check out this article on how to stave off boredom in retirement!

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How to Make Things Easy for Your Loved Ones When You Die

Take Care of Debt

Create a Plan

Develop a Living Trust

Moves To Make Before Rates Rise Further

Pay Down Credit Card Debt

Refinance Your Mortgage

Buy A Car

Why Bonds Shouldn’t Be the Only Asset in Your Portfolio

Diversification

Inflation

Flexibility

How to Help Your Parents With Estate Planning

Run Their Plan by a Professional

Make Sure They Have a Will

Be Available to Answer Questions

Big Decisions You Need to Make Before Retiring

When to Retire

Where to Live

How to Stay Busy

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