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Money can be an awkward topic of conversation. Many Americans say they would rather talk about almost anything else. A recent Capital Group survey asked more than 1,200 adults about what topics they considered "too taboo" to discuss with friends. Income, retirement savings, and the amount of debt were at the very top. I discussed on CBS This Morning.
Have a money question? Email me here.
Michael Jackson, Prince, Aretha Franklin…these three amazing and wildly successful musicians did not have a will. How could that be, you ask? Don’t they have agents, lawyers and accountants? Didn’t they know at some point they were going to die? “That’s irresponsible,” you say, but welcome to the real world, where even famous people can’t seem to get their acts together to address this difficult topic head on.
According to a Caring.com survey, only 42 percent of U.S. adults currently have estate planning documents, including a will. Shockingly, for those with children under the age of 18, the figure is even lower, with just 36 percent having an end-of-life plan in place. Of those who have not done any estate planning, 47 percent said, “I just haven’t gotten around to it.”
I get it…contemplating one’s death is not exactly high on anybody’s to-do list, but it is important that you overcome the anxieties associated with this emotional topic and take control.
So that’s why today we’re doing an estate planning bootcamp with Russell Fishkind, an attorney with Saul Ewing Arnstein & Lehr.
If you are ready to finally begin or revisit the planning process and seek the guidance of a qualified estate attorney (yes, you should pay up for a lawyer and not do it yourself), here are the basic documents to consider:
Will: A document that ensures that assets are passed to designated beneficiaries, in accordance with your wishes. In the drafting process, you name an executor, the person or institution that oversees the distribution of your assets. If you have minor children, you need to name a guardian for them.
Letter of Instruction: This may contain appointment of someone who will ensure for the proper disposition of your remains, creepy, but important if you are choosing a method that is contrary to your family’s tradition.
Power of Attorney: Appointment of someone to act as your agent in a variety of circumstances, like withdrawing money from a bank, responding to a tax inquiry or making a trade.
Health Care Proxy: Appointment of someone to make healthcare decisions on your behalf if you lose the ability to do so.
Trusts: Revocable (changeable) or irrevocable (not-changeable) trusts may be useful, depending on family and tax situations. For 2018, the first $11.2 million of an estate is exempt from federal estate taxes. If an estate is above the threshold (or twice that for married couples), you may want to consider a trust.
“Better Off” is sponsored by Betterment.
Have a money question? Email us here or call 855-411-JILL.
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Stock market investors have been enjoying the longest bull market in Wall Street history, but the bulls stumbled badly earlier in the week, before making a slight comeback Friday. All three of the major indexes posted losses of up to four percent for the week, the worst five-day run in six months. I joined CBS This Morning: Saturday to discuss what investors should do next.
Have a money question? Email me here.
It's one thing to have a retirement plan in place, but once it's established, you need to tweak and modify it as the years go by, hence the need for regular financial checkups. That's the case today with Jeff who first called me five years ago.
“Better Off” is sponsored by Betterment.
Have a money question? Email us here or call 855-411-JILL.
We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!
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In 2013, the Federal Reserve initiated a comprehensive survey, The Report on the Economic Well-Being of U.S. Households, which attempted to provide a snapshot of people’s financial lives. At that time, just five years after the 2008 financial crisis, many were still reeling. Some had lost homes, others were forced to tap savings and retirement assets, and many were still out of work and/or contending with fewer hours.
Home ownership has always been considered an essential part of the American Dream.
And while it may be getting harder to accomplish—especially for the millennials—it’s still pretty high on the list of goals. If you’re going to do it, make sure you do it right by doing your homework and asking the right kinds of questions:
While it’s hard to ignore all the financial implications of making such a large investment, there are, of course, the equally important issues related to life, family and relationships that arise in buying a home.
And quick postscript to all you millennials out there who want to buy, but feel like the cards are stacked against you...hit up the app store on your phone and put all the tools and technology at your fingertips to use to help you find the best deal possible.
And remember, the American Dream is still very much alive and achievable.
“Better Off” is sponsored by Betterment.
Have a finance related question? Email us here or call 855-411-JILL.
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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.
Worries about rising inflation have spooked stock and bond investors. As a reminder, inflation occurs when the prices of goods and services rise and as a result, every dollar you spend in the economy purchases less. The annual rate of inflation over from 1917 until 2017 has averaged just over 3 percent annually. That might not sound like much, but consider this: today you need $7,272.09 in cash to buy what $1,000 could buy in 50 years ago.
If there's a piece of property in the family that's on the market, would it make sense to buy it and keep in the family as an investment property? That's the question from Ryan on the latest BONUS call.
“Better Off” is sponsored by Betterment.
Have a finance related question? Email us here or call 855-411-JILL.
We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!
Connect with me at these places for all my content:
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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.
We knew that a stock market correction was coming, but why then did everyone seem so shocked when it arrived on Februarys 8th? Corrections, defined as 10 percent drops from the recent highs (January 26th), usually occur every year or so. Until last week, it had been two full years since the major US indexes had corrected. In other words, we were overdue for a drop.
A wild week on Wall Street came to an end with a small rally on Friday. I joined CBS This Morning to explain why such volatility might not be a bad thing.
