“Trick or treat” rings out every Halloween as children go door to door hoping for their favorite candy. My kids love sorting the candy at the end of the night and finding surprises in their candy haul.
Retirement planning does not end at retirement. The need to continue to grow assets to produce more cash flow remains important for most.
The numbers vary somewhat from survey to survey, but each new study that is released reveals that large numbers of Americans do not have a will. Not having a will is shorthand for not having any estate planning in place.
Just over 1 in 4 of today’s 20-year-olds will become disabled before they retire.1 About 20% – or 1 in 5 American adults- have a disability according to the CDC July 2015.
In the middle of a Georgia summer, the days are long and it seems like we’ve got more time for the things we enjoy. The kids are out of school, and work slows down a little. If we’re lucky, we get some extra time with our family, spend lazy days at the pool, and vacation with children and grandchildren. It can feel like summer will last forever.
In divorce related cases, litigation can continue for years. People who are divorced may have to come back to court for modification of orders for spousal support, child support, or custody of children.
Have you heard of the Stanford Marshmallow Experiment conducted in 1972 by a Stanford University psychologist? In this experiment, children are given a marshmallow and told they would receive a second marshmallow if they could resist eating the first. Scientists studied how long each child resisted the temptation to eat the marshmallow. A long-term study of the children who participated in this experiment showed those who were able to wait for the marshmallow – to defer gratification – were most successful in life.
Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later. The traps of bad credit and debt snare many unsuspecting young adults and cling to their financial history for years.
When it comes to estate planning, the most familiar document is the last will and testament. Most people have a basic understanding that a will allows you to appoint a personal representative (an executor) upon your death and directs that person to distribute your assets as you specify. Put another way, a will says who gets your stuff when you die—but until you die, it does nothing.
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