I am so proud of my friends, Scott and Patricia. They are amazing people--creative, compassionate and innovative.
Scott and Patricia are family focused and launching a new company called GRANDCAMP ADVENTURES on November 10. Through a mix of storybooks, backyard activities, games and music, Scott and Patricia have created a unique way for grandparents and grandchildren to form lasting memories and meaningful connections—or play their way to better relationships.
I was surprised when Scott told me there are nearly 70 million grandparents in the United States and we all know how our families are scattered all over the country as well. Patricia said they wanted to create interactive experiences to “create the space” to nurture and grow relationships between grandparents and their grandkids.
Congratulations Scott and Patricia—you are proof that taking a great idea, turning it into a big goal and then figuring out how to turn the goal into reality can bring families together!
What goals have you set for yourself? How's your progress?
As long as we’re discussing families and goals, let’s talk a bit about Estate Planning.
What is it? Why would I need to do it? What should I consider?
What is it?
Estate planning is essentially a process to think through and then set up legal arrangements to meet your specific wishes if "some-thing happens" to you or those you care about. Good estate planning done with the guidance of a good estate planning attorney considers taxes, your desired health care treatment, and what happens to your stuff (business, insurance, investments, etc). And though not fun to think about, it is best to do well before you would even think you need to do it.
Why would I need to do it?
You should consider having an estate plan if:
· You are the parent of minor children
· You have property that you care about
· You care about your health care treatment.
Think about details you handle on a regular basis. If you weren’t around, is there someone else you would want to make decisions on your behalf. If you have anything complex or if there are details only you handle, it would be very helpful to you family to have some directions and guidance. I also recommend you talk with a friend who’s just handled the loss of an older family member and ask their advice.
What should I consider?
There are many aspects of your life to consider and this list includes a few. If there is anything on this list you are not familiar with, then do some research, talk to an advisor, see what you need to take care of now while there’s no urgency.
1. Estate tax planning - flexibility for changes in the law and value of assets
2. Income tax planning – basis issues and retirement plans
3. Coordination of asset ownership and beneficiary designation with estate plan
4. Probate– Living Trusts, POD, TOD accounts
5. Incapacity planning – Durable Powers of Attorney, Living Trusts, Health Care Powers of Attorney, HIPAA Authorizations
6. End of life care – Advance Directives (Living Wills), DNR, MOST form
7. Long-term care planning – insurance, Medicaid issues
8. Insurance – life, long-term care, disability, umbrella liability
9. Asset Protection – use of LLCs for rental property, avoid joint accounts, etc.
As you can see, an estate plan is more than just a set of forms. It should be a comprehensive approach to dealing with certain or potential issues of death, disability, long-term care, tax liabilities, probate costs, and family disputes. Not exactly cheery subjects, but certainly important and having a plan will let you sleep easier at night.
Announcements
Teleconference Series Schedule:5 Tips You Must Have To Survive the Holidays with Family High Profile Expert, Author Robert Schwaninger Robert Schwaninger is President of Schwaninger & Associates, Inc., a Washington, D.C. law firm that specializes in telecommunications law. He is also author of the book "A Married Man's Guide To Christmas". Mr. Schwaninger has been quoted and interviewed by the Wall Street Journal, Newsweek, the Washington Post, the New York Post and other publications, and was a magazine columnist for nine years on areas related to telecommunications and finance.
Download Previous Interviews
You can listen to these recorded calls on my website
5 Things Savvy People Know About Wine—How to Host an Amazing Holiday Event High Profile Expert—Graduate Level Sommelier, Drew Robinson
Drew Robinson is an accomplished wine expert with years of experience supported by top-notch credentials. Amazingly, a sommelier at only 25, Drew has guided the development of wine programs in 10 different restaurants, has won 7 consecutive “Best of Award of Excellence” (only 800 worldwide), and holds a Level 3 Advanced Certificate by WSET (Wine & Spirits Education & Trust) based in London. Most recently, The Blue Star Restaurant in Colorado Springs was awarded the “Award of Excellence” from the Wine Spectator under Drew’s leadership. Currently working as a distributor, Drew knows how to guide people to the right wine and knows what you should pay for a bottle of wine.
Using Social Media to Expand Your Business Network and Add Value to Your Clients High Profile Expert—Entrepreneur, Sarah Martin, International Dressage Trainer and USDF Gold Medalist
What Your Child Needs to Know about College Networking & Job Search Strategies—Dig the Well before you’re Thirsty! High Profile Expert from Yale—University Career Services Professional, Kathy Douglas
Requests for Topics
I will continue to provide investment tips and food for thought. I am always open for topic requests and you can send your suggestions to tara@taraenolan.com.
If you have questions and would like to learn a little more about me please visit my website www.taraenolan.com.
Cheers,
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