4 Tips for Estate Planning

Once a person decides they need estate planning, it is essential to take action. However, most people do not know where to begin and often let the idea linger for years. However, with these four tips and the guidance of an estate planning attorney, an individual can set up an estate plan.

Note: To get started, one must and note all their assets and liabilities. Ideally, one should be thorough in this approach as some assets may appreciate over time, and it is crucial to omit anything out of the plan. With this information, one will have an easy time working with attorneys and passing on assets after death.

Determine: Now, it is one thing to sit down and note what a person owns; it is another to determine who gets what. Of course, most people will want to pass their money down to their kids or spouse. However, it is necessary for an individual to speak with friends and family and decide what to give away. For example, a nephew may have an affinity for a painting or piece of jewelry. In reality, it is essential to do this early on since it is easy to do so when a person is alive and under no duress.

How: Once an individual decides who gets what, they will want to determine how to pass on the items. Now, there are two different options that one must explore. One way to pass down assets is to do so outright. This is the best option for a person with little assets who does not expect a court battle or other problem. On the other hand, a person with substantial assets and a lot of heirs should use a trust to disperse his or her wealth. This is an important choice one must not take lightly as it can have serious effects in the future.

In Charge: Finally, it is necessary to appoint someone to be in charge of the process. Usually, one will have their child, sibling or spouse be in charge of the estate. When having a hardworking and intelligent person run everything, a family can avoid problems after someone dies. Remember, one should choose wisely as this person will have a lot of power.

With these four easy to follow tips, an individual can set up his or her estate plan and not worry about problems arising in the future.

Hostess To Close Down Business – NO!

Yes, it is true. The maker of such iconic classic treats as Twinkies and Ding Dongs (the baked treat, not the people) has asked a court’s permission to shut down the entire company. This is after a nationwide strike has crippled its operations.

If all proceeds as planned, this will mark the closure of one of the oldest and largest producers of baked goods in the United State. Hostess was founded in 1930 and produces Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, and Wonder Bread, which the company claims is the top-selling white bread in the country.

All baking operations have been suspended at all of their plants and most of their 18,500 workers will be laid off, according to a statement released by the company. Moving forward they will focus on selling off their assets. A motion has been filed with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets.

This follows after one of the company largest unions, the Bakery, Confectionery, Tobacco Workers, and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the company’s ability to produce and deliver products at multiple facilities.

“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Gregory F. Rayburn, chief executive officer.

I’m starting to think the Mayans were right. Can you imagine a world without Twinkies?

So far, there is no truth to the rumor that Mitt Romney and his Bain Capital group are planning to buy up Hostess, break it apart, and make millions more. I don’t know though. He wanted to kill Big Bird. Why not Twinkies too?

Welcome To The Site

I would like to start off by saying thank you and welcome to the new site. I certainly hope that you enjoy it.

I have over 27 years of experience in the financial industry. I have originated mortgages, worked as a stock broker, am a certified financial planner, and even spent some time selling real estate. I have helped people with everything from setting up a weekly or monthly budget in order to meet personal savings goals to fleshing out a detailed path to retirement. I have helped people shop for their first home. I have helped people repair their credit. I also have helped people to plan for the unexpected.

I plan on posting articles from my own experience as well as things I find around on the internet that I think are useful or worth discussing. I hope to help you to save more money and make more money. I hope you find this a useful resource for money matters.

Please feel free to join in the conversation and ask questions.

Thanks for stopping by.