10 Estate Planning Tasks To Complete Before 2013: #5. Secure/Update Health Care Documents.

#5. Secure/Update Health Care Documents.


At the minimum, everyone over the age of 18 needs...

1) a durable power of attorney for health care, which gives another person legal authority to make health care decisions (including life and death decisions) for you if you are unable to make them for yourself; and

2) HIPPA authorizations, which give written consent for doctors to discuss your medical situation with others, including family members.

In addition, a revocable living trust is preferable over a will at incapacity because it can prevent the court from controlling your assets.

10 Estate Planning Tasks To Complete Before 2013: #6. Review/Update Guardian for Minor Kids.

#6. Review/Update Guardian for Minor Kids.

It is quite likely that the person you name as guardian for your children when they are small will not be the best choice as they get older. Also, this person could change his/her mind, move away or even become ill or die.

Revisit your choice from time to time, and name more than one in case your first choice cannot serve.

Remember, if you haven’t named a guardian who is able and willing to serve and something happens to you, the court will decide who will raise your kids.


 

10 Estate Planning Tasks To Complete Before 2013: #7. Review/Update Beneficiary Designations

#7. Review/Update Beneficiary Designations.

This is especially important if your beneficiary has died or if you are divorced.

If your beneficiary is incapacitated or is a minor, setting up a trust for this person and naming the trust as beneficiary will prevent the court from taking control of the proceeds.

  

10 Estate Planning Tasks To Complete Before 2013: #8. Review/Update Your Life Insurance

#8. Review/Update Your Life Insurance.

Check the amount of your life insurance coverage and see if it meets your family’s current needs.

Consider getting Long-Term Care Insurance to help pay for the costs of long-term care (and preserve your assets for your family) in the event you and/or your spouse should need it due to illness or injury.

 

Vantage Point UPDATE: Intermediate-Term and Long-Term Trend Analysis

On Friday, November 23, the S&P 500 closed @ 1409, and that was...
  
    +2.8% ABOVE its 12-Month moving average which stood @ 1371.
    +1.7% ABOVE its 40-Week moving average which stood @ 1386.
    -0.8% BELOW its 10-Week moving average which stood @ 1420.


Therefore, the INTERMEDIATE-Term trend IS NEUTRAL 
and the LONG-Term trend is NEUTRAL.

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10 Estate Planning Tasks To Complete Before 2013: #9. Talk to Your Children About Your Estate Plan

#9. Talk to Your Children About Your Estate Plan.

You don’t have to show them bank and financial statements, but you can talk in general terms about what you are planning and why.

The more they understand it, the more likely they are to readily accept it — and that will help to avoid discord after you are gone. You can also talk to them about your values and the opportunities that money can provide.

Even better, show your values by doing — the holidays are an excellent time for families to do charitable work together.

  

10 Estate Planning Tasks To Complete Before 2013: #10. Get Basic Documents for Your Unmarried Kids

#10. Get Basic Documents for Your Unmarried Kids Who Are Over 18.

It’s a mild shock when we learn we can’t see our college kids’ grades without their permission, even though we pay the tuition. It can be much worse if they become ill.

Unmarried adults (18 and over) need to have a durable power of attorney for health care and HIPPA authorization, so you can act on their behalf in a medical emergency.

And, while you’re at it, go ahead and have your attorney prepare a simple will and durable power of attorney. Hopefully, these will not be needed, but if an event does occur, you will be glad you have them.

Vantage Point UPDATE: Intermediate-Term and Long-Term Trend Analysis

On Friday, November 16, the S&P 500 closed @ 1360, and that was...
  
    -0.2% BELOW  its 12-Month moving average which stood @ 1363.
    -1.8% BELOW its 40-Week moving average which stood @ 1385.
    -4.6% BELOW its 10-Week moving average which stood @ 1426.


Therefore, the INTERMEDIATE-Term trend IS BEARISH 
and the LONG-Term trend is NEUTRAL.

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10 Biggest Retirement Mistakes: #6. Tapping Retirement Accounts Too Soon

If you tap your retirement funds before age 59 1/2, you'll owe 
a -10% early-withdrawal penalty on top of the federal and state income taxes you'll pay on each distribution.

But if you are at least 55 when you leave your job, you can take distributions from your 401(k) without paying a penalty (although you will still owe income taxes on your withdrawals).

If you transfer your funds to an IRA, you lose the “55-and-out” option.

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Vantage Point UPDATE: Intermediate-Term and Long-Term Trend Analysis

 On Friday, November 9, the S&P 500 closed @ 1380, and that was...
  
    +1.0% ABOVE its 12-Month moving average which stood @ 1355.
    -0.3% BELOW its 40-Week moving average which stood @ 1366.
    -3.7% BELOW its 10-Week moving average which stood @ 1422.


Therefore, the INTERMEDIATE-Term trend IS BEARISH 
and the LONG-Term trend is NEUTRAL.

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10 Biggest Retirement Mistakes: #7. Interrupting Early IRA Payouts

A way exists to avoid early withdrawal penalties if you tap your IRA before you are 59 ½.

You must take “substantially equal periodic payments" from your IRA based on your life expectancy for at least five years or until you are 59 1/2, whichever is longer.

But if you deviate from the payout schedule, you'll owe a 10% penalty retroactive to your first withdrawal, plus interest.


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Vantage Point UPDATE: Intermediate-Term and Long-Term Trend Analysis

On Friday, November 2, the S&P 500 closed @ 1414, and that was...
  
    +3.2% ABOVE its 12-Month moving average which stood @ 1371.
    +2.2% ABOVE its 40-Week moving average which stood @ 1384.
    -1.5% BELOW its 10-Week moving average which stood @ 1436.

Therefore, the INTERMEDIATE-Term trend IS NEUTRAL 
and the LONG-Term trend is BULLISH.

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