Nevada Estate Planning & Elder Law Information Blog

The Battle of the Sexes

Did you hear the one about . . . .

Dan was a single guy living at home with his father and working in the
family business. When he found out he was going to inherit a fortune
when his sickly father died, he decided he needed a wife with which to
share his fortune.

One evening at an investment meeting he spotted the most beautiful woman
he had ever seen. Her natural beauty took his breath away. 'I may look
like just an ordinary man,' he said to her, 'but in just a few years, my
father will die, and I'll inherit 20 million dollars.'

Impressed, the woman obtained his business card and three days later, she
became his stepmother.

Women are so much better at estate planning than men

Passing On Your Charitable Giving Tendencies

The most important thing that parents pass on to their children is their values, and for many, charitable giving is amount those values.  So how do you build that charitable instinct in your child or grandchild?  As with most things in life, children learn by example. 

If you volunteer, your children are more likely to follow in your footsteps.  Parents involved in charitable pursuits, tend to have children with hearts for charity as well.  So next time you volunteer your services to someone in need, consider involving your child or grandchild as well.  Even chores as simple as sweeping up in a soup kitchen or serving food at a homeless shelter can begin a great foundation.  Assuming that you volunteer in a safe environment, having your child "see you in action" can have a double benefit.

Another idea recently passed on to me by Certified Financial Planner, Jocelyn Holzwarth, is using a child's allowance to support charitable giving.  Consider matching a small portion of the allowance if your child contributes some of the allowance to a worthy cause.  For younger children, making the cash gift tangible by turning it into a small toy for underprivileged children can make a big difference. 

Buyer Beware -- Getting Ready for Digital TV

For those of us who are less technically inclined -- beware of unscrupulous electronics vendors telling you that your analog televisions will no longer work after February of 2009.  The AARP website explains,

TV stations across the country are now airing digital television programming. All used to use analog technology, but that will soon be a thing of the past. By February 2009, they will stop sending out program signals on their analog channels. For consumers this change will likely mean a better quality television picture and more channel options. But, if you don't have a digital TV or don't have cable or satellite service, your analog set won't work after this change, unless you add new equipment.

The key is the requirement that you add new equipment.  While many vendors may push you to purchase a new television, keep in mind that your existing television set can be modified to received the new digital signal with the addition of a kit that should run about $50.00.  There is no need to incur the expense of a new television, and there may be rebates offers by the government of up to $40.00 to help with the cost of transitioning to the new signal.

For more information see AARP's article on Getting Ready for Digital Television.

Food For Thought When Planning For The Future

Did you catch the recent article in the Las Vegas Review Journal by author Elizabeth Marquardt on Aging in America entitled "Broken families, lonely ends".  In the article, Ms. Marquardt writes,

I had dinner with a friend whose mother had recently remarried, to a man who had never had children.  Though happy for her mother, my friend was also bothered.  If her mother were to die before the new husband, she wondered, would she herself be expected to care for this man she barely knew?

She isn't alone in her uncertainty.  Because of profound changes in how Americans organize and sustain -- and often break up -- our families, our nation will soon confront a never-before-seen shift in how we die and whom we'll have around us when we do.  And the likelihood is that we will be dying much more alone.

Reduced birth rates, widespread divorce, single-parent childbearing, remarriage and what we might call "re-divorce" are poised to usher in an era of uncertain obligations and complicated grief for the many adults confronting the aging and dying of their divorced parents, stepparents and ex-stepparents.  And compared with the generations before them, these dying parents and parent figures will be far less likely to find comfort and help in the nearby presence of grown daughters and sons.

You can read the entire article by clicking here.  It makes clear the importance of proper planning for not only legacy planning, but also for long term care.  Elizabeth Marquardt, a vice president of the Institute for American Values, a nonprofit pro-family organization, is author of "Between Two Worlds: The Inner Lives of Children of Divorce."

How Much Money Do You Need for Retirement?

A common retirement planning rule of thumb has been that you will need about 70% of your pre-retirement income to sustain your lifestyle after retirement.  This "rule of thumb" is based upon the assumption that certain expenses will decrease like the cost of commuting, work-related expenses, and taxes on income.  However this guideline assumes a relatively inactive lifestyle, and further does not take into consideration, is that other expenses may increase. 

Increasingly, retirees view retirement as a time to travel extensively, entertain, and engage in new (and sometimes expensive) hobbies.  So while work-related expenses may go down, entertainment expenses are likely to go up, as will the cost of medical care.  The question of "how much money you need for retirement?" really comes not to how you plan to spend your retirement years. 

As part of your overall estate and financial planning, consider the use of a qualified financial planner in helping you plan and meet your goals for the future.  The Financial Planning Association of Southern Nevada is a great place to start your search for a qualified Certified Financial Planner.