Planning – The Big Words Blog Site

A key focus of my blog is Financial Literacy/Money. A critical component to one’s financial strategy is their estate planning. It’s not the most comfortable and in some instances exciting area to deal with, but it has far reaching implications for one and one’s family. The following contributed post is entitled, Major Keys For Estate Planning.

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Estate planning is not just for the rich and famous. A well-thought-out estate plan can help alleviate stress from your family members when you have reached the end of your life. It can help get your affairs in order so that you can have the peace of mind knowing that your family is secure after you pass on. If you are looking to start estate planning, here are some major keys that will help you along the process.

Get Together A Team

Get a team of people that consists of your key financial advisor, your tax professional and your estate planning attorney from Wyolaw Law Firm. This team of very important people will help you draw up and navigate the perfect estate plan just for you. It may seem like having all these people involved will make things confusing, but quite the opposite. These people will ensure that all your assets will be given out to the appropriate people with little to no confusion.

Write Down Your Will

A part of every estate planning is writing down your wishes. This is not a sentimental exercise. This is a binding agreement, so make sure that you clearly list out all your wishes. Make plain how you would like to handle your probate assets and other possessions. It should include a healthcare power of attorney or proxy, a durable financial power of attorney, a living will, a health insurance portability and accountability act release form, and your last will and testament.

These things will assign the person who you want to make health decisions for you, who will make the financial decisions for you, what treatments you do and do not want if you are unable to speak for yourself, who can have access to your health records, who are the designated beneficiaries of your property and who will be the guardians for your children who are minors.

Set Up Guardianship For Minors

If you are caring for any minors, this is a very important step if you do not want the state to decide what to do with them. Determine who you want to look after your children or if you take care of someone with special needs. Before you give off that person’s name, make sure you consult with them first. You need their permission. Keep in mind that this person will also be managing any money you allocate for your child’s benefit.

Think About Getting A Trust

A trust is just a place that holds money for your children. You get to have a say in what goes into the trust, who has access to it, and how it will be allocated. As long as you execute it well, your estate plan will be executed just the way you intended.

Prepare For State And Federal Taxes

Find out if your estate will be subjected to state and federal taxes. If so, you will likely have to pay in cash up to nine months after your death. Some people’s assets are not in cash, which could cause some issues. If that is the case for you, you may have to sell your assets. Talking to an estate planning attorney can help clear this up.

The first principle of my blog is Creating Ecosystems of Success. They say that those who plan have many, many advantages over those who do not. Planning and looking into the future is in fact mentioned in many, many wealth building books. The following contributed post is entitled, 3 Benefits of Working and Planning for the Future.

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There are various different ways in which we can all choose to live our lives, across a variety of different dimensions.

One of the key differences in how people can choose to live their lives is that they can either decide to be focused on pursuing pleasure and satisfaction in the immediate to short-term, or they can be focused on working and planning for the future, and aiming for longer term and more enduring prizes.

Of course, as with all things in life, there needs to be a balance. There’s no point in being so future-focussed that you never stop to enjoy the present moment, or to be mindful of the blessings that are right in front of you.

But, here are some of the benefits of working and planning for the future, as a general rule, whether that means investing in universal life insurance, keeping up a regular fitness routine, or working on your own business.

Deferred gratification can lead to greater and more stable long-term happiness and reward

There’s some evidence in the field of psychology that suggests that a focus on short-term gratification primarily involves the neurotransmitter dopamine, which is associated with craving.

As a general principle, it’s impossible to “satisfy” the dopamine mechanism, but only to continue chasing after the next “hit.” Doubtless, this is why dopamine is highly implicated in the addiction cycle.

Deferred gratification, however, typically involves working on making progress towards desired and longer-term outcomes that are more carefully thought out, and that engage systems of the brain associated with the drive for happiness and fulfilment, rather than the satisfaction of craving. Such as, perhaps, the neurotransmitter serotonin.

The future is uncertain, by planning for it, you can potentially counteract some of its troubles

The future is always uncertain, and there are unfortunately bound to be struggles, troubles, and unpleasant events that we all have to confront down the line.

Working and planning for the future, however, can go a long way towards helping you to potentially counteract some of these troubles – and to at least reduce the sting a bit, if not to vanquish the potential trouble outright.

Being mindful of proper nutrition, exercise, and regular health checkups, for example, might save you from having to battle a tragic health condition later in life.

Efficacy is almost always built incrementally – but by keeping your eye on the prize, you can stay consistent in your daily habits and systems

With few exceptions, efficacy – skill, effectiveness, and insight – is always built up incrementally, rather than as a result of one-off, short-term actions.

Whether you want to become the best you can at some sport, or as a professional blogger, writer, entrepreneur, or anything else, keeping your eye on the future prize can help you to remain consistent in your daily habits and systems, so that you can keep putting in the steady and regular work that gets you to where you want to be.

If, on the other hand, you keep a much more short-term focus, those more ambitious goals and skills are likely to remain out of reach.