financial tip of the week...

by Genya Harley 

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Estate Planning Checklist

Hello All:
In light of the recent events in my life the past 2 weeks, whereas my father has had a massive aneurysm and has been severely incapacitated, I want to give you and your family a few things to think about. As I have shared my situation with several of my friends, many of them have now began to think about and hopefully start putting measures into place for estate planning.

If your parent(s) are still living and they are 60 and older....if you haven't already, start the conversation today about their estate, their wishes. - OR -
If you are a parent ....start thinking about putting measures in place to protect and grow your estate for your children.
I don't want to overwhelm you with "Estate Planning 101", so I will summarize a few things that are most important:
1. LIFE INSURANCE, LIFE INSURANCE!!! I know some of you are putting this off. If you have life insurance via your job that is great, however, you need to have a supplemental policy outside of work. If you get laid off or retire some of these policies are not "portable" ...meaning you can't take the coverage with you. CALL ME TO GET A POLICY STARTED TODAY!
2. Draw up a WILL. A Will helps your loved ones understand your wishes with regards to your estate. Who gets what? How? When? etc.
3. Draw up a Living WILL. A Living Will allows an executor or administrator of your estate to execute affairs on your behalf if you are incapacitated.
4. Draw up a Durable Power of Attorney. This document helps a loved one you choose to conduct business on your behalf while you are incapacitated (still living). You may have to get a Durable Medical Power of Attorney in order to make medical decisions on behalf of your loved one.
5. Put all of your documents in a place where the executor or administartor of your estate will know where they are. Stay organized. Purchase a small safe to keep in your home with all essential documents.
6. Talk about your "Final" wishes....How do you want to be laid to rest? Where do you want to be laid to rest? The average funeral costs $10k. If you are or have a loved one over the age of 65 and they need life insurance....GET A FINAL EXPENSE POLICY....CALL ME TODAY! Talk to your family about DNR or DO NOT RESUSCITATE...if they are on life support, do they want to stay it indefinitely? What are their/your end of life wishes???
7. If property is involved, think about establishing a Land Trust. This protects their/your property in the estate while your are living and when you pass away.
8. Obtain Mortgage insurance on your property(s). This insurance allows the mortgage to be paid off if you pass away.
9. Have your loved one or make sure you leave a list of your doctors information, copy of your ID or Drivers License, Social Security card, pin numbers and passwords, even the online banking information. It is extremely complicated to conduct business on your loved ones behalf without this information!
10. Consult with a Financial Consultant (Me!) with questions and concerns...Get Started TODAY!
As always - be safe, use wisdom!


Genya Harley
Financial Consultant
Mutual of Omaha
19255 Everett Lane, Suite C
Mokena, IL 60448

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