Dana Point Times November 13-19, 2020
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MONEY MATTERS ADVERTORIAL | BY THE GIBBS LAW FIRM
THE IMPORTANCE OF ESTATE PLANNING It is estimated that less than half of Americans have an Estate Plan. Why is Estate Planning so important? On the most basic level, it allows individuals and families to take complete control of their affairs now and in the future. For example, proper planning allows you to make sure your hard-earned assets will go to the people you want, when you want, in the manner you want after you pass away. Estate Planning can also ensure that people you trust have the authority to make financial and medical decisions on your behalf in the event of incapacity.
• Pass your values, work ethic, and sense of responsibility on to heirs • Reduce income, estate, gift, and other taxes • Keep your financial affairs and family information private • Protect the inheritances of your heirs • Leave an enduring legacy
Depending on your particular needs and goals, Estate Planning can help you accomplish a great deal more, including:
A Revocable Living Trust is the centerpiece of most Estate Plans and allows you to plan for management and control of your assets during an incapacity. A Trust also provides for distribution of your estate or upon your passing without the need for probate. Properly drafted, an Estate Plan should offer your beneficiaries significant protection from creditors and also during difficult times they may experience.
• Protect your assets against lawsuits, creditors, the high cost of long-term care, and other threats • Ensure your minor children are raised according to your wishes if something terrible happens to you and your spouse
Dana Point Times November 13-19, 2020
Clients often ask us about tools we use and what each of them can accomplish. Here is a brief description of the most essential and frequently used Estate Planning tools.
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A General Durable Power of Attorney allows an individual to name someone (the Agent) to act on his or her behalf in the event of incapacity. The Agent can make decisions regarding property as well as legal, financial, and personal matters.
A Will directs how a person’s estate is to be administered and how his or her assets will be distributed after death. A Will also allows guardians to be named for minor children in the event something terrible happens to both parents.
An Advanced Health Care Directive details a person’s wishes concerning his or her medical care, including artificial life support, surgery, or other medical treatments related to an end-of-life situation or permanent unconsciousness. An Advanced Health Care Directive also names a trusted person to make medical decisions on your behalf if you become incapacitated.
Effective Estate Planning can include many other strategies and tools to accomplish a wide range of goals, but the above documents are absolutely essential in carrying out your wishes. Ultimately, Estate Planning gives you the peace of mind that comes from knowing you have a plan in place for whatever the future may hold.
A HIPAA Medical Release allows people to specify who has access to their medical information. Without a HIPAA Release, family members may be denied access to information about a loved one’s medical condition in an emergency.
As our way of encouraging clients to get started on their planning we always offer free initial consultations. You can meet with us in-person at our office (subject to COVID restrictions) or virtually via Zoom and other platforms. To schedule your free consultation, simply call our office at 949.492.3350. Let’s talk soon.
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‘Money Matters’ Offers Sound Mind, Sound Finances
WELCOME
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t’s often said that the financial market hates uncertainty. During a year of perpetual uncertainty, and even more uncertainty ahead, it’s important that we learn to adapt our behavior—and our finances—to reflect the shifting market. Financial experts forecast that the worst of the economic consequences of a pandemic lies in the Fiscal Year 2020-2021. As we begin to see whether those predictions are coming to fruition, “Money Matters” offers guidance in navigating the new normal. Having a balanced checkbook is crucial in this era, when cash gets tight and adjustments in your professional and personal life might be necessary. This could be the time to invest in some safe stocks if you have the financial flexibility, or the time to simply cut back on extra spending if you don’t. Whatever your situation, we hope “Money Matters” offers you peace of mind and a sound plan for the future.
MONEY MATTERS ADVERTORIAL | BY KIRK J. COX, COX STRATEGIC WEALTH
RETIRING WITH PEACE OF MIND In today’s volatile climate, elections and the COVID-19 shutdown of the economy, today’s pre-retiree’s, and those already in retirement, face daunting challenges. Some of them include when and how to maximize Social Security, as well as addressing questions such as these: How much money should I have in the market at risk? Is an annuity right for me? Do I need Long Term Care insurance? Do I need a trust or will?
back to February/March of 2020, when the market was down by 30%-plus in about one month’s time. I believe now more than ever, one must have a fully written retirement plan in place to show them exactly how their retirement will work for them throughout their retirement years.
I don’t believe retirement planning is rocket science, as long as you did your part and saved money throughout your working career.
One must have their portfolio stresstested, to see how much risk one has in their portfolio. And most important, have a plan in place that guarantees you enough money on the first of the month to give you peace of mind throughout your retirement.
Trying to beat the market year in and year out is virtually impossible; just go
Please call for a no-cost, no-obligation consultation!
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DID YOU KNOW? // Millions of Americans have already received their Economic Impact Payments authorized by the CARES Act. The IRS will continue to process payments to most eligible individuals, however some may need to provide additional information. Don’t miss out. The deadline to request your Economic Impact Payment is November 21 at 12 p.m. Visit irs.gov for more information.
MONEY MATTERS ADVERTORIAL | BY STEPHANIE FRISCH, INSURANCE 101
AEP - IT’S ABOUT SAVING YOU MONEY Calling all existing Medicare Beneficiaries, are you looking to save some money on either your monthly premiums, your co-pays, or your prescription drug co-pays? The biggest way to save money is to see if a Medicare Advantage plan would work for you. If it does work, you cancel your Medicare Supplement and Medicare Drug plan for 2021 because the Medicare Advantage plan gives you that type of coverage and financial protection from medical bills. These plans in Orange County typically have no premium. Some plans used to not
Dana Point Times November 13-19, 2020
have a name-brand drug deductible, and now they do. Have your prescriptions changed since you enrolled in your Medicare RX plan? If they’re expensive medications (in the $40-$100 range when you fill them), then it’s time for a review. There is even a Medicare Advantage plan that covers insulin at a $0 co-pay, even through the coverage gap! No stand-alone drug plan does that. The Medicare annual enrollment period (aka AEP) ends Dec. 7; if you’d like to schedule a no-cost Medicare options review, contact me soon, as my calendar is filling up!
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MONEY MATTERS ADVERTORIAL | BY JENNIFER ELLIOTT, SAN CLEMENTE ESTATE LAW, P.C.
3 WAYS SAN CLEMENTE ESTATE LAW CAN GIVE YOU PEACE OF MIND AND SAVE YOU THOUSANDS OF DOLLARS 1) Protect your family By setting up an estate plan, or updating your old plan, you ensure your loved ones will receive your assets on your passing. 2) You keep control If you become ill or incapacitated, you name a trusted person who is given the tools to make sure you have all you need if you’re in the hospital or otherwise unable to pay your bills or manage your money. This keeps your power from going to the state to make decisions for you and keeps you in control of your assets. 3) Save thousands of dollars from being paid for unnecessary taxes and probate costs. When money isn’t owed to the government, that means more money goes to your loved ones.
Are you ready to protect your family and assets? Has it been years since you’ve reviewed your old plan? San Clemente Estate Law can help. Attorney Jennifer Elliott has 18 years of experience and has helped thousands of families. ••• Call us today at 949.420.0025 or learn more about us at SanClementeEstateLaw.com. Sign up for our free webinar for more information and earn a discount on our services. San Clemente Estate Law cares about your health and safety. Check our website for our COVID-19 safety measures. San Clemente Estate Law gives you a relationship, not a transaction. We are here for you and your family now and when you need us most. Call us today to schedule your private consultation.
MONEY MATTERS ADVERTORIAL | BY JAMES A. SUMMERS, LPL FINANCIAL
REAPING THE BENEFITS OF HOLISTIC FINANCIAL PLANNING What Is Holistic Financial Planning? Holistic financial planning is the process of pursuing your life goals through the proper management of your resources. Life goals can include buying a home, saving for your child’s education, planning for retirement, or leaving a legacy. The process involves gathering relevant financial information, setting life goals, examining your current resources and developing a plan for you to work toward your goals given your current situation and future plans. The Benefits of Holistic Financial Planning: Holistic financial planning provides direction and meaning to your life. It allows you to understand how a financial decision you
Dana Point Times November 13-19, 2020
make affects other areas of your life. By viewing each financial decision as part of a whole, you can consider its short and longterm effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track. ••• James A. Summers, CRPS, AAMS Chartered Retirement Plans Specialist Accredited Asset Management Specialist Registered Representative Investment Advisor Representative 949.336.1399 Direct Line 800.826.0033 888.669.4047 Fax jamesasummers.com Securities and advisory services offered through LPL Financial, a registered investment advisor Member FINRA/SPIC
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