It’s not exactly news that I have long been recommending/suggesting/begging you to make sure you have protected yourself and your loved ones by creating the must-have documents:
Okay, I know you love your family. Yet so many of you are absolutely failing at what I consider a very important expression of that love: You haven’t yet created your four Must Have Documents.
I get asked all the time “If I have a will, why do I need anything else?” So, I want to take this time to tell you why a will is not enough.
When it comes to protecting your loved ones, having both a will and a trust is essential. The difference between a will and a trust is when they kick into action.
My friends, you are killing me with your inability to plan for your death. A new survey from caring.com reports that just four in 10 adults has either a will or a revocable living trust. Even more disturbing to me was the news that barely one-third of adults with minor children has either of these essential documents.
I am concerned that many of you are banking on a retirement strategy that may not work out. According to a national survey, more than four in 10 Americans say they plan to keep working past the age of 65.
When it comes to ranking financial fears, worrying about how your family will fare if calamity strikes is probably at the top of your list. Yet for some reason, no amount of fear has pushed you to the point of (finally!) taking the steps to protect yourself and your family from the “what ifs” that can strike at any time. I am not here to scold. Or guilt you. I just want you to get past this excruciating fear once and for all. Here’s how:
You know how much I hate credit card debt, given the astronomical interest rates you are stuck paying. Though the average is around 14% I know plenty of you pay more than 20% interest. And next year could be even more expensive for anyone carrying credit card debt.
Everyone needs a living revocable trust, says Suze Orman on this week's episode of "The Suze Orman Show." In response to several emails and tweets asking why a trust is so mandatory, Orman spells it out. "A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way," she said. Unlike a will, a living trust also covers you while you are still alive, Orman noted.