Living Well 60+ January-February 2014 - Page 31

JAN/FEB 2014 Personnel effects SAFETY continued from Page 14 SAVE continued from Page 15 and be prepared to give CPR if necessary. you don’t want to rely on Social Security, relatives or social services agencies for your well-being when you are elderly. Driving Safety 31 II. Why do you need estate planning? Succession is the mandatory court proceeding which completes all Planning is your strategy to overthe legal and financial matters of come obstacles in preserving your the decedent. If there is a Will, the wealth during life and transferring it Probate Court reviews it and rules after death. The principal obstacle all on it validity. It pays off all creditors of us face in planning our estates are: and inventories all assets. Finally, 1. SUCCESSION it changes the title of all the assets 2. DEATH TAX (Federal Estate from the name of the decedent to Tax) the names of the beneficiaries name 3. CONSERVATORSHIP in the Will. This procedure usually 4. IT IS A PUBLIC PROCESS takes one to three years. 5. LONG DELAYS, UP TO 2 VII. What are the disadvanYEARS OR MORE tages of Probate? 6. VERY COSTLY For benefits of court supervision in 7. AGGRAVATION and STRESS Probate, your family will pay a heavy III. What methods are used to price. plan an estate? Excessive fees: Attorney’s fees, ExThere are three basic methods we ecutor’s fees, Appraisal fees, Court can use to plan an estate? filing fees and Bond Premiums are 1. Do nothing in some circumstances, astronomi2. Create a Will cal. 3. Establish a Revocable Living Trust Excessive delays: Probate averages IV. What happens if I do between six months and three years Nothing? to complete, depending on the Believe it or not, a majority of complexity of the Estate. It has been Americans choose to do nothing. reported that the national average is It has been reported that 70% of all almost two-year delay. Americans have no estate plan. As VIII. Have a Revocable Trust; a consequence, upon their death, Make an Easy Transition without Courts. state law dictates how their Estate is distributed. Unfortunately, the government’s plan has no particular ARTIST continued from Page 28 concern for the best interest in your paintings, but it is her determinafamily. tion that leads her to complete her V. Is creating a Will a good efforts. Braking time can be up to nine Chrysantha Clark, CFP® may be times longer in snowy or icy conreached at Keystone Financial ditions. If your vehicle begins to skid, let off the gas and brakes and Group, 859.317.8316 or chryuse a quick hand-over-hand steer- santha.clark@keystoneky.com. www.keystoneky.com ing technique to turn the front tires in the direction you want to * This is a hypothetical example and is not reprego. Keep your gas tank half full to sentative of any specific situation. Your results will vary. The hypothetical rates of return used do not prevent the fuel line from freezreflect the deduction of fees and charges inherent to ing. Make sure your tires have investing. adequate air and routinely check There is no guarantee that a diversified portfolio the tire pressure during winter. will enhance overall returns or outperform a nondiversified portfolio. Diversification does not protect Keep wiper fluid full and replace against market risk. shoddy wiper blades. Keep a This material was prepared by MarketingLibrary.Net long-handled windshield scraper Inc., and does not necessarily represent the views of handy. Store an emergency kit the presenting party, nor their affiliates. All information is believed to be from reliable sources; however in your vehicle. Good things to we make no representation as to its completeness or include in it are: blankets, extra accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. clothing, water, flashlight, batterThe publisher is not engaged in rendering legal, ies, battery-operated radio, phone accounting or other professional services. If assistance engage the charger, chemical heaters, jumper is needed, the reader is advised to informationservices of a competent professional. This should cables, written list of emergency not be construed as investment, tax or legal advice may not be relied on for of avoiding contacts and any relevant medical and Federal tax penalty. This the purposesolicitation any is neither a information (conditions, blood nor recommendation to purchase or sell any investment or insurance product or service, and should not type, allergies, medications), cat be relied upon as such. All indices are unmanaged and litter or sand for tire traction, a are not illustrative of any particular investment. small shovel, flares, first-aid kit Citations. and non-perishable, high-energy 1 - money.cnn.com/2012/08/15/pf/expert/latestart-retirement.moneymag/ [8/15/13] foods such as nuts and granola 2 - irs.gov/uac/IRS-Announces-2014-Pensionbars. Don’t leave your vehicle Plan-Limitations;-Taxpayers-May-Contribute-upto-$17,500-to-their-401%28k%29-plans-in-2014 T H E Y E A R W A S 1 9 8 5idea? … if you’re stranded; wait in it. If [11/4/13] Ronald Reagan was the 40th president. the vehicle is still running, keep 3 - forbes.com/sites/ashleaebeling/2013/11/01/reMany people plan their Estates by “The Golden Girls” were fast becoming friends on their first season on TV. tirement-savings-for-the-self-employed/ [11/1/13] the exhaust pipe clear to prevent A gallon of gas cost one dollar and twenty cents. creating a document called a Last carbon mon