Posts in category: Finances

A recent study from Fidelity found that many Americans are feeling uncertain and concerned about a potential coming recession or other shifts in the economy. The 2023 New Year’s Financial Resolution Study finds that Americans are mostly focused on financial resolutions due to shifting economic issues and inflation.

In fact, 1/3 of survey respondents said their financial situation is worse this year than last year, and only 65% said they believe they’ll be better off in the coming year. That’s compared with last year’s numbers of 72% of people feeling they were going to be better in the coming year. Half of the survey respondents reported that they want to plan ahead and live more sensibly in the coming year.

Many people are stepping back to look at their overall financial picture and to figure out the best ways to move forward and protect their interests. When there’s so much uncertainty at stake, it can be beneficial not just to review your financial plan and strategy, but also to think about adapting your estate plan. You may need to reevaluate different financial opportunities and set aside more savings for yourself, especially if you’re anticipating a potential healthcare expense in the future or leaving the workforce sooner than you expected.

Looking over your financial plan and your estate plan are great tasks to be done together.

Working with a qualified and knowledgeable estate planning lawyer helps you plan ahead for what might happen if you experience an unexpected financial or health-related issue, and it also gives you clarity and peace of mind over how you’re structuring your plan for the future for your heirs. Set aside a time to meet with an experienced and knowledgeable estate planning lawyer to learn more.

You might be tempted to wait until the end of December to evaluate your current savings, investment, retirement and other financial strategies. But because you may want to adapt these before the New Year, now is the perfect time to assess and evaluate these issues and ask questions. Waiting until the last minute could lead to missed savings opportunities and lag time into 2023 for implementing these changes. Many of the strategies involved in maximizing your financial situation and minimizing taxes can take time to analyze and to decide the most appropriate strategy.

Once your year-end plan has been created, you’ll want to make a schedule for staying in touch with your financial tax and legal advisors over the course of the year. Changes in state or federal laws or even shifting markets may call for an update to your estate plan and financial strategy overall.

Looking at the big picture of your financial plan may open up realizations that you have not adequately prepared for disability concerns, long term care expenses or distribution of these assets through your estate plan. By working with a qualified estate planning attorney in your region, you’ll have a better handle of all of the assets and liabilities inside your estate plan and the best strategies for aligning these.

Whether you have lived in the Hampton Roads area for many years or only recently relocated to Virginia Beach, working with the right estate planning lawyer is critical for covering all of your bases and making sure you have everything you need should something happen to you. Set up a time to meet with a talented Virginia Beach, VA estate planning law firm now.

Although New Year’s resolutions might have fallen by the wayside, having a great financial and estate plan is important all year round. Thinking about your health and long-term care security issues can prompt you to do the important work around protecting your individual interests and establishing a next step with your estate planning. The support of an experienced and knowledgeable estate planning lawyer can help guide you through accomplishing each of these individual steps. Here are six things you can do to get your financial strategy up leveled or back on track:

• Maintain your health by investing in healthy diet and exercise plans.
• Make sleep a priority every night as this can have important implications on your physical health.
• When it’s time, sit down and review Medicare benefits with a financial professional to make sure that the plan you’ve selected is aligned with your individual needs.
• Discuss your wishes and resources for long term care with your loved ones. For example, if you have a long-term care insurance policy, make sure your spouse and other loved ones know where to find it.
• Consider long term care insurance or Medicaid planning strategies that can help you qualify for Medicaid more quickly and easily if and when the time comes.
• Set up an annual physical and review all of your medications. Discuss options for getting off certain medications where possible.

All of these issues can help you to protect your health for as long a period as possible, and to give you powerful insights and next steps for your planning strategies. Learn more about estate planning by meeting with a lawyer in Virginia Beach today.

Transfer on death accounts are those accounts that allow you to move ownership to a beneficiary when you, as the owner, pass away. This is recognized under certain state laws and doesn’t require the involvement of the probate courts. Many different assets can be covered by the transfer on death umbrella.

Certain states will allow transfer on death bank accounts, but you might also hear these referred to as payable on death bank accounts. Brokerage accounts, bonds, stocks, 401Ks, and IRAs could all potentially be considered transfer on death accounts. When you pass away, your beneficiary will just need to show proof of ID and possibly your death certificate to get access to those accounts. Each financial institution has different rules around what is required, so it’s worth placing a phone call first to make sure you have everything you need.

If you’re the one who currently owns these accounts, do an annual review to make sure they are properly updated and include the names of your chosen beneficiaries.

You’ll need to make sure that you’ve completed appropriate beneficiary designation forms with each one of these account managers, to ensure that a smooth transfer of assets occurs if something happens to you.

Transfer on death accounts are just a few of the assets that could pass to your loved ones after you death; an attorney can help you create a plan for the rest of your assets. Set aside time to speak with a knowledgeable estate planning attorney in the Virginia Beach area for more information.

End of year provides unique planning opportunities to close up loopholes or to evaluate whether your life circumstances should prompt you to change strategies altogether. A couple of key tips can help you reorganize before 2021 and ensure that you enter the new year with a comprehensive plan and strategy to accomplish your individual or business goals.

One of the most important things you can do personally is to replenish or grow your emergency fund. One study found that just over half of Americans had an emergency fund to begin with and nearly 40% of those savers have had to tap into their emergency fund during the pandemic. Over half of the people who had an existing emergency fund before the pandemic had taken on additional debt rather than turning to their cash reserves.

This highlights just how important it is to have an emergency plan in place. Financial planning advice suggests that you have between 3 and 6 months of expenses stored up in an emergency fund. This can help to handle unanticipated bills or even a temporary loss of income. While it is challenging to build an emergency savings plan while things appear so uncertain, this and updating your estate planning documents are important end of year activities that can help you recalibrate and forge ahead into the new year.

If your life circumstances have changed over the last year or your financial planning picture has changed, this is a good opportunity to schedule a consultation with your estate planning and financial planning professionals in Virginia.