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Home » Estate Planning Articles » Cross-Training for Financial Fitness

Cross-Training for Financial Fitness

February 28, 2014

Compliments of Our Law Firm,
Written By: The American Academy of Estate Planning Attorneys

John and Susan have been married for 38 years. Like many couples, early in their marriage, they gravitated toward a division of labor that worked for them. John is an amateur chef, so he handles the grocery shopping, the meal planning, and the cooking. Susan loves the outdoors, so she takes care of the lawn and the garden. Susan, who is a neat freak, does much of the cleaning, while John keeps track of the family finances.

John and Susan have done something else, something really smart. Despite their division of labor, each of them knows how to handle all of the other’s responsibilities. This way, if one spouse goes out of town or gets sick, the household continues to run smoothly. Meals are still cooked, the lawn is maintained, and the bills are paid on time.

Last year, when John had a mild stroke, this “cross-training” paid off in a big way. Susan knew exactly where to find John’s important medical documents. She had all the important information about his health and disability insurance coverage. When it took several months for him to get back into the swing of things, she was able to keep their finances on track without missing a beat.

You and your spouse likely divide the household responsibilities, but do you take the extra step and stay up-to-date on each other’s tasks? If you don’t, you might want to start with your family’s finances. No matter which spouse handles your family’s budget, it is essential that both of you know some basic information. Here’s a checklist to get you started:

  • An overview of your basic monthly bills, including how each is paid and from which account
  • The locations of your checking, savings, and brokerage accounts
  • Your account numbers and passwords
  • The email account and password where you receive billing statements
  • An overview of your filing system
  • The locations of your insurance policies, declaration pages, and/or cards, including:
    • Health insurance
    • Auto insurance
    • Homeowner’s insurance
    • Life insurance
  •  The location and details of your estate planning documents, including:
    • Living Trust: Many people opt for a Living Trust to serve as the foundation of their estate plan. This tool allows you to plan for your family’s security in case you become disabled. It also lets you distribute your assets without the need for probate in the event of your death.
    • Will: Even with a Living Trust, a Will is a necessary part of your estate plan. A Pour-Over Will “catches” any assets left out of your Trust and allows those assets to be distributed in accordance with your overall plan. A Will also lets you designate a guardian for your children.
    • Financial Power of Attorney: A Financial Power of Attorney allows you to name an agent to handle your financial decision-making in case you are incapacitated.
    • Healthcare Power of Attorney: A Healthcare Power of Attorney lets you name an agent to make medical decisions for you in case you are too ill or injured to do so yourself.
  • The names and contact information for each of your trusted advisors, including:
    • Estate Planning Attorney
    • Insurance Agent
    • Financial Advisor
    • Primary Care Physician

With a little planning, you can spare your family the confusion and stress that too often accompany hard times. If you do not have an estate plan, now is a great time to put one in place. The best way to do this is to connect with an experienced estate planning attorney. He or she can walk you through the process and design a plan that meets your family’s unique goals and needs.

Set aside a few moments this week to sit down with your spouse and go through this checklist. You’ll be so glad you did!

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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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