FOR THESE 3 ESTATE PLANNING ACTIONS You Don’t Need a Lawyer 10 People to Thank
Before you head to the mall or add items to your shopping cart online, you want to ensure you have enough money to cover your monthly expenses and buy your loved ones Christmas presents. You may feel overwhelmed about your finances and how you will manage to buy gifts. But if you create a Christmas budget, you won’t break the bank! How do you create a Christmas budget? 1. Write down your monthly income: The first thing you want to do is tally up how much money you bring in each month. This lets you know how much money you have before you take out your expenses. 2. Write down your monthly expenses: You want to tally up the total amount of regular monthly costs, including housing, utilities, groceries, and internet. This also includes cars, credit cards, insurance, and other monthly payments. Be sure to add any streaming or subscription fees to this total. 3. Find out how much money you have left over: Subtract your total expenses from your monthly income. The number you get will be the money you have left over for discretionary spending, such as dinner out, a concert, or Christmas presents. But make sure you leave some wiggle room for any unexpected costs. 4. Plan out how much you want to spend on Christmas gifts: Write out whom you want to get gifts for and how much you want to spend. Track your spending as you go to ensure you don’t overspend or forget to buy someone a gift. Don’t Go Broke for the Holidays 4 STEPS TO CREATING A CHRISTMAS BUDGET
As estate planning attorneys, we’re here to assist you with all your estate
planning needs. From drafting a will to establishing a durable power of attorney, we’re available to help with any questions or concerns you have. A common misconception is that you can’t do anything with your estate plan without a lawyer, but that’s simply not the case. Here are three estate planning tips to help you avoid probate, and you don’t need a lawyer’s help to do them.
Joint Bank Accounts When an individual passes away without an estate plan, the surviving family members will have to go through probate. This is a costly and time-consuming process. Probate costs and other debts will come from the deceased individual’s estate. They will use the available funds and assets to pay these fees and debts. If your spouse passes away and their bank account is in their name only, the money in that account will be used to pay fees and debts. If you have a joint account, your money is protected, and you won’t have to attend probate. Vehicle Title Transfer Upon Death You want to designate a beneficiary for your vehicle(s). Taking this step will help you avoid probate. If there is no vehicle title transfer upon death and the deceased individual has debt that can’t be paid off with the funds from their estate, the vehicle may have to be sold to cover the debt. Update Your Beneficiary Designations Whenever things change in your life, look over your estate plan and update your beneficiary designations. Ensure your life insurance policy, annuity, and IRA beneficiaries are up to date and accurate. You want these funds to go to the correct beneficiaries. These are the most common issues in probate that weren’t addressed when the deceased individual put together their estate plan. If you’re searching for more tips and information on estate planning, scan the QR code and register to get your free copy of my book, “Ohio Estate Planning Secrets: What Some Lawyers Don’t Want You to Know.”
Shop for Christmas on a budget. 1. Look at last-minute sales: Tons of retailers will offer holiday sales as we get closer to Christmas. So be on the lookout for stores that mark prices down as St. Nick prepares for his journey. 2. Recycle gift cards: If you received a gift card to a store that you never used (or forgot about), re-gift it this year! Just be sure the card hasn’t expired. 3. Go thrifting: You can find great gifts at your local thrift store. Depending on where you go, you can get clothes, books, silverware, furniture, gadgets, and more.
Christmas shopping can be stressful, but by creating a budget and sticking to it, you will survive this holiday season like a pro.
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