STOP THE SWIPE
Tips for a Money Mindset Makeover
If you’re still feeling the financial sting of the recent holiday shopping season or struggle to pay off your credit card throughout the year, it may be time to rethink your spending routine.
Choose paper over plastic. In addition to detaching your credit card information from your phone or computer, consider separating your card from yourself when you leave to go shopping. Carrying cash instead of card is a helpful way to slow spending. For one thing, it helps you maintain a set amount to shell out, which you’re reminded of as the dollars disappear. Second, cash doesn’t carry an interest rate. When you spend $4 on that cup of coffee you can’t resist, you’ll be out $4, not $4.80 when using a card that charges an additional 20%. Delay, don’t dive. There will always be purchases, such as tickets for a concert that sell out within minutes or a future flight that becomes pricier as your departure date approaches, that will require you to reach for your credit card as soon as possible. That said, there are infinitely more things that you simply don’t need … at least not right away. When you encounter something online or in a store that you must have now despite it not being a scarce item, give it at least a day (or, even better, a week) before making your final decision.
Most of us are guilty of impulsive shopping from time to time, but an occasional
indulgence can become a dangerous habit if we’re not careful, especially with technology making it easier than ever to overspend. Here are three ways to curb the urge to splurge. Wipe your card info clean. There’s a reason why many apps and websites enable you to save your credit card information; it makes it easier for you to spend money! If you’re looking to reduce how often you experience the rush of an instant purchase, enter your payment manually every time you go to check out. The extra time it takes to do so may be enough to help you realize whatever you wanted a moment ago isn’t as necessary as you thought.
a l l s a n d P r o t
PERSPECTIVES ON THE BEST PATH FORWARD
Settling an estate is a process with multiple steps, but going to probate court isn’t always necessary. Many of our clients request our assistance in creating an estate plan that helps those they leave behind avoid the need for probate. Here is a brief overview of some ways to help eliminate probate from the equation, as well as some insight into why probate may not be as undesirable as it might seem. The Asset Alignment Advantage In many cases, clients find themselves facing probate when they assume an effective estate plan begins and ends with establishing a will, a revocable living trust, powers of attorney, health care directives, and other critical elements. Unfortunately, even the most diligent clients may be surprised to learn their estate may still be subject to
probate, despite their careful preparation of these documents. An improper alignment of assets is often the cause. Although it may seem like a minor point, titling your assets correctly is a hallmark of an effective and fully funded revocable living trust. Let’s use “John Doe” as an example. Rather than simply having an account titled “John Doe,” you should title it as “John Doe, Trustee for the John Doe Trust dated (month) (day)(year).” Although revocable living trusts typically require most assets to be titled in the name of the trust, exceptions may include IRAs, annuities, and 401(k) plans, which can be held through beneficiary designations. However, determining the best course of action for these elements can be complicated, so it is best to consult with an estate planning attorney to determine the best way to represent them in your documentation.
The Perks of Probate Although most clients work with us to develop ways to avoid probate, there are still situations where pursuing the process proves beneficial. Probate can provide court oversight to help streamline the settling of an estate when concerns arise over a designated representative’s ability to manage the deceased’s affairs properly. It can provide a clear process for settling estates when an individual passes away without a will in place. Please contact us if we can provide further clarity or direction on either avoiding or pursuing probate. Knowing the pros and cons of your decision in advance will prevent considerable stress and confusion for your loved ones when it comes time to carry out your estate plan.
2 floridaestateplanning.com
Made with FlippingBook Ebook Creator