Check out our latest edition!
t
e
Knowledge is power. –Sir Francis Bacon
When I write my newsletter, I usually pick personal topics to pass on my thoughts, memories, and life experiences. You know, random things just bouncing around in my head, itching to get out.
other things). Make sure your login and password information are accessible so that your next-in-charge can get access your technology in case of your incapacity or death.
Today, instead of random thoughts, you get legal substance.
I’ve been seeing some mistakes and confusion around a few particular areas. Here’s what you need to know so you don’t make these slip-ups. 1. Your Beneficiaries If you have a will-based plan, you must make sure your beneficiaries are set. If not, your loved ones will end up in probate court. Many problems arise from bank and credit union accounts — for some reason, it’s not standard procedure to add beneficiaries when you open these accounts. Also, several banks have merged, and they lose records. If your bank has recently merged, double-check that your beneficiaries are still on file. If you have a trust-based plan, your beneficiaries will depend on the objectives of your trust and whether accounts are retirements accounts (like IRAs) or non-retirement accounts (like bank or brokerage accounts). You should understand why a certain asset is in your trust, and why another has beneficiaries. If you don’t, let us know and we can help. 2. Updating a Plan Your family, money, and health change — as does the law. Don’t just put your estate plan away and expect it to last forever “as is.” Of course, we can let you know when the law changes. But on the personal side (family, money, health), we don’t know unless you tell us. Don’t be shy. If your personal life changes, update your estate plan so it keeps up with your life.
5. Safe Deposit Boxes at Banks My personal advice is “don’t have a safe deposit box” — I don’t. They are difficult to access after you’re gone, and banks are a pain to deal with. If you must have one, add a trusted person on the box with you so they can access it. 6. ROTH Conversions The SECURE Act kicked in on Jan. 1, 2020. It raised the age at which you have to take your first IRA required minimum distribution to 72. It also restricted the benefits of inheriting an IRA, and made ROTH conversions much more attractive. If you haven’t done a ROTH conversion analysis, you should. If you don’t know where to start, we’re happy to point you in the right direction.
3. Disabled Beneficiary If you have a disabled beneficiary who receives
governmental benefits (like SSI or Medicaid), you must make a special plan for that person or those benefits will be lost when he or she receives an inheritance. 4. Digital Assets If you have a cellphone or computer, you have digital assets. We are getting more calls from loved ones who can’t access phones, emails, and online financial accounts (among
We see other mistakes, but these are the repeat offenders.
Knowledge truly is power. If you are making any of these mistakes, the time to correct them is now.
1
MichiganEstatePlans.com • 888.487.6150
The Pros and Cons of Retirement WHAT THE ‘UN-RETIREMENT’ TREND MEANS FOR YOU
If you’ve been out and about in your community, you may have noticed more gray-haired folks working as cashiers at the grocery store and pouring lattes at your local coffee shop. There’s a reason for this upward trend in older workers — and it goes back to 2020. That year, thousands of people near retirement decided they didn’t want to stress about pivoting to remote work or potentially catching COVID-19. So, they threw in the towel and retired early! Experts called this movement the “Great Retirement.” Now, the exact opposite is happening. This year we’ve seen what CNBC calls an “un-retirement” trend: Folks who were retired are returning to the workforce to fulfill the high demand for labor, and pre-retirees are pushing their retirement back in favor of new full- or part-time jobs. About 1.7 million people “un-retired” between April 2021 and April 2022. Should you join them? The Benefits of ‘Un-Retirement’ • Pad your retirement fund. This hasn’t been a great year for stocks or bonds. If your retirement fund has dipped, working full or part time
may give it the boost you need to feel secure in your old age. • Experiment with a new career path part time. Are you a long-time accountant who has always loved flowers? Taking an “un-retirement” or “bridge” job at a florist shop will give you a taste of the career you’ve always secretly wanted without pressure to climb the ladder. • Ward off age-related diseases. Engaging physically and mentally in learning a new job can reduce your risk of illness like dementia and depression. The Costs of ‘Un-Retirement’ • Your travel options might be limited. If you have a long bucket list, “un-retiring” for a year or two may prevent you from getting to every place on it. • You’ll have less time to enjoy your hobbies/family. More hours at work mean fewer hours for your granddaughter’s track meet or working on your classic car. • There’s actually a higher risk of illness. Yes, your health is on both the benefit and cost lists! Work-related stress can take a mental health toll, which you can avoid by choosing retirement.
To help you make the smart choice, visit Forbes.com and read “Is It Worth Delaying Retirement One Year?” It’s an older article but a good one!
September is National Self-Care Awareness Month. It’s a great moment to take that extra time to put ourselves first and make sure we are taking care of ourselves. After all, how can we care for others if we aren’t looking out for ourselves too? Sometimes, it can be tough to prioritize our needs. With children, grandchildren, family members, careers, engagements, and other responsibilities, we may often put “me time” on the back burner — and many people tend to look at self-care as a luxury rather than a priority. It’s true that massages, facials, pedicures, and haircuts are luxuries, but while not “necessary,” they are forms of self-care — and that’s actually important. If that isn’t your style, there are many other ways to prioritize yourself that won’t require you to head to the spa. Physical Self-Care The body and mind are closely connected — when you take care of your body, you feel better all around. Physical self-care embodies how you take care of your body. How much sleep do you get? What types of food and nutrients do you fuel your body with? Are you getting enough exercise? Taking time to stay healthy helps keep stress levels low, promotes better sleep, and can help people achieve greater satisfaction in life.
Social Self-Care Part of being human means that we have a natural drive to be
connected with others, and that’s important for our well-being. However, sometimes time spent with family and friends winds up at the bottom of our priorities. There is no substitute for time spent enjoying the company of others, so be sure to make time for social events, calling an old friend, or setting up coffee dates.
Mental Self-Care Our mindset has a large impact on our mental self-care. When we fuel our minds with positivity, challenges, and new information to keep our minds sharp, we are encouraging ourselves to have a healthy outlook on our lives. Healthy inner dialogue and positive self-talk both go a long way and may do more than most people even realize. Remember that you always come first. Learning to prioritize yourself allows you to reach your greatest potential and can even help you more adequately care for the people you love. What does your self-care routine look like?
2
MichiganEstatePlans.com • 888.487.6150
Don’t Let Your Nerves Get the Best of You
5 FOOLPROOF WAYS TO RELAX AND DE-STRESS
In the hustle and bustle of our busy day-to-day lives, it’s easy to become overwhelmed with workloads, stressed out over meetings, or nervous about presentations or upcoming events. When you’re anxious or stressed out, your body releases stress hormones which can lead to stress levels that snowball out of control and cause headaches, depression, and even lightheadedness. In order to safeguard your health and eliminate feelings of anxiety or nervousness, here are a few calming techniques that you can do almost anywhere. The Importance of Breathing This advice can seem a little silly, especially when we breathe without even thinking about it, but there are specific ways of being mindful while we breathe that can put our minds and bodies at ease. Try breathing in deeply through your nose, holding it for a few seconds, and exhaling through your mouth a few times. The calming effect may surprise you. Calling a Friend Sometimes just hearing the voice of a loved one, no matter what you discuss, can help quiet any anxious thoughts. Smiling and laughing helps us release endorphins which can work wonders to boost our moods and make life so much better. Counting to Ten Take a moment to close your eyes and slowly count to ten. If you feel you need more time or a better shot at taking your mind off everything for a moment, count backward from ten. Shifting your mind from the source of your worry or stress can do some pretty amazing things. Bonding With a Pet Spending time with our furry friends is said to be one of the best forms of therapy. Petting or playing with your pet can release feel- good hormones and help us embrace calmness and clarity. Listening to Music Almost everyone knows that it can be great to listen to music if you’re stressed. But you don’t have to listen to classical or soothing music! If heavy metal is your jam, crank it when you feel stressed. Concentrating on something you enjoy is one of the best ways to distract yourself from negative feelings and even calm your nerves. In times of worry or even anxiety, remember that it’s important to put yourself first. The next time you’re feeling anxious, give one or a few of these tactics a whirl. You just might be surprised by how quickly you’ll feel better.
Solution on Pg. 4
Helpful Resources • Is your estate plan up to date? Ask us about our FREE Estate Planning Check-up. Call our office or email Julie@mtolaw.com.
• Don’t miss Glenn on “Senior Law
Radio,” WHMI FM 93.5 every Sunday at 8 a.m. You can also listen live (or to previous shows) on WHMI.com.
• Questions about your money? Do you need help with your financial goals, investment management, or retirement planning? Glenn has partnered with his personal financial advisor, Brad Jerome, to bring expert financial services to our clients. Brad meets with you right in our office — no cost, no obligation, and no pressure. Just an opportunity to discuss your goals with a top-notch financial advisor to see where your path might lead. You can reach Brad directly at 517.301.3070. • Let us be your trusted advisor for all your legal matters. We have grown with the referrals we receive from our clients. We want to return the favor by helping you find a great attorney outside the field of estate planning, elder law, and probate. Our clients often call us in need of an attorney who focuses on personal injury, auto accidents, elder and nursing home abuse, workers’ compensation, Social Security disability, and many other areas. To get the best results, you need an experienced attorney to help. If you want a referral, call our office or email Julie@mtolaw.com. We are glad to help!
3
MichiganEstatePlans.com • 888.487.6150
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
MichiganEstatePlans.com • 888.487.6150 915 N. Michigan Avenue, Suite 6 Howell, Michigan 48843
What’s Inside? 1 Knowledge Is Power
2 3
The Benefits of ‘Un-Retirement’
Self-Care Awareness Month
How to Relieve Stress, Anxiety, and Worry
Helpful Resources
4
Balance Training Key to Quality Movement
5 Exercises to Improve Balance
Though we may not always think about it, balance is essential to just about everything we do in our daily routines. From simply getting out of bed, leaning over to tie our shoes, or even walking to the mailbox, we need good balance to keep ourselves steady while performing normal tasks. Know why balance is important. Balance is the ability to control your body’s position, whether stationary or moving. It is a key component of fitness that many people neglect while developing their fitness regimen. Balance training is a great way to help your body recognize where it is and control movements in a given space. When the body knows where its limbs are in space — known as proprioception — it is able to produce smooth, controlled movements with fewer risks of injuries. Reaction time and agility are also improved with balance training. The body learns how to quickly correct itself but not overcompensate and has the ability to quickly change direction effectively and efficiently.
Though balance training is important for everyone, it is especially important for those who have problems due to illness, weakness, or dizziness. It allows them to overcome stiffness or unsteadiness and to develop an awareness of body segments and how to align them. These exercises help with balance. Balance training involves exercises to strengthen the muscles that help keep you upright and improve stability. These types of exercises can be done as often as you like or even every day. Consider trying the following exercises: • Standing with your weight on one leg and raising the other leg to the side or behind you. • Putting one heel right in front of the other foot, as if you were walking a tightrope. • Standing up and sitting down from a chair without using your hands. • Walking while alternating knee lifts with each step. • Stretching and gentle movement as part of yoga or tai chi. Balance is essential to living a healthy, functional life. It’s important to incorporate balance training into your fitness regimen. That way you can decrease the risk of injuries and help move freely and confidently.
4
Offices: Howell | Clinton Township
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator