Archives for April 2013

A Conversation You Must Have About Your Healthcare

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The Conversation You Must Have With Your Kids and Your Parents

Every single adult needs to have an advance health care directive written, signed and in place. This includes your children, as soon as they turn 18.  This includes you. This includes your parents.

Without an advance health care directive in place, you would not be able to access your child’s medical records once they are the age of majority, if they are unable to communicate permission. You would not be able to ensure your health care decisions will be made the way you choose. And your parents lose the ability to communicate their wishes and remain in control as long as possible.

Here is what you can do today  to begin the conversation you need to have about advance healthcare planning:

1.  Look inward.  Before executing an advance healthcare directive with the help of your Personal Family Lawyer®, think about what you do – or don’t – want to happen if you were unable to make your own decisions.  Think about the people you would want to carry out those decisions and if the person you have in mind will follow your wishes.

2.  Talk to your family.  One of the most tormenting things for families is having to make healthcare decisions for a loved one by having to guess what they would want. Communicate your wishes to your family so you don’t put them in this stressful position.

3.  Talk to your healthcare providers.  Let your primary physician and any other healthcare provider know about your decisions about your healthcare.  Ask any questions to alleviate any concerns you or your family may have.

4.  Execute your advance healthcare directive.  Once you have decided upon your healthcare options and have chosen an agent, meet with your Personal Family Lawyer® to complete your official advance healthcare directive.  Have copies made for your family and your primary healthcare provider.

We are happy to help you prepare a health care directive for you, your parent(s) or your adult child(ren) and discuss any other estate planning needs you may have.  Call 720-248-7621 to schedule your appointment today.

Filed Under: Colorado Estate Law Information ·

Striking a Balance Between Your Retirement and Your Child’s Education

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Striking a Balance Between Funding Your Retirement and Your Child’s Education

Many parents perceive a conflict between funding a child’s college education and building their own retirement nest egg.  The conflict usually arises from the lack of financial resources to do both while funding daily living expenses, so parents become stuck between priorities and usually wind up doing nothing at all.

One of the things a Personal Family Lawyer® can help you do is sort out your priorities in a way that supports your family for the long-term.  With that in mind, here are some guidelines on striking a balance between saving for your retirement and your child’s education:

Build an emergency fund first.  This should be 3-6 months of living expenses that you have saved to fall back on in an emergency.  If you don’t have it, you will likely be forced to raid your 401(k) or other retirement account, spending more for penalties and taxes to cover the cost of the emergency. A great way to start this fund is to set up an automatic transfer to a savings account not linked to the account(s) you use for daily or monthly expenses.

Save for your retirement or build a business to fund your retirement second.  It is difficult for many parents to accept that they may not be able to fully fund a child’s college education, but consider the alternative.  You aren’t being “selfless” if you spend what you should have saved for retirement or to create a business to fund your retirement on a child’s education, and then run out of money right when your kids are having their own families and trying to save for their own retirement.  Then you will be financially dependent on them – just what you (and they) don’t want.  There’s a reason there are loans for education but not for retirement.

Save for your kids’ college education last.  Only after you have funded your emergency stash and your own retirement accounts (or built a business to fund your retirement) should you funnel cash to a child’s education fund.

If you would like to learn more about strategies for getting your financial future in balance, call our office today at 720-248-7621 to schedule a time for us to sit down and talk.

Filed Under: Colorado Estate Law Information · Tagged: , ,