Using Investments to Augment Income and Medical Care Expenses

There are lots of ways to save for the future. From a simple savings account to a retirement fund, there are benefits and disadvantages for every plan. The best scenario is a diversified plan that covers a wide range of savings options.

Investments are a savings strategy that can grow income that augments your retirement income and helps pay for out of pocket medical expenses. As we age, the bigger issues become health related. Having adequate coverage for a wide range of possibilities is valuable. We never know what sort of medical and other expenses we may have but some include:

Long-term hospital stays
Medication and ancillary equipment needs
Out of home placement
Estate management
And more

Making investments can help grow income passively while you earn income throughout your career. Once you retire, your sources of income work in conjunction with one another to preserve your standard of living.

If you have medical coverage in place after retirement, there may still be out of pocket expenses. Leveraging investment income can help offset those costs and may have fewer penalties than accessing other sources of income. Your financial planner can help you evaluate the best investment plan for your budget.

If you start investing in your younger years, you have a great chance of growing your income with simple and consistent investments. If you are starting later, no worries you can still grow your income and use strategies to make up for lost time. Either way, investing will help you generate income that supports your needs later in life.

Here are some simple investment ideas for your consideration:

Invest in the stock market
Invest in commercial property
Invest in tax-deferred plans
Invest in insurance products

Some investments can be liquidated faster than others when you need income. Others have penalties depending on when and how much income you collect. Your financial planner can help you diversify your investments so you have an assortment of options to grow your money and collect it when you need it.

Investments are one of many tools you can use to secure your income for the future and plan for your end-of-life needs. Making small, simple investments over time will render big and important rewards when you need them most. These investments become assets that add to your estate and become part of your legacy from a life well lived.

Parents and Divorce: Protecting Your Kids in Case You Die

Protecting your children after your death is vital. Generally, if one parent dies, the other assumes full legal and physical custody without any issues. If both parents perish, a will can determine custody. What happens when a divorced parent passes away?

Divorce can be messy. Not everyone has an amicable co-parenting situation. Sometimes divorced parents don’t share custody of children equally for safety reasons. Sometimes an absent parent is unable or unwilling to parent effectively. Sometimes an absent parent does not have the proper home or income to be a full time custodian.

In the cases where an absent parent is not the ideal primary care giver, it may make sense to create documentation to legally support your custody wishes. It may also make sense to put fiscal parameters in place to support your children financially no matter who has physical custody.

If you can’t support the idea of an ex having primary custody for valid reasons – not simply due to disliking them – you can make a guardian recommendation in your last will and testament. Be sure to list and provide evidence why you are naming the guardian and make sure your will is notarized and that the guardian has their own copy. If your decision is contested, your child may be appointed an attorney to represent them in a custody hearing.

Often times a grandparent will be named as successor guardian. It is important to know that while grandparents are vital for the development and support of a child, there are no built-in grandparent rights. It is important that you take steps to name the people you desire to have access to your children in the event of your death and advocate for their relationship via your will. This will carry great weight with the court.

You may also safeguard your assets and financial support for your children by naming a guardian or fiscal payee other than your ex-spouse to manage funds and make financial decisions on your behalf. Your attorney or financial planner will have information about how to set up a trust or other fiduciary protection.

If you are divorced and do not have a positive relationship with your ex, it is important to safeguard your wishes and protect your child if you die. Take steps to secure their custody and financial stability so you can rest easy knowing they are well cared for.

Your Disabled Child Will Benefit from These Estate-Planning Tips

One of the biggest fears that parents of disabled adults face is not knowing who will care for their children when they die. Parenting disabled adults is a life-long commitment. Safety measures are in place that allows parents to make legal and medical decisions for their adult children despite them being over the age of eighteen.

In some states, a conservatorship or guardianship is the legal means that parents have to give consent for medical treatment, housing authority, and helping their children access whatever they need. Protecting this legal authority is important. Without it there is no authority for giving consent and many disabled adults lack the cognition to give informed consent.

If you are the parent of a disabled adult child, you and your child will benefit from these tips:

Tip #1. Find a successor guardian- Naming a successor guardian is a simple legal task. Taking the initiative to name a successor guardian while you are alive will streamline the process and prevent a break in protection for your adult child. Often times a successor may be an adult sibling or a secondary relative though being related is not a requirement.

Tip #2. Access resources in your community- Many disabled adults have resources available to them such as regional centers. These resources may be able to help with accessing attorneys or other programs that can help protect and serve your adult disabled child.

Tip #3. Begin to think about housing- If your adult disabled child has been living with you, it may be time to explore options outside of your home. There are often group settings or shared housing options available or perhaps there are family members ready to assist. Making a plan before you need it will help make transitions smoother.

Tip #4. Encourage as much independence as possible- Your adult disabled child may have opportunities for employment or social activities through the Opportunity Center or other programs. Foster as much independence as possible while protecting and honoring their limitations. Helping your child be as independent as possible will serve them when you can not be there as their primary care provider.

Families supporting an adult disabled child face unique circumstances in long-range planning. Finding the right support system and getting things in place for when you are unable to manage their care will make things easier when the time comes.

Finishing Well – Don’t Leave Things Unsaid with Those You Love

Moving through life, we bump up against people and situations that bruise. Being offended, hurt, and misunderstood takes a toll on friendships and family. Before long, time has gone by and it’s just normal to be disconnected. Sure, regret pops up from time to time and memories of how things were or could have been creep into your thoughts.

Why not take action to make things right?

Once someone is gone there’s not much that can be done to undo what’s been done. Up until then, there’s much that can be done – forgiving, moving forward, and beginning anew.

We all want to finish well. To come to the end worn out and having used everything we were given before our time comes. This should include repairing and restoring relationships whenever possible. Of course, there are times when people are too toxic to engage with but for the most part there’s nothing too far gone that can’t be revitalized with effort.

If you are at odds with someone and really want to recapture your relationship, it’s a great time to do some planning and reach out. Here are some simple ideas for repairing relationships and making sure nothing is left unsaid with those you love.

Idea: Get some counseling. Sometimes an issue has festered for so long it is a wound that can’t seem to heal. This may be a good time to get outside help. Working through your feelings can help you sort them out and a neutral counselor can help you see all sides of a situation, not just the side that justifies your negativity. Once you’ve worked things out you may be in a place to revive your relationship.

Idea: Ask for forgiveness. Sometimes we do things that hurt others. We all make mistakes and blunders and people are caught in the crossfire. Relationships can become fractured and friendships lost because of something we have done or said. If you are repentant and want forgiveness, ask for it. Own your mistake and ask for grace and a chance to make things right. Say what needs to be said to make things better.

Idea: Offer forgiveness. In the same way we make mistakes, others hurt us too. Offering forgiveness and compassion can change things from uncomfortable to finding common ground. Even if the other person isn’t sorry for their offense, offering forgiveness can leave things in a better space than they were.

Finish well and make sure there’s nothing left unsaid with those you love. Be willing to open up and have tough talks and loving talks that create bonds and come from a place of love.

Protecting Dignity and Values During an Accident or Illness

Having a debilitating illness or injury can be devastating. Not only is your health fractured, your dignity can be in jeopardy too. Being sick subjects us to medical procedures that leave us feeling exposed physically and mentally. It can be hard to feel secure and in control of our person when we are being put through the medical gauntlet.

Likewise, supporting someone who is going through tough medical issues can feel uncomfortable. Being exposed literally and figuratively to procedures and losing independence can be isolating and disrupting. Being able to protect dignity and values during an accident or illness is an important part of the process.

Medical providers and first responders see people every day who are at their worst. They are providing care to people who are injured, sick, and sometimes dying. It can take a toll on them and they tend to compartmentalize their feelings so they can do tough work without showing emotion. This can adversely affect patients who often times feel like they don’t matter outside of being a body that needs medical attention.

Sometimes the practical side of medicine collides with the intimate side of dignity. Finding the balance is important. Here are some reminders to help maintain dignity and keep your values when you are sick or have an accident.

Remember: Communicate- You are in the driver’s seat of your care. Communicate your beliefs, preferences, and boundaries if you feel your dignity is being affected. Though some procedures and side affects of an illness may be undignified, you can manage to protect what little dignity is available.

Remember: Advocate- If you are someone supporting someone else with an illness or injury, you can advocate for their dignity. Lead by example and make sure their feelings, values, and person are respected and protected under every circumstance.

Remember: The golden rule- Being nice generally brings about compassion in others. Even if you are gravely ill or chronically sick you can control how you treat others. Being kind to medical providers and those supporting you will encourage them to be kind right back.

Having an accident or illness can render people helpless and put them in tough situations. It’s important to preserve dignity and hold to values even under these circumstances. There are simple things you can do to protect your dignity and that of those you love.