Home Equity Line of Credit

Estate Planning is the third step in your do it yourself financial plan. People usually thing of estate planning as wills, trusts, and gifts, etc. Not anymore. No one wants to think of sickness, old age, and death, yet all of us will experience that at some point, and the most important element of a person’s legacy is not money but passing along values and life lessons. Yes, the basic documents of an estate plan which are needed to build wealth are a will, durable power of attorney for financial care and durable power of attorney for health care. But now people want so much more. They want to know how the last wishes and preserved memories of the individual will be left behind. Here is the new softer side of estate planning. It is called legacy planning:

Ethical Wills-more people are using this type of will not just to distribute assets but to also put their values and beliefs on paper. Even if you are not the best writer, you can find outlines and examples on the web to get you started on what memories, beliefs, values, or life lessons you would like to leave behind.

Durable Power of Attorney for Financial Care is a document that gives someone the authority to take over your financial matters upon your disability or incapacity. Make sure that the individual you choose is aware of his or her duties. I have found too often that one child who is not financially savvy is given the responsibility that he or she did not want. Don’t surprise people with this responsibility. See if they are open to being appointed for these duties by talking to them first.

Durable Power of Attorney for Health Care is a document that gives someone the authority to make medical decisions for you upon your disability or incapacity. 85% of most DNRs (do not resuscitate) are not honored. Again, make sure the individual you choose knows of his/her obligation to see that your wishes are honored.

Some of the new advanced medical directives like the Five Wishes available at Aging with Dignity offer a more elaborate medical directive which is easy to understand and use.

Passing along “values and life lessons” was overwhelmingly considered (by over 75 percent) the most important element of a person’s legacy according to a recent study. Don’t wait to execute these documents under duress. Plan your legacy today for the protection of your assets and your family. -Fern Alix LaRocca CFP®

Buying a home is more than just walking into a house. Not only do you want to make sure that you have the right investments set in place, but you also want to make sure that you have the right things to protect you in case something happens. Having the correct house insurance is an important part of investing in real estate and moving into a new home.

With most lenders, it is required that you have certified house insurance. This is because some of the property that you will own is also theirs. Most house insurance is chosen during the final stages of closing your home in order to protect all of your assets as well as pieces of property that belong in the home. By finding the right house insurance, you will be sure to be protected against any accident or natural disaster that may happen. This is when you really need to do a house insurance comparison. Which is the best house insurance package for you? How will you know unless you complete a thorough house insurance comparison?

House insurance will be divided into a variety of categories, all which will beneficial to different situations. The best way to decide on home owners or house insurance is to first add in how much you own and the value of the home. You will want to make sure that you are able to cover as much as possible and are able to get returned on everything that you own.

This is where house insurance comparison comes in because another factor to consider with home owners or house insurance is the type of coverage that is offered. Some companies will have different categories according to the types of things that you own and how this relates to what you will need replaced. After you have assessed the value of everything, you will also want to add in what you know you will want covered and which category of insurance this will put you into. It is also important to know whether you will get ‘new for old’ i.e. will they replace that 5 year old TV with a brand new one?

Home owners or house insurance is one of the ways that you can ensure that your real estate and property investments stay covered. If anything happens, you will want to be assured that you have lost little to nothing in the process. Home owners or house insurance is one of the ways that you can safeguard your investments and keep them out of harms way.