Jack and Diane want to improve their financial situation and feel that making financial New Years resolutions and implementing them is a good start. To help identify their priorities, they made the following list:
Set Objectives - Goal setting is the foundation of achieving financial success. If they write down their goals, it will help Jack and Diane clarify them and establish their personal and financial priorities.
Ralph and Mary have accumulated a nice estate, a good portion of it in cash. They want to leave it all to their children when they die, but they also want to do something for them today. Being part of the Savings Generation, they are reluctant to give large sums to their kids today, as they are part of the Spending Generation. Ralph and Mary also want to treat their children as fairly as possible.
When someone dies, their estate falls into three basic categories:
Part 1 - Proceeds that can be passed on by way of a named beneficiary designation.
Mortgages today are not like they were when our parents or grandparents bought their homes. As most of us don't have the cash to buy a home outright, we need to borrow from a lender. There are a number of strategies you can use to get the best deal, pay it off more quickly and pay off the debt in the event of premature death.