Newsletter for May-June

Check out our latest newsletter here: https://www.ltmonline.com/jerrysiver
Helpful information on all these subjects:
Estate Planning:
Let’s Talk Estate Strategy Q&A
 • What tax-efficient strategies can individuals use to pass assets to adult children?
 • How can individuals let family members know where to access important documents in case of disability or death?
Protecting your child:
Mother’s Day and Father’s Day give us the opportunity to show Mom and Dad how much we appreciate them. But could moms and dads be doing more to protect their children? If you’re the parent of a minor child, you can help ensure your child’s future by naming a legal guardian and having sufficient life insurance.
General Interest:
A moving experience
 • Moving to a new home can be both physically and financially draining. We offer some tips to help make the move less stressful.
Lost and found
 • If a loved one dies and no life insurance policy is found, how can you determine if one exists? We list some strategies legal representatives can use to find the answer.
By the numbers: total annual college charges
How much does it cost to go to college? Here’s a look at some 2014 statistics from the   College Board.
 • The smart way to pay for college
Borrowing to pay for college is sometimes unavoidable. But a smarter and less expensive way to pay for your child`s education is to build a college fund through investing.
 • Thoroughly modern money
Technology has made managing finances a lot easier. There are now many options that can help you budget, deposit checks and pay bills more efficiently.
Insurance:
Good health = lower premiums
Looking for a way to lower your life insurance premiums? By making a few healthy lifestyle changes, such as losing weight, exercising and quitting smoking, you may be able to qualify for lower insurance rates.
Let’s Talk Insurance Q&A
• Should first-time homeowners buy life insurance?
• Why are life insurance premiums generally higher for men than for women?
Retirement Planning:
Get your retirement account in shape
Is your retirement account as healthy as you’d like it to be? To help you get your investments in shape, we list some common mistakes to avoid.
Let’s Talk Retirement Q&A
• How much do retirement plan contributions reduce an individual’s income taxes?

Seniors:
Let’s Talk Retirement Q&A
• What is the difference between an assisted living facility and a nursing home?
• Why is the term” activities of daily living” important to understand when searching for a long-term care facility?
When what you leave behind matters
May is Older Americans Month. It’s the time we celebrate the accomplishments of individuals ages 65 and older. As a member of that generation, what’s important to you? Is it leaving your loved ones a financial legacy? You may not be able to if you haven’t factored medical and long-term care expenses into your retirement strategy.
Small Business:
Let’s Talk Business Q&A
• Are individual retirement accounts still protected by federal bankruptcy laws?
• How can employers increase participation in their retirement plans?
Spring into May with a healthy outlook
If it’s been a while since you reviewed your finances, now would be a good time for a checkup. We discuss some items that can get both your business and personal finances on the right track.
Standard:
Is your investing strategy fiscally fit?
May is National Physical Fitness and Sports Month. You know exercise and a healthy lifestyle can help keep you physically fit. But what can you do to ensure you’re fiscally fit? A review of your investments can help you determine if your current investing strategy is still in line with your goals.
Let’s Talk Investments Q&A
 • What is a target date retirement fund’s glide path?
Womens:
Pamper yourself with a secure retirement
 • Mother’s Day is the day your children recognize you for all you do. But sometimes the things you do, such as taking time out of the work force to care for children or an elderly parent, can affect your ability to invest for retirement. By starting early, maxing out your contributions and opening a spousal IRA, you can help build a financially secure retirement.

Let’s Talk Money Online

The November issue of our newsletter is now available for viewing here:

https://www.ltmonline.com/jerrysiver

Subjects include:

Estate Planning:

More than taxes

When you first developed your estate strategy, your primary goal may have been to mitigate taxes. But there’s more to an effective estate strategy than taxes alone. An updated strategy can help provide financial protection for you and your loved ones and management for your assets when you can’t or don’t want to manage them yourself.

General Interest:

Keep the happy in your holidays

Shopping during the holidays doesn’t have to be stressful. Sticking to a budget, looking for bargains and watching out for scams can help you save money and reduce stress.

Secrets of successful investors

To be financially successful, you need to invest money on a regular basis. We offer some tips to help you invest more.

Give yourself the gift of lower taxes

Even though the year is quickly coming to a close, you still have time to reduce your income-tax liability for 2013. We list some ways you may be able to lower your tax bill.

Keep or toss?

You finally cleaned out your filing cabinet and have a pile of old tax documents ready for the shredder. Not so fast. If the documents support items shown on your return and the period of limitations for that return hasn’t run out, the IRS requires that you keep them.

By the numbers: average monthly spending

In which month do you think Americans spend the most on average? Here’s a look at the highest and lowest months for spending according to a Gallup poll.

Insurance:

Talking term insurance

With various options to choose from, buying the right type of life insurance can seem like a daunting task. If you want an affordable option that provides coverage for a set period of time, term life insurance may be what you’re looking for.

Tips for year-end charitable giving

With the holiday season upon us, you may be thinking about sharing your good fortune with others by giving to charity. We offer some tips to help you maximize the tax benefits from your donations.

Retirement Planning:

Retirement hopes versus reality

Like most Americans, you probably hope you’ll have enough money to live on in retirement. But your hopes for your future may be very different than reality. There are several steps you can take to help make your retirement more secure.

Spousal IRA one-two punch

Investing for retirement can be hard for a stay-at-home spouse. But even when one spouse does not have access to an employer-sponsored retirement plan, there is another investing option worth considering: a spousal individual retirement account.

Seniors:

Prioritize your protection

Are you one of those people who thinks only the elderly need long-term care protection? Think again. Anyone can suffer a disability that could require long-term care services. Taking the time now to assess your possible long-term care needs, along with your disability income and life insurance needs, can help ensure your family’s financial security is protected.

Small Business:

A year-end checkup for small businesses

An annual financial review can help keep your business healthy and growing. As part of your review, make sure your business has the insurance coverage it needs.

Put your plan on autopilot

Setting money aside for retirement is important. Unfortunately, not all your employees may think so. To raise your company retirement plan’s participation rate, you might want to consider introducing an automatic enrollment feature.

Standard:

Find out if you’re still in the zone

Have your investing goals changed over the past year? If they have, then now is a good time to review your investment strategy to determine whether it’s still appropriate for your other goals and time frame.

Womens:

Got money for retirement?

Women have a harder time accumulating money for retirement than men. Why? They tend to live longer, typically earn less and may take time out from the work force for caregiving. But don’t let those factors fool you into thinking you can’t have a financially secure future. We list some steps women can take to improve their finances in retirement.

Personal Watercraft

From the Insurance Information Institute:

Personal watercraft are not generally covered by homeowners or auto insurance, and where they are, the coverage limits can be fairly low. You may need to purchase a specifically designed policy in order to insure these vessels. The personal watercraft policy covers:  
  

  • Bodily injury
  • Property damage
  • Guest passenger liability
  • Medical payments
  • Theft

Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, although these may vary from company to company.

Liability limits start at $15,000 and can be increased to $300,000. This coverage will provide financial protection if your personal watercraft is involved in an accident.

Most policies also include water sports liability, which covers risks associated with activities such as waterskiing.

Consider buying an umbrella policy which will provide more liability protection. One million dollars in extra coverage costs about $300 a year and would extend to your home and auto insurance policies.

If you have several personal watercraft, you may qualify for a multi-boat discount on your insurance. Additional coverage can also be purchased for trailers and other accessories.

Be sure to speak with your insurance agent or company representative about your specific needs.

 

Personal Watercraft Safety

Sea Doos, Wave Runners and other personal watercraft are fun and so easy to use that you can get a false sense of security; however, each year they cause thousands of serious injuries.

To safely enjoy your personal watercraft, the I.I.I. suggests the following:

 

  • Never follow directly behind another personal watercraft. Stay at least 100 yards behind the vessel in front, and no less than 50 yards to one side. Because these vessels can travel at a very high rate of speed, each rider must be able to react to sudden changes in order to avoid a collision. Eighty percent of all injuries and fatalities occur when two vessels collide with one another.
  • Don’t jump the wake of a passing boat. You could misjudge its speed and cause a collision. Or you might end up in the path of traffic coming from the other direction.
  • Stay alert! Be aware of what is going on around you. Steer clear of other watercraft, swimmers, divers, water skiers and fishermen

Sanity still exists in some legal decisions

A woman who texted her boyfriend while he was driving cannot be held liable for a car crash he caused while responding, seriously injuring a motorcycling couple, a judge in New Jersey ruled last Friday in what is believed to be the first case of its kind in the country.

Had the judge ruled in favor of the plantiff this would have opened pandora’s box regarding liability insurance for the person sending the text. Would auto insurance, homeowners, or umbrella insurance be responsible?

You can read more about this legal decision in this suit involving texting here.