Tag Archives: death

Turning Down the Money, Really?

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It never occurred to me that a beneficiary of a life insurance policy or a retirement account could choose not to take the money. As a financial advisor and insurance agent, I found that most people were more concerned about having resources than giving them away. However, I did learn that sometimes beneficiaries may not want or need the money. In these cases the beneficiary can choose to decline payment and allow the money to move on to the next-in-line beneficiary or beneficiaries.

There are a variety of reasons why one beneficiary may wish to defer to other named beneficiaries. Please click here to learn more about disclaiming benefit in a retirement account.

Until next time. Debra Hadsall

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Begin with the End in Mind–End of Life Stuff

I am on a short break from blogging about women and money so I can complete a booklet about creating a concierge service for seniors.  The end is in sight!

Fortunately I have friends and business associates who send me tips about topics which are of interest to all of us. 

One friend is a young woman who is an attorney.  She actually likes legal stuff but knows most people don’t.  She told me to check out the site http://getyourshittogether.org/ . I did just as she told me and found it is a great site to reinforce the need to begin with the end in mind and get your stuff together.

Please take to time to read about the creator’s personal story and to use the information there to push you into action.

Personally I know it is a drag to do all the paperwork and planning.  I just finished putting together a new packet of info with updated wills,  banking information, insurance information and other stuff to give to our adult son …just in case.  As a young person and teenager  I always told him where our important documents were stored in the house.  He used to ask me why he couldn’t have a mom like the ones other kids had.  I told him most moms weren’t financial advisors and hadn’t seen what I had.  As an adult he now gets why all this stuff is important.

Until next time

 

Debra Hadsall

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Begin with the End in Mind-Life Insurance

I have listened to many people talk about their personal finances over the last 15 years. From that I learned a lot  about the emotions involved in financial management.

Emotions can often stand in the way of getting things accomplished.  They can also be a major reason a person takes responsiblity and action. I have seen how emotions can be useful or hurtful.

The emotions attached to discussions about life insurance and end-of-life documents  (such as wills, durable power of attorneys, living wills, etc.) are, for some people, very strong and paralyzing.  I always tell anyone who will listen that these are things we do for those we leave behind.  If we are gone and haven’t taken care of these things, we can’t reach from the grave and fix them.

If we don’t plan well for retirement, if we don’t manage our debt appropriately, if we don’t budget successfully, we  personally suffer.  That is our choice or decision and we will have to deal with it.  Putting our survivors in a financially difficult or legally unclear position  is unfair to them. They may suffer  and be forced into dealing with legal or financial matters over which they had no say or control.  Difficult things to deal with during a time of loss.

Life insurance is a product which is sold, not bought.  That is what I was taught when I first started selling life insurance.  I didn’t really “get it” until I started meeting with potential clients.  It became quite clear that hardly anyone calls up and asks to buy life insurance.  Once again, all those emotions tied to death, insurance and money.  Add to that, the confusion about how life insurance works and fears of some unsavory past practices of some in the industry.  Now,  not everyone needs life insurance, but I believe everyone needs to go through the analytical process of determining if she or he needs it.

In my book, Financial Freedom Party for Women, A Little Book about Money for Women, I talk about life insurance and have included a quote which seems to give a valuable perspective on the value of life insurance.  This may be more meaningful to you than a long lecture about insurance.

A life insurance policy is just a time-yellowed piece of paper with columns of figures and legal phrases, until it is baptized with a loved one’s tears. Then it becomes a modern miracle – Aladdin’s Lamp. It is food, clothing, shelter, and undying affection. It is the sincerest love-letter ever written.

It quiets the crying of a hungry baby in the night. It eases the aching heart of the one who remains behind – a comforting whisper, in the dark and silent hours. It is a new hope, fresh courage and strength to pick up broken threads and carry on. It is a college education for the son or daughter – a chance for a career instead of a need of a job. It is a parent’s blessing to a daughter on her wedding day.

Author Unknown

Until next time

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Parties and Finance…and Wills?

I have a long-time friend who will be referred by her initials, LKC. 

LKC was the first hostess of a Financial Freedom Party for Women.  We also refer to it as FFP.

I loved it when she experienced a FFP  and said the only thing she didn’t like was the fact that there weren’t enough women there.  She wanted more women to learn, have fun, and gain confidence in their personal financial management.  The topics of life insurance, long-term care insurance, investing, debt, income management, budgeting, end- of- life documents, goal setting ,and other financial management topics just didn’t seem so boring when shared with other women in a warm friendly environment.

Knowing how much I believe in the power of women learning and supporting each other, she emailed me an article.  It is titled “From Grief Comes A Mission To Make Estate Planning Less Daunting”  I hope you will take a moment and read it.  Just click here to learn more.

More to come later about the important and often emotional subject of end-of-life documents, including wills.

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