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Author: Kris Miller

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Advice Investing Wealth

Secure Your Legacy with Estate Planning: The Benefits of a Living Trust

Have you ever wondered what happens to your property after you pass away? A will is a legally enforceable document that expresses your wishes regarding the distribution of your property. But, is a simple will enough? The answer is, it depends.

A will is a cost-effective way to distribute your assets, but it does not offer much flexibility. In contrast, a living trust provides more control over your estate rights and is a better option if you own real estate and have assets. However, the initial costs are higher in the case of a living trust.

Probate is the legal process through which a court determines how to distribute a person’s assets after their death. In California, if you have $20,000 in real estate or $125,000 in assets, you are set to go to probate. Probate is not only expensive but also a lengthy process that can take up to one or two years or more, and the attorney and court fees can eat up a significant portion of your estate, leaving less for your beneficiaries.

To avoid this complex probate process and ensure your loved ones receive their rightful inheritance, a living trust is the smarter choice. Living trusts have been around since the middle ages and offer many benefits over a simple will. They provide more control and flexibility over your assets, offer privacy, and are generally less expensive than probate.

In my book, “Ready for PREtirement, 3 Secrets for Safe Money and a Fabulous Future,” I talk about the importance of estate planning and how a living trust can help protect your assets and ensure your beneficiaries receive their inheritance without the hassle and expense of probate.

So, whether you have a simple will or are considering a living trust, it’s never too early to start thinking about estate planning. By taking the necessary steps now, you can ensure your assets are protected and your loved ones are taken care of after you’re gone. Start planning today, and read “Ready for PREtirement” to learn the secrets of a safe and secure future!

For more Healthy Money Tips Listen to our PodCast  “Money 911”

Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Capital Wealth

Secure Your Legacy: Discover the Top Strategies for Avoiding Probate and Protecting Your Estate

How to Avoid Probate and Keep Your Estate in the Family?

Probate can be a lengthy and expensive process that ties up your assets for months if not years. But what if there was a way to avoid probate altogether and ensure that your estate goes directly to your loved ones? With a little planning, it’s possible.

One option is joint tenancy, where you jointly own property with someone else and it passes directly to them upon your death. However, this option has tax implications that may not be favorable.

Another option is to make gifts of your assets to your beneficiaries during your lifetime. This ensures that the property is excluded from the probate process entirely.

But perhaps the most effective way to avoid probate is by creating a living trust. This allows you to transfer your assets to a trust during your lifetime and have them managed by a trustee, with your beneficiaries receiving the benefits. Best of all, a living trust completely bypasses the probate process, saving your loved one’s time and money.

By taking these steps to avoid probate, you can rest assured that your hard-earned assets will be passed down to your family with minimal hassle and delay. Don’t wait until it’s too late – start planning now to secure your family’s financial future.

For more Healthy Money Tips Listen to our PodCast  “Money 911”

Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

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Uncategorized

5 Game-Changing Financial Planning Tips for Boomers to Retire in Style: Don’t Wait Another Day!

Are you a baby boomer feeling anxious about your retirement? Do you feel like you’re behind on your savings and investments? If so, don’t worry because you’re not alone! Many people in the baby boomer generation are feeling the same way. However, the good news is that it’s not too late to jumpstart your retirement savings.

 

I will share some tips that can help boomers like you jumpstart your retirement savings. These tips are simple and easy to follow, but they can make a big difference in your financial future.

 

First, stop dwelling on the past. You can’t change what you didn’t do in the past, but you can start taking action now to secure your financial future. Write down your financial regrets on paper and then destroy them. This exercise will give you closure and allow you to focus on the future.

 

Next, track your spending and cut out unnecessary expenses. Small purchases like coffee and lunch can add up to a significant amount of money over time. For example, if you save $10 a day starting at age 52 and invest it at an average rate of 8%, you could have over $294,000 by age 70. Bach also advises cutting monthly expenses in areas such as cell phone bills and unused memberships at a health club or country club.

 

Third, eliminate debt. Carrying debt is counterproductive and expensive, especially for boomers carrying large balances on credit cards. Consider moving your balances to new cards that offer zero percent interest for several months, and renegotiating high-interest rates with existing card companies. Use the money saved on interest to pay down your debt, and once it’s gone, only charge what you can pay off every month.

 

Fourth, pay yourself first. Don’t wait until you’ve paid all your bills before saving. Instead, save at least one hour’s worth of pay each day and establish a 401(k) account for this money. If you haven’t started saving for retirement yet, aim to save two hours of pay per day. Establish automatic withdrawals from your paycheck into your retirement accounts to make saving even easier.

 

Finally, consider starting a part-time business. Many entrepreneurs over the age of 50 have turned hobbies or part-time businesses into extra income. Bach recommends consulting work or part-time teaching in your field of expertise to earn extra income that can be saved for retirement.

 

By following these five simple tips, you can jumpstart your retirement savings and secure your financial future. Don’t let procrastination hold you back any longer. Take action now and start building the retirement nest egg you deserve!

 

For more Healthy Money Tips Listen to our PodCast  “Money 911”

Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website  healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Best Practices Women In Business

Secure Your Future: The Power of Emergency Savings and How It Can Change Your Life

Are you ready to take control of your finances and secure your future? It all starts with building an emergency fund. Miller’s book, “Ready for Pretirement: Plan Retirement Early,” is an exciting and inspiring guide that teaches you to be proactive and plan for the uncertainties of life.

In today’s world, emergencies can happen at any time, and having an emergency fund can provide you with the confidence and security you need to face these challenges head-on. Whether it’s a family medical crisis or unexpected job loss, having a cash reserve can prevent you from making imprudent decisions and help you weather the storm.

The current times have given rise to a predominant sandwich generation, where individuals need to care for their elderly parents while taking care of their young kids. This makes emergency cash more critical than ever before. Miller’s book provides actionable steps to create a fund that can cover living expenses for up to 5-6 months, ensuring that you have the financial stability to face any adversity that comes your way.

Cash flows can be volatile, and there will be months when you earn considerably less or have unexpected expenses. An emergency fund sees you through these rough periods in your life and ensures that you don’t fall behind on bills or incur debt.

The best part about building an emergency fund is that it’s never too late to start. Miller’s book provides practical tips and guidance to help you get started and stay on track. You’ll learn how to make saving a habit and create a plan that works for you.

So, what are you waiting for? Take control of your finances and secure your future by creating an emergency fund today. Miller’s book is a must-read for anyone looking to build a strong financial foundation and achieve financial security. Don’t wait any longer to start your journey towards a financially fit life!

For more Healthy Money Tips Listen to our PodCast  “Money 911”

Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website  healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Leadership Wealth Women In Business

Secure Your Retirement: The Importance of ‘Dementia Insurance’ for Retirees

Retirement is supposed to be a time of relaxation and enjoyment, but for many retirees, it can be a source of stress and anxiety. One of the biggest challenges for retirees is managing thier finances. With traditional pension plans becoming less common, many retirees must rely on their own savings, such as their 401(k) plan, to finance their retirement. And while the accumulation phase of saving for retirement can be difficult, it’s nothing compared to the challenges retirees face during the distribution phase.  

As retirees begin to withdraw money from their savings to pay for their expenses, they must also contend with the possibility of cognitive decline. According to recent studies, over half of people in their 80s suffer from dementia or cognitive impairment without dementia. This can make managing finances a daunting task, leaving retirees vulnerable to financial fraud and mishandling of funds.  

Fortunately, there is a solution: ‘dementia insurance.’ This concept, proposed by Harvard economist David Laibson, refers to the use of annuities to help protect retirees from poor financial decisions associated with dementia. An annuity is a financial product that provides a stream of income in exchange for a lump sum payment. By purchasing an annuity early in retirement, retirees can transform their savings into a stream of lifetime income, which can help simplify financial decision-making and protect against fraud.  

The cheapest way to purchase the best annuity is to delay claiming Social Security benefits. For those with modest 401(k) balances, the ideal strategy may be to work as long as possible, then use 401(k) assets to pay for living expenses to delay claiming an extra two or three years. The Social Security annuity is indexed for inflation, which is a feature that is hard to find in the private market.  

While the idea of purchasing an annuity may seem daunting, it’s important to remember that it can provide peace of mind and security during retirement. With the specter of cognitive decline looming, it’s crucial for retirees to plan ahead and take steps to protect their financial future. By considering the purchase of an annuity, retirees can enjoy their golden years with confidence and security. So, don’t wait any longer – start exploring your options for ‘dementia insurance’ today!  

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions Go to my website  healthymoneyhappylife.com Email me at Kris@HealthyMoneyHappyLIfe.com Call me at (951) 926-4158

Categories
Advice Wealth Women In Business

From Illness to Financial Stability: How to Secure Your Future and Protect Your Health

Don’t let illness cripple your financial stability! We all know that health is wealth, but have you ever considered that wealth is also health? When illness strikes, it can be a devastating blow to your finances, leaving you with huge medical bills and a looming sense of financial insecurity. However, with some proper planning and smart investments, you can prevent illness from turning your financial life into a catastrophe.

The first step to financial preparedness for illness is to make a financial plan. You need to evaluate your current assets and estimate your future expenses, taking into account any disability-related costs. A professional financial advisor can help you create a plan that will ensure financial stability for you and your family.

One of the best ways to protect yourself financially during illness is to invest in disability and life insurance. These investments will provide a safety net for you and your family when you need it most. Another smart investment strategy is to have at least 6 months’ worth of income saved in a liquid form, as a security blanket in case of emergency.

Sharing financial information with your partner or spouse is also crucial, especially if you are the sole breadwinner in your family. You should also check your employer’s disability plan and be informed about worker’s compensation, as they can be instrumental in maintaining your financial stability in times of illness.

Investments and financial portfolios should be evaluated on a regular basis, and debt should be avoided as much as possible. Luxuries such as home appliances and cars should be purchased only if you can afford them, and long-term investments should be made with the guidance of a financial advisor.

Ultimately, consolidating all financial information in one place and making the right investments is the key to ensuring financial stability during times of illness. Don’t wait until it’s too late – start planning today to prevent illness from turning your financial life into a catastrophe.

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Investing Wealth

Unlock Your Wealth: How to Become a Landlord Using Your IRA and Secure Your Future

Are you looking for a smart and lucrative way to invest your retirement funds? Have you ever considered using your IRA to purchase real estate? It’s time to explore the exciting world of becoming a landlord using your IRA!  

An IRA is an Individual Retirement Account that can be used to purchase real estate before retirement without paying penalties or taxes. That means you can use your IRA to invest in real estate and enjoy incredible returns that aren’t even taxed! Since 1974, IRA holders have had the option to control how their money is invested, and buying real estate is one of the best ways to invest through your IRA.  

While there are certain complexities involved in using your IRA to invest in real estate, the benefits are well worth it. Right now is the best time to invest in real estate, with so many homes being foreclosed and sold at a bargain. Investing in a home right now would be a smart long-term investment, and a great way to diversify your portfolio. As the prices come up, your IRA holdings will increase manifold.  

Buying a home through your IRA is also a great way to prepare for your retirement. While you can’t buy a home for personal use, you can rent out the home until the age of 59.5 years and subsequently claim your home as your own when you take the final IRA distribution. This is a great way to make sure you have your own home when you retire and keep adding to your IRA.  

If you are considering investing in real estate through your IRA, it is important to enlist professional help. A professional can guide you in buying the right property at the right time for maximum returns, and help you navigate the intricacies of the process.  

Investing in real estate through your IRA is an exciting and inspiring opportunity to take control of your retirement funds and enjoy incredible returns. Don’t miss out on this opportunity to become a landlord using your IRA!  

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.comCall me at (951) 926-4158

Categories
Advice Growth Wealth

Unlock the Secrets to Aging in Comfort and Security: Say Goodbye to Nursing Homes!

Don’t let the fear of a nursing home keep you from living your best life as you age. With the baby boomer generation reaching their golden years, it’s more important than ever to explore alternative options for aging. Luckily, there are a multitude of ways to avoid a nursing home and enjoy your twilight years in comfort and security.

One option is to join an Aging in Place community. These non-profit associations of seniors band together to offer transportation, home maintenance, meals, and health assistance, all so that members can remain in their own homes for as long as possible. Sharing a home with a friend or relative can also reduce the need for care and lower costs.

For those who cannot afford private care, a pooled trust is an excellent choice. The pooled money can be used to pay for monthly bills, while Medicaid can cover home care costs. Moving to a cheaper area can also be a great option, with some considering relocating to senior communities abroad.

Assisted living allows seniors to receive constant care while still living in a home environment. Adult day care centers provide much-needed relief for in-home caregivers. Companion care services, offered by seniors or companions, or through church or school programs, can also be a low-cost or free alternative.

Financial tools such as a reverse mortgage or getting cash for life insurance can be helpful when funds are low. Additionally, Medicaid offers Home and Community Based Services to help seniors remain in their homes. The Program for All-Inclusive Care for the Elderly offers full medical coverage and community care for those with low income or few assets.

As people are living longer, the likelihood of needing long-term care increases, and without adequate insurance coverage, these costs can quickly deplete an individual’s savings and assets. Getting LTC insurance is crucial, as it not only helps ensure that you have access to the care you need but also provides peace of mind for yourself and your loved ones. By investing in LTC insurance, you are taking an important step towards protecting your future and ensuring that you can age with dignity and financial security.

The options are endless, so don’t settle for a nursing home if it’s not what you want. Take control of your aging journey and explore the many opportunities available to make your golden years your best yet.

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Skills Wealth

Thriving with a Disability: Tips to Meet Your Basic Needs and Live a Fulfilling Life

Living with a disability can be a challenging and overwhelming experience. It can affect every aspect of your life, including your physical, psychological, and financial well-being. But it doesn’t have to be that way. With careful planning and the right tools, you can meet your basic needs and live a fulfilling life. We’ve compiled ten tips to help you do just that. 1. First, take a comprehensive look at your current and future needs. This includes your family’s needs as well. Understanding your needs will help you create a realistic budget and plan accordingly. 2. Next, consult with a financial planner to analyze your current finances. Knowing what you have at present will help you organize the distribution of those finances to meet your basic needs. 3. It’s also important to enlist the help of a professional attorney or financial planner with experience in special needs planning. They can guide you in using your current finances the right way and help you identify other options for benefits, which could prevent financial catastrophes. 4. Adjust your expenses by cutting back on avoidable expenses. Identify the things you can live without, such as eating out, cable TV, and entertainment sources, and start living without them. 5. There’s no shame in looking for a bargain. Many common grocery and clothing brands have regular sales, and online coupons are available, which give you incredible discounts on everyday needs. Try to plan your necessary shopping a little ahead of time so you can find the appropriate sale or coupon. Small savings can really help out. 6. Avail disability insurance benefits. Check if your employer offers disability insurance. If not, you can also purchase disability insurance individually. 7. Social Security Disability Insurance is also available depending on your eligibility and the amount of years you have been contributing to social security. 8. Check if your employer offers sick pay. If you have been injured at work or suffer from a work-related illness, you can qualify for worker’s compensation. 9. Housing assistance is available for people with full medical disabilities. The US Department of Housing and Urban Development provides rental assistance and vouchers to the disabled. The Independent Living Fund also offers payments for those living independently. 10. Finally, check your eligibility for benefits under Medicaid and Husky. Medical care is provided free of cost to those who qualify for assistance under Medicare or any state-run aid program. Living with a disability may be challenging, but it doesn’t have to be overwhelming. With these tips, you can meet your basic needs and live a fulfilling life. Don’t let your disability define you. Take control of your life and find the resources you need to thrive. For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Accounting Investing Wealth

Secure Your Love and Future: Why a Prenup is a Must-Have for Every Couple!

Getting married is one of the most exciting times in your life. It’s a time of love, joy, and promise. However, it’s also a time when you need to be practical and think about the future. While it’s easy to get caught up in the romance of the moment, it’s important to remember that marriage is a big decision that shouldn’t be taken lightly. With the rate of divorce on the rise, it’s crucial to take steps to protect yourself and your assets in the event that your marriage doesn’t work out. That’s where a prenuptial agreement comes in.A prenuptial agreement, or prenup, is a legal document that outlines how assets will be divided in the event of a divorce. Many people view prenups as unromantic, but they can actually be a great way to add transparency to your relationship and make sure that both partners are on the same page about finances.If you’re still on the fence about whether or not to get a prenup, here are ten reasons why you should:
  1. Adding transparency to a relationship: A prenup can help both partners be upfront and clear about their finances, which can actually bring them closer together.
  2. Protecting yourself and your assets: If you earn more than your partner or have more assets, a prenup can ensure that financial liabilities and division of assets are clear before the wedding, so you can be sure of what you’ll be paying in case of a divorce.
  3. Protecting yourself from your partner’s debt: If your partner has a lot of debt, a prenup can help protect you from incurring it in the event of a divorce.
  4. Protecting your children’s future: If you’ve already been divorced or widowed, a prenup can help make sure that your children get their fair share of your estate.
  5. Protecting your business: If you’re a business owner, a prenup can help protect your business from being divided during a divorce, which can prevent you from having to liquidate it.
  6. Ensuring fairness: If you choose to stay at home and take care of the home and children, a prenup can ensure that you are compensated appropriately in the event of a divorce.
  7. Protecting your future career: If you’re about to start a lucrative career that will help you rise up, such as in law or medicine, a prenup can take that into account and ensure that you are protected.
  8. Preparing for the unexpected: People change, and a prenup can help protect your assets in the event that your partner changes in ways that are unexpected.
  9. Saving money: Going through a divorce can be expensive, but a prenup can actually save you money in the long run by avoiding costly legal fees.
  10. A less stressful divorce: Divorce can be extremely stressful, but a prenup can help make the process a little easier by avoiding complications around finances.
  In conclusion, a prenup is not just for the wealthy or unromantic. It’s an important tool to help protect your assets and make sure that you are on the same page with your partner about finances. By planning ahead, you can ensure a more stable future for both you and your partner. So if you’re thinking about getting married, consider the benefits of a prenup and talk to your partner about it. A little bit of planning now can save you a lot of stress and heartache in the future. Remember, a successful marriage is built on love, trust, and open communication, and a prenup can help facilitate that communication For more Healthy Money Tips Listen to our PodCast  “Money 911” and Subscribe to my Youtube channel here Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions Go to my website https://healthymoneyhappylife.com Email me at Kris@HealthyMoneyHappyLIfe.com Call me at (951) 926-4158