How to Know If You Need a Will or Trust

Estate planning can provide for the proper distribution of your assets to your beneficiaries after you die. In some cases, a living will or trust may help, especially if you have children who are minors or assets like mutual funds, brokerage accounts or other non-retirement assets that don’t pass via beneficiary designations.

To learn more the role a will or trust plays in your estate plan, watch this short video.

 

 

Happy 4th of July!

MSRA Back To The 50’s Car Show. St. Paul, MN.

Wednesday, July 4th is the day we Americans officially recognize as Independence Day. Whoo! Hooo!

It’s one of my favorite holidays of the year, a highlight of our summer, and I can’t wait to celebrate. My daughter turns 13 this week and the 4th of July is always a fun time for our family to be together.

Whether you enjoy a day off, a very long weekend, or like me, take vacation this week, I hope you and your family have a safe and memorable holiday.

Smart Advice for Artists Who Want To Make Money

Photo by Bruce Mars on Unsplash

Summertime marks the peak season for local art fairs and festivals. Here in the Twin Cities we have a dozen or more major art fairs between May and September.

Hundreds of thousands of people will attend these events over the next few months. If you are an artist or creative professional who plans to make at least part of your living by selling your work, there is one thing you absolutely must do if you want to sell more of your work and put more money in your pocket: grow your email list and learn to market yourself.

No one will buy your work if they don’t know who are or where to find you.

Let me tell you a story to show you what I mean.

Your Financial Bucket List for Summer

10 things to check off your financial to-do list before Labor Day

Grand Ole Creamery, Grand Avenue, St. Paul, MN

My kids’ last day of school was June 6th. The next day I was bugging them to create a summer bucket list of activities they wanted to do before Labor Day.

Not just fun stuff like going to the lake or hanging out at The Grand Ole Creamery. I also wanted them to actually get some things done, like clean out their rooms, thin out their herd of stuffed animals or gather up their old clothes so we can donate them to the Goodwill.

You know, important stuff.

“Summer is going to be over before you know it”, I told them.  “And there is not going to be enough time to get it all done if you wait until the last minute.”

“And I am not doing it for you!” I had to throw that last part in before they disappeared into the delightful abyss they call their bedrooms.

Now I am going to give you the same suggestion: make a financial bucket list for summer. And not just fun stuff like planning your dream vacation, but important stuff too. 

How Long Must Your Money Last In Retirement?

The Longevity Illustrator - a useful tool for estimating how long you may live

Photo by Alex Harvey 🤙🏻 on Unsplash

If you can tell me when you are going to die, I can answer a lot of questions for you.

Questions like whether or not you should take the pension or lump-sum option on your retirement plan. Or when to start Social Security. Or how long your money needs to last in retirement.

Of course, no one knows how long they will live or when they will die.

Nevertheless, my job as a financial planner is make sure my retired clients never run out of money during their lifetime, no matter how long that may be.