If I Told You Once, I Told You A Thousand Times

Written by Mary Grace Musuneggi, CLU, ChFC, CFS, RFC

When I was a little girl and I didn’t do what I was told, prior to some certain grounding or other punishment, my mother would remind me of my error and emphasize the importance of it by saying, “So, if I told you once, I told you a thousand times”.

Clearly this was to plant in my mind that not only was she serious, but the situation was serious. Over the years, at The Musuneggi Financial Group, we have stressed the importance of Estate Planning. And when it really comes home to roost is when we see clients and families suffer from the effects of not doing it.

I am pretty sure I have never said, “So, if I told you once, I told you a thousand times”, but I am sure I have given you my “will” lecture, my “we must have a Financial Power of Attorney for you” spiel, or my “let’s talk about Long Term Care and final expenses” presentation.

Our job is to be sure that when situations arise, we can be there to help. Without the right documents we cannot do that. Still today, married couples, parents, business owners somehow believe that they can handle affairs for their partners, spouses, or children without any special documents, just because they are their partners, spouses, or children. NOT! And certainly not in Pennsylvania.

And when client stress over the cost of doing a will or other documents, we remind them of the thousands and thousands of dollars we see families and small business owners spend when someone dies with nothing in place. When someone becomes disabled without a Power of Attorney in place. We see serious mistakes that are made that cost time and money far beyond the cost of planning:

• Minors as beneficiaries
• Joint accounts that were supposed to go into the estate to pay bills
• Accounts that go into an estate that could have passed easily to children
• Excessive/unnecessary taxes that were paid because of wrong titling of assets
• Multiple Executors where one would have been fine
• One Executor where more than one should have been in place
• One child receiving all assets with the instructions to share with other children incurring numerous expenses
• Beneficiaries that are outdated with ex-spouses or not mentioning new children and grandchildren
• Businesses without a succession plan

Let us help! Let’s review your Estate Planning, your beneficiaries and your plans for Elder Care. Reach out to Danielle or use our Calendly to set a time for us to review your planning. Be sure to send us your most recent Financial Power of Attorney to keep on file. Contact your attorney to be sure your documents are up to date or contact us so we can refer you to someone that can put these in place.

The most important thing we need to do for you is to be there when you have an emergency and need help. Be sure we can do that by having the right documents in place.

Because, If I told you once, I told you a thousand times.

Good News for Retirees! Exploring Recent Changes to the ACA Marketplace

The recently passed American Rescue Plan Act of 2021 has provided relief to millions of Americans by way of a third round of stimulus checks. But this same bill has quietly changed the way premiums under the American Care Act (ACA) are priced in the public healthcare marketplace. Early retirees may benefit from some price decreases.

Are your healthcare premiums going to change? Chris Mamula explores the details of the bill’s effects on healthcare premiums on MarketWatch.com.

Organizing Your Financial Records

Provided by Mary Grace Musuneggi, CLU, ChFC, CFS, RFC

Somewhere between the paper squirrel, who saves everything “just in case,” and the purger, who tosses everything in the trash, is the organized person for whom keeping records is no big deal. Becoming that organized person is not simple, but taking the steps necessary to get your financial records under control is a task with many rewards – first and foremost, a good night’s sleep. 

Click the image to download the Organizing Your Financial Records article. 

A Guide To Investing in an Election Year: How to Survive the Uncertainty and Invest with Confidence

To get some perspective on what could or would happen in the upcoming election, click on the link below to see an excellent report by our friends at the Capital Group.

Will Political Changes Affect the Economy?

Provided by Mary Grace Musuneggi

With all of the storm and stress of the year 2020, you’d be forgiven if you momentarily forgot that we’re due for another national election in November. Many states will be selecting governors, representatives, and senators, while the country itself will be voting in the presidential election.

Even though these elections happen every four years, they often breed uncertainty or anxiety about the financial markets and other investment matters. Some of our personal political beliefs may be informed by our economic worldview. For that reason, it’s natural that presidential elections are seen as potential turning points for the economy.

It’s important to keep in mind that while the White House has enormous influence on economic policy, ambitious policies frequently find challenges in the legislative and judicial branches.

It’s also important to keep in mind that in the wake of COVID-19 there are other factors that can influence the financial markets.1

Also know that we are here to help you create a strategy, one that may run through several presidents and many sessions of Congress. Naturally, you may have questions about how these policies might affect things in the short term, and we look forward to a chance to discuss these with you.

To set a time to talk, please go to our online calendars or give Olivia a call at 412-341-2888 x0

And don’t forget that the most important thing you can do in an election year is Vote.

Mary Grace may be reached at 412-341-2888 or marygrace@mfgplanners.com

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations

1. NYTimes.com, July 29, 2020

Nine Steps to Raising Money-Smart Kids

Provided by MFS

Our friends at MFS have created the Nine Steps to Raising Money-Smart Kids as a guide to help teach children early and often about financial responsibility. According to their advice, there are many ways to teach your children good money sense, but experience is the best teacher and having your child learn by doing is key.

Click the image to download the Nine Steps to Raising Money-Smart Kids PDF

Caregiving Resource Guide

Provided by Nationwide

You or someone you know may spend a lot of time taking care of a loved one. A Nationwide consumer survey found that older adults who are or were caregivers spent an average of 21 hours a week as a caregiver.  And those with fewer financial resources are more likely to spend 101 to 150 hours a week as a caregiver.1

Because of this, Nationwide created the Caregiving Resource Guide to help understand the challenges that can come with caring for a friend or family member.

Click the image to download the Nationwide Caregiving Resource Guide PDF

1 – “The Nationwide Retirement Institute Long-Term Care Costs in Retirement Consumer Survey,” conducted by The Harris Poll on behalf of Nationwide Retirement Institute. This online survey was conducted March 25 through Apr. 10, 2019, among 1,462 U.S. adults, age 50 or older, with investable assets of $50,000 or more and 516 U.S. adults age 50 or over who are caregivers.