Your Money & Your Life Podcast

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How Legal Documents Impact Your Finances and Retirement - Part 1

October 17, 2019

Americans believe that it is important to have a will, but less than half have one. Not only do many Americans lack a basic will, they often lack very important legal documents like a power of attorney, an advanced healthcare directive (living will) or HIPPA authorization forms. We will begin this discussion in part 1 of 2.

On this episode: 

1:30 – Don Cash, a NY Jets fan, shares what the acronym J-E-T-S stands for in 2019.

2:26 – A recent survey found most Americans find it’s important to have a will but less than half actually have one. Why is that?

3:45 – We’re creatures of habit so if no one is talking about these things, they are easily ignored.

5:42 – What are some reasons you need to update your legal documents?

7:50 – A couple more things people should think about: gifting assets, protecting the children, clear up conflicts.

9:07 – For many folks, the 401k, IRA, or life insurance is the biggest asset and it doesn’t get passed on based on will. Instead it goes off beneficiary form. 

9:40 – It’s a tough issue to tackle which is why we work to help clients on these circumstances.

10:43 - Not only do we avoid this for our own finances, but we also don’t help our children. 

12:02 - Mailbag question: I have to pay an extra premium for Medicare because my income is too high. My wife passed away a few years ago but my income hasn’t really changed. Am I stuck with this penalty?

14:02 - There is an appeal you can file if the surcharge is due to 1 of 8 life-changing events.

Medicare Surcharge and Appeal Form:

Caring. Com Estate Planning Survey:

Show notes:…etirement-part-1/