The 12 Days of Family Financial Planning

The 12 Days of Family Financial Planning

| December 08, 2016

The following is repeated from the Finance Markets Newsletter of December 13, 2003 and is intended as a holiday tradition for Leimberg Information Services, a professional, advanced planning service of which I have relied on for years. (www.leimberg.com, Permission granted.)

As we approach the holiday season, a time of tradition and thanksgiving, of cheer and renewal, let’s reflect through song on the things that are truly important in our lives:

♫ On the first day of Christmas, my true love gave to me –

  • a savings plan to accumulate 3-6 months of after tax income to meet emergencies, unexpected layoffs, etc.

♫ On the second day of Christmas, my true love gave to me –

  • life insurance coverage equal to six times annual income.

♫ On the third day of Christmas, my true love gave to me –

  • a valid will.

♫ On the fourth day of Christmas, my true love gave to me –

  • a “durable power of attorney,” giving someone the ability to make financial and/or medical decisions on my behalf if I am unable to do so.

♫ On the fifth day of Christmas my true love gave to me –

  • a “living will” indicating actions to be taken (or withheld) in the event of a debilitating illness, accident, etc.

♫ On the sixth day of Christmas my true love gave to me –

  • an organ donor card in the event of my death.

♫ On the seventh day of Christmas, my true love gave to me –

  • a safe deposit box to hold valuable papers such as home mortgages, life insurance policies, wills, etc.

♫ On the eighth day of Christmas, my true love gave to me –

  • a list of email addresses, computer IDs, passwords, and other computer-related information.

♫ On the ninth day of Christmas, my true love gave to me –

  • a list of pre-authorized payments and other monthly debit transactions that automatically occur in bank or brokerage accounts.

♫ On the tenth day of Christmas, my true love gave to me –

  • a long term care insurance policy to provide inflation-adjusted coverage.

♫ On the eleventh day of Christmas, my true love gave to me –

  • a retirement plan, which may include IRAs, 401(k)s, SEPs, and other tax qualified savings programs.

♫ On the twelfth day of Christmas, my true love gave to me –

  • a Section 529 plan to fund college education for the children in my family.

It is with gratitude I have the opportunity to serve in the financial life planning arena. I wish you peace, health and prosperity through this holiday season as we welcome in the new year! If there are any areas in which I may be a resource to you at this time, I welcome the opportunity. Give us a call today at 715-241-6763 or e-mail info@myfamilycfo.net.

About Patrick Bradley

Patrick Bradley is a financial consultant with more than 30 years of experience specializing in risk management, legacy planning and business continuity strategies.  His commitment to helping others extends beyond his work and into his community where he is actively involved with multiple organizations.  Learn more by visiting http://www.myFamilyCFO.net or connecting with Patrick on LinkedIn.