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November 18, 2016     West Seattle Herald
Put Thanksgiving lessons to work in your financial plans
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Put Thanksgiving lessons to work in your financial plans | West Seattle Herald / White Center News Skip to Main Content Area Friday, November 18, 2016 | Overcast, 53.6 °F search Letters Sign in Subscribe Contact Us Front Page News Features Sports Opinion Police Blotter Faculty demonstration at South Seattle College shows hard differences over teacher pay Faculty members of South Seattle College, supported by students, ... UPDATE: Two Junction bus shelters to be removed; Comment period now extended Update 11/4/16 The public comment period has been extended to ... Sportswatch: For the week of Nov. 9-15 By Tim Clinton SPORTS EDITOR High schools Girls ... Amanda's View: Addiction, face-to-face, part two: Tricks and triggers By Amanda Knox   I accelerated into the mostly empty parking ... Police blotter Week of 11-14-16 Robbery on 56th Avenue S.W. A woman residing on the 3200 block ... Features Put Thanksgiving lessons to work in your financial plans Pat's View: The Role Model Sunset of the week 11-14-16 Peter and the Starcatcher coming to ArtsWest Nov. 17 through Dec. 23 If you're a veteran, Duke's has your free chowder Nov. 10 Don’t overlook long-term care costs Sunset of the week 11-7-16 Pat's View: A friend named Cody Good For You: Chef's Treasure Kitchen Talk: The Fungus, Among Us West Seattle resident Russell Lundwall prepares for 100th birthday Sunset of the week 10-31-16 Pat's View: The Halloween Scene Sunset of the week 10-24-16 Stay away from frightful investment moves Westside-O-Rama West Seattle Entertainment Guide Seattle Consignment is a playground for furniture treasure hunters Listen up, future president! West Seattle High School students have something to say Pat's View: Niche TV It’s National Save for Retirement Week – So Take Action Sunset of the week 10-17-16 UPDATE Furry Faces Foundation postpones their first ever Mutts 'n Martinis... a yappy hour Pat's View: 40th Anniversary Sunset of the week 10-10-16 Worried about the phenomenon of Donald Trump? WSU professor says political incivility has always existed Put Thanksgiving lessons to work in your financial plans 11/18/2016 updated 1 hour ago Sponsored by Sarah Cecil Thanksgiving is almost here. Over the years, this holiday has taken on a variety of meanings, most of them centered on family, caring and sharing. You can carry these same values past Thanksgiving into your daily life – and you can certainly incorporate them into your financial strategies for taking care of your loved ones. So, here are a few suggestions: •Protect your family. If something were to happen to you, could your family pay the mortgage? Could your children still afford to go to college someday? To protect your family’s current lifestyle and long-term goals, you may well need to maintain adequate life and disability insurance. Your employer may offer these types of protection as employee benefits, but the coverage might be insufficient for your needs. Consequently, you might need to supplement your employer-paid insurance with additional policies. •Invest in your children. If you have young children, and you’d like to see them go to college someday, you may want to start putting money away toward that goal. You can save and invest for college in a variety of ways, but one popular method is through a 529 plan, which offers high contribution limits and potential tax advantages. Plus, a 529 plan gives you significant control and flexibility: – if you establish a plan for one child, but he or she decides not to go to college, you can name another child as the recipient. •Be generous. You don’t have to be a millionaire to make meaningful financial gifts to your family. For example, if you have grown children, consider helping them fund their IRAs. You can’t contribute directly to a child’s IRA, but you can write checks to your children for that purpose – though, of course, they are then free to do whatever they want with the money. It’s not always easy for a young person to “max out” on an IRA, which has an annual contribution limit of $5,500 for workers under 50, so any help you can give your children in this area should be greatly appreciated. •Safeguard your own financial independence. Almost certainly, one of the most undesirable outcomes you can imagine is to become financially dependent on your grown children. Even if you save and invest diligently throughout your working years, you could still be vulnerable to financial dependency if you need an extensive period of long-term care, such as a nursing home stay. These costs can be enormous, and Medicare typically pays only a small percentage, and usually for just a limited time. To protect your financial freedom, you should explore ways of addressing long-term care costs. A financial professional can explain those alternatives that may be appropriate for your situation. •Communicate your wishes to your family. At some point in your life, you will need to draw up your estate plans, which could include a will, a living trust, a durable power of attorney, a health care directive and other documents. To be fair to your children and other family members, and to avoid hurt feelings, you should clearly communicate your plans and your wishes while you are still around. Thanksgiving means more than turkey and football. And if you can successfully apply the lessons of this holiday to your financial plans, both you and your family will have reason to be thankful. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. We encourage our readers to comment. No registration is required. We ask that you keep your comments free of profanity and keep them civil. They are moderated and objectionable comments will be removed. View the discussion thread. Please send us your news tips, photos or ideas of how we can better cover your neighborhood. Email us at WestSeattle@robinsonnews.com or TEXT news tips to 206-459-6717 Receive updates on news and events in the West Seattle neighborhood via Twitter! Web development by Freelock Computing © 2016 Robinson Communications Inc. All Rights Reserved. Contact Us Terms Home Delivery Media kit available on request -- contact Donao@robinsonnews.com window.fbAsyncInit = function() { FB. 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