By Deborah Verni
Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.

Many people are uncomfortable discussing how they will distribute their estate with their children. Perhaps you don’t want your children to realize how much they may receive after your death. Or you may think your choice of heirs could change in the future.

However, if you don’t discuss your estate plan, disagreements and conflicts could erupt once the details of inheritances are revealed. For instance, siblings may resent each other if distributions are not equal. Children may resent a spouse from a second marriage if they feel that spouse is using up their inheritance.

At that time, you won’t be able to explain your thoughts and wishes regarding the distribution of your estate.

Discussing your estate plans will give you an opportunity to inform your children about the distribution of your estate and why you decided to do it in that manner. You can go into specific detail, informing children how each asset will be distributed, or you can give a general overview of your estate plan.

If you have selected one child as executor or trustee, explain why you chose that individual. As an alternative, you can leave a personal letter with your estate planning documents explaining these items.

By James E. Amell, CPA
Though not certain like death and taxes, most individuals strive for an enjoyable, comfortable retirement that lasts a number of years.

To accomplish this goal when life expectancy at age 65 may exceed 20 years requires thoughtful consideration and planning years in advance. I recently hosted a webinar, “Planning for Retirement/Social Security Update,” where I reviewed how to budget your retirement spending, including income taxes, and determine your income and asset needs.

I also explained in detail how Social Security works so you can better understand how to plan for this important source of retirement income.

There are several steps to undertake to ensure the retirement lifestyle you desire, the earlier you start the better, but certainly no later than five years prior to planned retirement.

First, consider your retirement “vision.” Do you have hobbies and interests that you will pursue and fill your time? Do you want to travel? Relocate? Go south for the winter? Do you have social activities, volunteer and community involvement? And last, but not least, how is your health and your family health history?

Your retirement vision can significantly influence your annual expenditures.