“Your financial DNA is your evolution from your natural behavior through the learned behaviors that you have.

It’s vital to your success, your wealth, and your overall happiness.

In fact wealth is just not confined to money. No wealth is much more than that. Wealth also includes your health, love and support of friends and family, knowledge, as well as the education you have. Wealth does not start and end with money. It ranges and covers the entire spectrum.

That is why it is important not to let money center around your life. The moment money becomes priority number one and the only true priority you think about, disaster strikes.

Today financial advisors are catching on, and making their business much more personal than it once was. The evolution has created a financial advisor that can serve as much as a family facilitator and relationship counselor as an actual advisor that handles and makes suggestions for your investments.

The ultimate goal of a financial advisor is to create an environment that will allow the individual to live their dreams and incorporate everything into they life that they desire.

In the end, it’s necessary to balance life and money equally. The purpose of financial planning is to address that exact need.

Part of your financial DNA includes finding out and discovering the real you. Who you are, what makes you tick, and what dreams and goals you have for your life. A personality assessment is vital into understanding your financial DNA.

Your financial DNA also includes your personal relationships. Both family and business relationships can help control and shape the person that you are. Communication is the most important key to a healthy relationship regardless of whether its business orientated or not.

You cannot blame all broken relationships on money. While it’s easy to point the finger at finances, the reality is that lack of communication is usually the primary reason.

You need to understand and accept that your personal financial DNA is highly important to a successful future. Obtain and keep a healthy communication link between your business partners, family and friends, as well as your financial advisor.

Know your financial DNA.”

Learning your financial DNA will allow for some of your decisions to become less dependent on advice you may not agree with, resulting in less stress when trying to find a financial advisor or use a financial planning guide.

“ Long-term planning is something you do not wait until the last second to accomplish. No, like the name, long-term planning and crisis management is indeed long-term.

Long-term care insurance is definitely the best plan of action you can take. It’s responsible and accountable. The money is saved up over the long haul rather than something that is panicked and thrown together at the last moment. The insurance guarantees the best options for coverage and protection.

While long-term care insurance may feel expensive at the moment, keep in mind that this compares nothing to the pricey medical bills you or another loved one may have to pay in the future.

Medicaid is no longer the primary form of coverage for medical bills. In fact, Medicaid was never designed to cover monthly or yearly costs such as assisted living or a nursing home. Medicaid is designed to support poor families financially to some extent, but only as a dire last option.

Keep in mind that Medicaid is much different than Medicare. Medicare is what you are entitled to when you turn 65 or if you are permanently disabled. It’s health insurance basically. Medicaid is the portion of health insurance that will help people who are financially impoverished to pay for long-term care. Medicaid is essentially medical welfare.

And like any type of welfare, only so much is available to be passed around.

Medicaid offers financial aid but is tightly regulation with several rules and stipulations. A lot of Medicaid is distributed depending on where you live and where you come from.

If long-term care insurance does not feel like a feasible option, reverse mortgages are another way to finance expensive medical bills. Reverse mortgages are a much stronger option that Medicaid.

Reverse mortgages are not the ideal financing option for everyone, but they are very relevant to a lot of folks. A reverse mortgage is a federally regulated program that allows seniors the option of investing the home’s value back into the bank and immediately halts the monthly payment. The hold on the payment is not all that is offered. Citizens with a reverse mortgage also receive a monthly or total sum from the mortgage. This extra revenue can go towards helping financially support the medical bills.

Reverse mortgages are not suitable for seniors planning on moving in the next couple of years. However, if the senior sees no reason why he or she will not stay in the same home over the long-haul, a reverse mortgage is an excellent option.”

Getting into thinking long term is something that is difficult but necessary.  Starting early will allow for less stress down the road.

“In these tough economic times, little is certain.

Future tax laws are no exception.

Because of the uncertainty, financial advisors all over the nation are heavily encouraging their clients to take out their documentation for review. This includes estate planning documents and the Will. All of these files must be reviewed, analyzed, and revised for possible updates.

Sadly too many individuals and families have not taken up this advice, and the consequences have been drastic. Financial advisors are consulting several individuals in the midst of a major hassle because of their poor or irrelevant documentation.

The Last Will and Testament are your two most important documents for after the individual passes away. Make sure this document directly specifies and governs how your assets will be passed out and where they will go.

The individual should also consider the manner in which they will be passed. For example, if you have minor children you may not necessarily want them to handle those large sums of money directly. Have you considered a trust? A trust will secure the funds until the child reaches a certain age. On the contrary, it’s important to read your Will and documents if your children have since grown up and become adults. Maybe a trust is no longer the strongest option? You also may need to may provisions for grandchildren, etc.

Beneficiary controlled trusts are a remedy that can prevent mishandled management of a large sum of inheritance passed down from the parent to a single child or children. This concept is especially relevant to family businesses that are often passed from generation to generation.

Beneficiary controlled trusts are incentive based that force the beneficiary to basically earn a dollar for every dollar they earn from the trust. The type of trust prevents second or third generation inheritances from just living off the past success of their parents or grandparents.

This is important because statistics point to a general drop-off or downfall of the business after the second or third generation takes over. Sometimes the once thriving business even becomes bankrupt.

Beneficiary controlled trusts are the strongest source of protection.

As for the Will, many spouses inherit all the assets through a joint Will commonly referred to as an “I love you Will.”

“I Love you Wills” are popular because they are exempt from state and federal taxes.

Other popular ways to avoid federal or state taxes on assets include gift tax exclusions that are unlimited when dedicated to education or medical expenses. While the current hold on gift tax exclusions is $13,000, the education and medical expense write-offs are unlimited and do not put a hold on the amount given to the beneficiary.”

Trying to find a financial advisor is one thing, but in order to successfully work with them, some background information about things like taxes should be understood on your part so that the time spent with them is not just a teaching session.  Even a financial planning guide will help you understand.

“It might sound strange to be told to insure your retirement funds, but after working hard and diligently saving all that money, wouldn’t you want to make sure that the funds will be there for you when you need them?

As you move into retirement, you are also moving towards age-related health problems. Events beyond your control, such as stroke, heart disease and cognitive impairment can change one’s way of life.

Many people are under the impression that government programs such as Medicare or Medicaid will cover the costs of long term care. Medicare will cover some skilled nursing for a limited period. Medicaid will only cover long term care costs for impoverished individuals. Health insurance does not cover nursing home or other long term care costs except for short-term rehabilitation.

Out of pocket costs for needed long term care resulting from age-related health problems such as home care, nursing home or assisted living will quickly deplete retirement funds and leave the remaining healthy spouse impoverished.

Long term care insurance is the answer to insure your retirement funds and provide protection so that the money stays intact and at the same time insurance provides a way to pay for elder care services.

In his book “ The Total Money Makeover ,” Dave Ramsey says of long term care insurance, “If you are over sixty, buy long term care insurance to cover in-home care or nursing home care. The average nursing home stay costs $40,000 per year, which will crack and scramble a nest egg in a heartbeat. Dad in the nursing home can use up Mom’s $250,000 savings in just a few short years.”

Trying to find a financial advisor for the future will be one of the best things that you can do to prepare for the unexpected or just for financial planning for retirement.  Of course, there still is a good chance that this money will just be able to be used for personal endeavors as your health stays well as you age.

“ First and foremost, parents start way too late on planning on their children’s post-high school education. This doesn’t just imply financial planning, but also planning for the school(s) the student is interested in. You’re much more organized and prepared if you plan early.

So what is planning early defined as?

Start planning as early as the child’s freshmen year of high school. Do not wait until the senior year!

Secondly, parents should position there students for success in the college application process.

Search prospective colleges for tuition discounts and scholarship opportunities. Also, visit the college during the student’s junior year to learn further information about the school.

The third vital mistake parents make during the college process is forcing their student to apply to too many colleges or too few.

Financial aid and student loans are manageable ways to pay for college. However this “sign now, pay later” philosophy holds some negative drawbacks. Even the smallest details may hold a major impact. For example, did you know that when you fill out the schools of interest on your FAFSA form, the other schools will have direct access to that list? If you only place one school on the list they already know you plan to attend that school, so why would they award a bigger financial offer to entice you to enroll there?

A perfect remedy for this dilemma is to write down at least two schools on the FAFSA application, even if the student is 100% sure of where he or she wants to go.

Another mistake is that parents rely way too heavily on what the high school counselor is suggesting or recommending. While you need to heed to the advice of the counselor, do not take everything to heart. Remember that high school counselors handle at least 200 other students on a weekly basis and cannot give each student the personalized attention he or she deserves.

Last but not least, parents must say “no” every once and awhile to the student’s demands or desires.

This is tough because it’s hard to turn down a child’s goals, dreams, or desires. But if the situation does not appear the right fit, financially or mentality, make sure you just say, “No.”

Planning early may require the assistance of a Certified Financial Planner in Philadelphia, a New Jersey private wealth management firm, or an NJ financial planner.  While this is not always necessary, and can be substituted by a financial planning guide in some cases, it is recommended that families try to find a financial advisor at some point in time to help with FAFSA and other documentation.

“One of the newer and more uncommon terms on the market now of days is the “reverse mortgage.” A lot of people are confused by this term and what exactly it means. Rightfully so, as any new concept needs time to expand and reach new customers.

A reverse mortgage is a rather simple concept.

It’s a special type of loan that allows folks who are at least 62 years of age the ability to tap a portion of the value of their home based on their age and the value of the home.

Reverse mortgages are intended to allow the homeowner the option of tapping into the value of the home and using the money literally for any purpose without repayment as long as the borrower occupies that property as their primary residence.

It truly is a mortgage in reverse.

A reverse mortgage is calculated based on the borrower’s age, the value of the home, and where the home is located. The county or value of the land will really affect the value of the property. While a standard mortgage is generally based on the borrower’s credit, the reverse mortgage relies on the value of the property and the age of the homeowner. Credit is not factored into the equation at all.

Since there are no payments due on a reverse mortgage loan, qualification is really easy.

Reverse mortgages, contrary to most mortgages, actually benefits older individuals. In fact, the older you are the better. The value of the home also plays a large role in how much the mortgage will be worth. Instead of credit, income, and employment factored in, the reverse mortgage factors the loan based on the home’s value.

Reverse mortgages loans are ideally intended for individuals that plan to keep the property as their primary place of residence for quite some time. On the other hand, they are poor decisions for individuals planning to move in the near future.

Reverse mortgages also ideally bail out homeowners who are struggling with bankruptcy.

The mortgage will immediately halt the mortgage payment and actually generate income for the home owner. This income can be received on a monthly basis, via credit, or in a total sum.

A common myth centering on reverse mortgages is that the bank regains ownership of the home. This is not the case.

The bank actually does not want the home. It’s another type of mortgage and another way for the bank to profit. The homeowner continues to retain ownership of the home.

Another common myth is that reverse mortgage closing costs are much higher than a regular closing cost.

Once again, this is not at all the case. Individuals may take out the money in three primary ways. They also may change their mind on how they will receive the money two or three years deep into the loan.

The first and most common way is to opt for a line of credit. The money sits in the line of credit within the reverse mortgage and the borrower has access to that money at any time for any purpose.

The next way is to take out the funds through a guaranteed monthly check.

“President Barack Obama’s inauguration as the 44^th President of the United States of America was not only significant in the fact that he was the first African-American president of our great country, but also for the fact that he was taking over command during a time of economic crisis.

Obama has made several pledges and declarations concerning the economy and how he plans to fix it. Many of those can be located through Obama’s proposed budget for 2010-11.

The first step to secure your financial future is to locate and pull out your estate planning documents. This is important even if you reviewed the files last year. Understanding the current state of the documents and the Will is vital.

Generally the Will goes smoothly if the father and mother filled out all the correct paperwork and recorded the correct documents. Keep in mind that this is a big if.

Quite often the loved ones left behind are left with a gigantic hassle because the paperwork or Will is not in order or contradict each other.

The Last Will and Testament are your two most important documents for after the individual passes away. Make sure this document directly specifies and governs how your assets will be passed out and where they will go.

The individual should also consider the manner in which they will be passed. For example, if you have minor children you may not necessarily want them to handle those large sums of money directly. Have you considered a trust? A trust will secure the funds until the child reaches a certain age. On the contrary, it’s important to read your Will and documents if your children have since grown up and become adults. Maybe a trust is no longer the strongest option? You also may need to may provisions for grandchildren, etc.

Beneficiary controlled trusts are a remedy that can prevent mishandled management of a large sum of inheritance passed down from the parent to a single child or children. This concept is especially relevant to family businesses that are often passed from generation to generation.

Beneficiary controlled trusts are incentive based that force the beneficiary to basically earn a dollar for every dollar they earn from the trust. The type of trust prevents second or third generation inheritances from just living off the past success of their parents or grandparents.

Another issue directly effecting inheritances is the exemption amount according to estate values.

If you do not have an estate in excess of the exemption amount you’re not subject to federal or state taxes. The exemption amount has increased over the years and in 2008 was set at $2 million. The exemption could increase $1.5 million to $3.5 million by the end of the calendar year.

The rate is still rather high, considering it starts out at 20% and increases to 45% around $4.5 million. This certainly poses problems if a possible law in 2011 takes effect that would reduce the exemption to $1 million.

While much of the future is uncertain, the only guaranteed step you may take right now is to pull out your estate planning documents and Will and review them intently with your financial advisor.”

By trying to find a financial advisor, it is more likely that tax season will be less stressful.  With that said, by being aware of it on your own, stress levels will likely be lessened.

“What does it mean to be a caregiver?

Often you are the one designated to look after a loved one due to the hectic schedule or occupational demands of the rest of the family. Sometimes the family lives to far away to care for the individual everyday.

But that doesn’t mean everything is fine and peachy. In fact, caregivers endure a lot of stress and responsibility when taking care of a loved one. According to some studies, the caregiver may even pass away before the patient they are caring for due to stress or illness.

Caregivers provide help to those in need. Caregivers provide support and help for those loved ones. Often they are drawn closer to the patient and the relationship becomes stronger. These caregivers generally also enjoy a bigger sense of appreciation on life.

But care giving can also produce negative and confusing feelings. Isolation and lack of free time can make you feel desperate. Caregivers can grow angry over impatient and express guilt as the loved one draws close to death.

Yes it’s a tough job to say the least. A job filled with rewards and sadness all of which can occur in any given week.

Some individuals care for a loved one while others leave the matter up to a professional, such as a Geriatric Care Manager. Both options are viable. However, it’s important to educate yourself on the risks and health factors associated with care giving for a loved one.

The care giving process is generally broken down into three main phases.

• Beginning: Step into the role of a care giver amidst a crisis or tragedy.
• Middle: Act as the care giver through the ups and downs of the situation.
• End: Patient either passes away or no longer needs your support.

The middle phase presents the greatest obstacles and challenges. Frustration, guilt, and anger can quickly arise even though that is the last thing you wish for.

Conflicting demands between your immediate family and the loved one you are taking care of become difficult. The care giver may begin to ponder how long the loved one will be around. They may even question if they are the right individual for the job.

Because of the deep frustration and burnout factor, some individuals turn to a professional caregiver organization which provides the trained support and assistance needed.”

Using a financial planning guide, a New Jersey financial planner, a Certified Financial Planer from Philadelphia, or even an NJ private wealth management firm will do to find the best option as to whether or not to become a caregiver.

“Public Misconception Provides a False Sense of Security

Surveys by organizations that support long term care planning, such as the AARP, consistently reveal that a majority of the American public thinks the government will provide long term care services when the time comes for needing those services.

A recent national survey by the AARP, of people 45 years and older, discloses that 59% of respondents think Medicare will pay for extended nursing home costs and 52% believe Medicare will cover assisted living costs. In reality, Medicare coverage for nursing homes is very short-term (the average is 27 days) and Medicare does not cover the cost of assisted living at all.

Another recent survey by America’s Health Insurance Plans –AHIP — also supports these findings. If we add on another 25% or 30% of respondents who simply don’t know how their long term care costs will be covered or who erroneously believe they have insurance for long term care, about 80% of the American public is laboring under a false sense of security. These people think they are covered for long term care when they are not.

Cost-of-care reports released by the government also appear to support the myth that the government provides the bulk of care. Quoting a recent Government Accounting Office study for Congress:

“Presently, the majority of long term care services — about 80 percent — is paid for by governmental programs with private pay and long term care insurance making up the difference. In June 2007, according to the Centers for Medicare & Medicaid Services(CMS), which overseas nursing facility care, 65 percent of all nursing home residents relied on Medicaid and an additional 14 percent depended on Medicare for their care and services.”

It is no wonder that the public is confused. How can some sources claim that government provides little long term care if the government itself claims payment for 80% of long term care costs? The answer lies in the fact that the majority of long term care services in this country are provided free of charge by family members, friends or volunteers.”

Using a financial planning guide or trying to find a financial advisor will assure that the care received in the future is what you expected it to be.

“While thinking and comprehending death is the last thing we all wish to do, it’s important in certain circumstances. One of them being how protected is your family and loved ones future once you do pass away? Where will all your money and assets go once you die?

Every individual should possess and continually update these four vital documents.

• Last Will and Testament
• Power of Attorney
• Health Care Power of Attorney
• Trusts

Last Will and Testament

The Last Will and Testament is not something merely for old people on their death bed. The Last Will and Testament is also vital for young adults because you know how the saying goes, “you never really know.”

The Will is a legal document spelling out that when you pass away, where your possessions and assets will relocate.

The Will may include anything from jewelry and furnishings to a boat or car. Also the Will can contain any investment assets including life insurance and bank accounts.

The individual is allowed to make specific requests in the Will, stating who will get exactly what. The individual may also make a specific request to just divide everything equal among the beneficiaries.

Always make sure you are very clear in the Will. Leave no room for error or confusion.

Also, make sure you designate what’s called an “executor.” An executor is the person whose job it is to handle your affairs once you are no longer here. The executor will not decide who gets what, but rather will gather all the assets, pay off any debts, and handle any other looming financial matters.”

Using these types of guidance as well as trying to find a financial advisor will help you write the will.

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