It’s almost Thanksgiving – a holiday centered on family, caring and sharing. You can carry these same values into your daily life – and you can certainly incorporate them into your financial strategies for taking care of your loved ones.
First of all, protect your family by maintaining adequate life and disability insurance.
Next, invest in your children. If you have young children, you may want to open a tax-advantaged college savings vehicle, such as a 529 plan. If you have adult children, you could write them each a check to help them fund their IRAs for the year.
Here’s another financial move that can ultimately benefit your family: Maintain your own financial independence throughout your life. Specifically, consider working with a financial professional to find a solution for the potentially devastating costs of long-term care, such as an extended nursing home stay.
Finally, share your estate plans with your loved ones. By informing them of your wishes now, you can avoid hurt feelings and unpleasant surprises later.
By applying the lessons of Thanksgiving to your financial plans, both you and your family will have reason to be thankful.
Contributor: Marie Green
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. For more information or to learn more about the information contained in this article contact Marie Green of Edward Jones conveniently located at 3565 Crompond Road (Rte 202) Cortlandt Manor, NY 10567, (914) 736-2078.
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