Finance

Women and Estate Planning Basics

Published

11 years ago

August 1, 2014

Women estate planning

When it concerns estate planning, females have unique concerns. The fact is that women live approximately 4.8 years longer than men. “That’s significant because it means that there’s a greater chance that you’ll need your assets to last for a longer time period and a greater need to plan for incapacity,” says Martin Walcoe, EVP at David Lerner Associates. “It also means that you’ll have to take responsibility for your very own estate plan.”

What is an estate plan?

An estate plan is a map that reflects the way you want your personal and financial affairs to be handled in the event of your incapacity or death. It allows you to control what happens to your property if you die or become incapacitated.

If you’re married, the odds are that you’re going to outlive your husband. That’s substantial for a few reasons. First, it means that if your husband passes away before you, you’ll likely acquire his estate. More importantly, though, it means that to a large extent, you’ll probably have the last word about the final disposition of all the assets you’ve collected during your marriage.

Estate planning may be especially needed if you have minor kids; your net worth exceeds the federal transfer tax exemption amount ($5,340,000 in 2014, $5,250,000 in 2013) or, if less, your state’s exemption amount; you own property in greater than one state; monetary privacy is an issue; or you own a business.

Planning for incapacity

Incapacity can happen to anyone at any moment, but your risk generally increases as you age. You must consider what would happen if, for instance, you were unable to decide or conduct your personal affairs. Failing to plan may mean a court would have to appoint a guardian, and the guardian might make decisions that would be different from what you would have wanted.

Health-care directives can help others make sound decisions about your health when you are unable to. These might include:

Living will – a document that lists the kinds of medical treatment you would want, or not want, under particular circumstances.
Durable power of attorney for medical care (health-care proxy) – lets several family members or other trusted individuals make medical decisions for you.
Do not resuscitate (DNR) order – a legal form, signed by both you and your doctor, that gives hospital staff permission to perform your wishes.

There are also tools that help others manage your property when you are unable to, including:

Joint ownership – allows another person to have the same access to the property as you do. For instance, if you and your spouse have a joint checking account and you become incapacitated, your spouse would still have the ability to make mortgage payments on schedule.
Durable power of attorney – lets you name family or other trusted individuals to make financial decisions or negotiate business on your account, even in the event that you are disabled, or perhaps because you are disabled.
Living trust – a follower trustee can move into your shoes to manage property in the trust if something should happen to you.

Wills and probate

A will is quite frequently the cornerstone of an estate plan. It is a legal document that directs how your property is to be distributed when you die. It also allows you to name an executor to perform your wishes as specified in the will and a guardian for your minor children. You can also create a trust in your will. The will should be written, signed by you, and witnessed.

Most wills must be probated. The will is filed with the probate court. The executor collects assets, pays debts and taxes owed, and distributes any remaining property to the rightful heirs. The rules vary from state to state, but in some states, smaller estates are excluded from probate or get an expedited process.

For most estates, there’s little reason for avoiding probate, as the real time and costs involved are modest. And, there are actually a few benefits to probate. Because the court supervises the process, you have some assurance that your wishes will be followed. And probate offers some protection against creditors, since creditors are generally required to make their claims against the estate in a timely manner.

However, there are a variety of reasons for avoiding probate also. For some complex estates, probate can take up to two or more years to complete and bind property that your family may need, while adding executor fees, attorney fees, and insurance costs. And, if you have property in over one state, probate may be required in each state. Also, wills and other documents submitted for probate become part of the public record, which may be undesirable if you or your family have privacy concerns.

There are ways for you to avoid probate, if that is your desire. Probate may be avoided by owning property jointly with rights of survivorship; by completing beneficiary designations for property like IRAs, retirement plans, and life insurance; by putting property in an inter vivos trust; and by making lifetime gifts.

What happens if you die without a will or an estate plan?

Regardless if you have a will, some property passes automatically to a joint owner or to a designated beneficiary. For instance, you can transfer property including IRAs, retirement plan benefits, and life insurance by naming a beneficiary. Property that you own mutually with right of survivorship will automatically exchange the surviving owners at your death. Property held in trust will pass based on the terms you lay out in the trust.

Property that does not pass by beneficiary designation, joint ownership, will, or trust passes according to state intestacy laws. These laws vary from state to state. The state laws for intestate succession specify how property will pass, generally in certain proportions to numerous related persons. Such as, a typical state law might specify that property pass one-half to a surviving spouse, with the remainder passing equally to all kids.

Trust basics

A trust is a flexible estate planning tool that can protect against incapacity; avoid probate; minimize taxes; allow professional management of assets; provide safeguards for minor children, old parents, and various other recipients; and protect assets from potential creditors. Most importantly, trusts can provide a means to administer property on an ongoing basis according to your desires, even after your passing.

A trust is a legal entity where someone, referred to as the grantor, arranges with another individual, called the trustee, to hold property for the advantage of another party, named the beneficiary. The grantor names the beneficiary and trustee, and develops the rules the trustee must follow in a record called a trust agreement. With a trust, you can provide various interests to different beneficiaries. For instance, you might provide income to your children forever, with the rest heading to your grandchildren.

You can develop a trust while you are living (a living or inter vivos trust) or at your death (a testamentary trust). A trust you create during your life can be either revocable or irrevocable. You retain the right to change or revoke a revocable trust. An irrevocable trust cannot be altered or revoked. A trust you create at death is irrevocable.

Transfer taxes

When you get rid of your assets during your lifetime or at your death, your transfers may go through federal gift tax, federal estate tax, and federal generation-skipping transfer (GST) tax. Your transfers may also undergo state taxes.

Lifetime Providing

Making gifts during one’s life is a common estate planning technique that can serve to avoid probate and reduce transfer taxes. One way to perform this is to capitalize on the annual gift tax exclusion, which lets you give up to $14,000 (in 2013 and 2014) to as many people as you want gift tax free. In addition, there are several other gift tax exclusions and deductions available to help you lessen transfer taxes. Making a gift can also let you see the receiver enjoying the advantage of your gift while you are still alive.

*National Vital Statistics Report, Volume 61, Number 4, May 2013. Header.

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. Member FINRA & SIPC

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AI and the Future of LinkedIn: How Technology is Redefining Professional Networking

Published

2 months ago

August 29, 2025

Good Life Guide

The tech industry has always been a proving ground for new tools and ideas, and right now one of the most powerful forces reshaping the way professionals connect is artificial intelligence. From the way companies recruit talent to how thought leaders build influence, AI is changing the rules of the game on LinkedIn and beyond.

Smarter Recruiting
Hiring managers no longer sift through stacks of résumés. AI-powered systems can analyze skills, career paths, and even cultural fit to recommend candidates. On LinkedIn, predictive recruiting tools help companies identify prospects before they start looking for a new role. The result is faster hiring and better matches between employers and employees.

Personalized Content Feeds
LinkedIn’s algorithm has grown into more than just a filter. It now functions as a learning engine that studies professional interests and behavior. For tech companies, this means employees and executives can reach the audiences that matter most. A thought leadership article, a product update, or even a short post can now land in the feeds of potential clients, investors, or collaborators with remarkable accuracy.

The Rise of Automated Outreach
Sales and business development teams are experimenting with AI-assisted outreach. Instead of sending hundreds of generic messages, companies can use tools that analyze profiles, identify key talking points, and create personalized introductions. While this raises questions about authenticity, it also makes networking more efficient and effective.

Data as a Strategic Asset
LinkedIn’s real strength lies in its data. Millions of profiles, skills, and career shifts create a powerful resource. With AI, companies can analyze that information at scale, spotting workforce trends, predicting which industries are about to grow, and even identifying where the next wave of innovation might emerge. For tech leaders, this kind of intelligence can shape everything from hiring strategies to market expansion.

Balancing Human and Machine
The challenge is keeping professional networking personal. AI can accelerate connections and refine the process, but relationships still depend on authenticity, trust, and shared experience. The tech industry, more than most, will need to find the right balance between automation and genuine human interaction.

As AI becomes part of the digital networking fabric, LinkedIn is evolving into more than a résumé platform. It is becoming a predictive, personalized ecosystem that reflects the future of work. For tech companies, learning how to use this shift to their advantage may be just as important as the innovations they are building.

Finance

PR and SEO Best Practices for Law Firms, Dentists, Wellness Companies, and Chiropractic Offices

Published

2 months ago

August 29, 2025

Good Life Guide

PR and SEO best practices for law firms, dentists, wellness companies, chiropractic offices

These days, your reputation often begins online before a client ever walks through your door. Whether you run a law office, a dental practice, a wellness brand, or a chiropractic clinic, people are searching the web to find answers, compare options, and decide who they can trust. That is where public relations and search engine optimization come together.

PR shapes your story and builds credibility. SEO makes sure the right people actually see it. When the two are aligned, they create a cycle of trust and visibility that fuels growth.

Why PR Matters for Professional Services
Public relations is not just about getting your name in print. It is about shaping perception. A thoughtful media mention, a quote in an article, or a published expert opinion can position you as someone worth listening to. For a lawyer, this might mean explaining a high-profile case in plain language for the public. For a dentist, it could be offering preventative care tips during National Dental Health Month. Chiropractors might focus on wellness and posture awareness, while wellness companies can shine by connecting their products to lifestyle conversations.

“PR is about storytelling,” says Mike Falkow, CEO at Meritus Media. “For industries like law and healthcare, it is often the difference between being just another listing online and being recognized as a trusted voice.”

How SEO Brings People to You
PR helps you look credible. SEO makes you visible. If you want new clients to find you when they type into Google, you need smart SEO strategies. That includes clear keywords, easy-to-navigate websites, local business listings, and reviews.

A law firm in Los Angeles that wants more personal injury clients has to show up when someone searches for “Los Angeles personal injury attorney.” A Tampa chiropractor has to be easy to find when someone types in “back pain relief near me.” It is not just about ranking higher, it is about meeting people right at the moment they need you.

Blending PR and SEO
Here is where the magic happens. When you land a feature in a credible publication, that mention often includes a link back to your website. Google sees that link as a vote of confidence, which boosts your search rankings. On the flip side, a blog post that is written with SEO in mind can get picked up and shared if it is timely and tied to bigger conversations in the media.

According to Meritus Media, “The mistake many professionals make is treating PR and SEO as separate projects. The truth is they amplify each other. Press mentions bring credibility and backlinks, and optimized content helps that coverage travel further.”

Best Practices for Each Industry

Law Firms: Build authority through thought leadership. Comment on relevant legal issues and create content around the cases and topics people are searching for.
Dentists: Focus on education. Share preventative care tips, encourage reviews, and make sure your practice shows up in local searches like “dentist near me.”
Wellness Companies: Lean into education-driven PR. Announce new research, highlight expert voices, and optimize for lifestyle searches such as “natural ways to boost energy.”
Chiropractic Offices: Become the go-to local expert. Host workshops, engage with local press, and use SEO to highlight treatments tied to specific conditions and locations.

The Takeaway
A strong digital presence requires more than just a website. It requires being seen, being trusted, and being remembered. For law firms, dentists, wellness companies, and chiropractic offices, the smartest approach is one where PR and SEO are not competing, but working together.

As Meritus Media puts it, “It is not enough to have an online presence. You need to be discoverable, credible, and memorable. That is the sweet spot where PR and SEO intersect.”

Finance

A Smarter Way to Save: Real Strategies That Actually Work

Published

2 months ago

August 4, 2025

Good Life Guide

Saving money often feels like something we should be doing, but somehow never quite master. Not because we lack discipline or financial know-how, but because most of us were never taught to approach saving in a way that feels organic and sustainable.

Forget the lectures about willpower. Think of saving more like tending a garden. You don’t expect a harvest overnight. You plant, water, and trust that something is growing under the surface.

Why Saving Feels Difficult

At its core, saving is about delayed gratification. You put money aside today for something you won’t enjoy until tomorrow. That can feel abstract and unsatisfying in a world where we’re used to quick wins.

Add to that the wear and tear of everyday decision-making. By the time you’re deciding whether to stash a hundred dollars or buy something impulsively, your mental energy is already spent. The easier option usually wins.

It’s not a character flaw. It’s a missing system.

Common Pitfalls That Derail Saving

One of the biggest traps is not knowing where your money is actually going. Subscription services, late-night shopping, and small indulgences add up fast.

Then there’s the issue of unclear goals. If you’re just “trying to save more,” it’s too vague to build momentum. Without a target, it’s hard to feel like you’re making progress.

Finally, many people treat saving as something they do only when it feels convenient. And as we all know, those moments rarely come around.

Simple Strategies That Actually Work

Start by making saving automatic. Set up recurring transfers to a separate account, even if it’s just fifty dollars a month. According to David Lerner Associates, automating your savings creates consistency without requiring daily effort. You don’t have to think about it—it just happens.

Next, tie your savings to something that matters to you. A trip. A safety net. A home project. As Martin Walcoe, CEO of David Lerner Associates, explains: “Saving works best when it’s connected to a goal you care about. Whether it’s building financial security or planning for something joyful, people are more likely to stick with it when it feels personal and meaningful.”

Small wins also build momentum. Consider using a round-up app that sweeps change from purchases into savings. Or throw spare change into a jar. These little actions remind you that progress doesn’t have to be dramatic to be meaningful.

Make Budgeting Feel Less Like a Chore

Instead of thinking of budgeting as a restriction, think of it as guidance. Look at your spending once a month. Track where your money goes. Treat savings like a bill—something you pay no matter what. Then adjust as needed.

Financial planning, like nutrition or exercise, is more effective when it fits into your natural rhythm rather than disrupting it.

Think Long-Term, Even in Small Steps

If you’re carrying debt, make a plan that works without pressure. Focus on understanding your terms and building a slow but steady path out. Saving and repaying can happen side by side. As Martin Walcoe puts it, “Finding the balance between repaying student loans, saving for the future, and investing is possible. With a proactive approach and the right strategies, you can tackle your loans while laying a strong foundation for financial growth.”

Even modest investing can pay off if you start early. Time does a lot of the heavy lifting. You don’t have to do it all—you just have to start.

Your Environment Shapes Your Habits

Surround yourself with people who share your mindset. Having a spouse, friend, or coworker on a similar journey can make saving feel more like teamwork and less like sacrifice.

And don’t overlook the importance of rituals. A monthly money check-in. A progress tracker. A celebration when you hit a milestone. These things help make saving part of your lifestyle rather than something separate from it.

Final Thought

Saving doesn’t have to feel like denial or discipline. When it’s tied to your values and built into your everyday life, it becomes a natural act of self-respect. Like nourishing your body, saving is an investment in the kind of life you want to live—not someday, but starting now.