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HEAVENS HARVEST

MINISTRIES – FINANCE NIGHT

Financial Planning and Wills

Presented by: Jennoa R. Graham, Ph.D.

Friday, July 12, 2013

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KEY TERMINOLOGY Estate - The whole of one's possessions,

especially all the property and debts left by one at death.

Financial Planning – a blueprint for using and maintaining assets and expenses (Revisit annually and limit flexibility)

Wealth Management – overseeing the day to day transactions of all short term and long term assets

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KEY TERMINOLOGY (CONT.) Living Will - A notarized document in

which the signer states his or her wishes regarding medical treatment, especially treatment that sustains or prolongs life by extraordinary means, for use if the signer becomes mentally incompetent or unable to communicate.

Will - A notarized document in which a person specifies the method to be applied in the management and distribution of his estate after his death.

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KEY TERMINOLOGY (CONT.) Trust -

Endowment –

Legacy -

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OVERVIEW Get Organized

Living Wills/Power of Attorney

Wills

Financial Planning

Wealth Management

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GET ORGANIZED Personal Information

Self, Spouse, and Ex-Spouse(s) ALL Children (legal and biological)

Family Registry Documentation of family history www.ancestry.com

Membership Fee DNA & Lineage Testing

Emergency Contacts

Business and Personal Contacts

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GET ORGANIZED (CONT.) Personal Finance

All Income Sources Debts Insurance

Real Estate & Personal Property

Employee Benefits

Retirement

Final Wishes/Other

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LIVING WILL NOT a Medical Power of Attorney

Contains predetermined instructions Terminal Condition Permanent Coma Persistent Vegetative State

Willingness to receiving services Artificial Life Support Food and Water Administration Comfort Care

Proactive

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MEDICAL POWER OF ATTORNEY Designated person(s) to make healthcare

decisions on your behalf Not capable Unable to communicate

Does not override Living Will content

Delegated representative must be of legal age

Must know your wishes and have spoken to you about them

Reactive

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WILL Last Will and Testament

Have an attorney review and file Must be notarized and signed in front of 2 witnesses Same 2 witnesses must also sign

Legal and enforceable instructions on what to do with all your stuff and who to tell Income Debt Property Trust/Endowments

Details of Final Wishes/Organ Donations/Other

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WILL REFERENCES State Bar of Georgia, Consumer Pamphlet

http://www.gabar.org/newsandpublications/consumerpamphlets/upload/wills_09.pdf

Making a Will in Georgia http://www.nolo.com/legal-encyclopedia/georgia-make-will-

32191.html

http://www.legalzoom.com

http://www.standardlegal.com

http://www.uslegalforms.com

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FINANCIAL PLANNING What are my personal/family needs?

How much money is required to meet needs?

When is this money needed?

What is Plan B if those needs are not met?

Current Future12 Months Living Expenses

Private School/College

Debt, Credit and Taxes Travel/Weddings

Final Expenses/Medical Standard of Living/ LT Care

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FINANCIAL PLANNING (CONT.) Saving money for future personal/family

needs Retirement Insurance Investment/Bank Savings

Retirement 401(k) – Profit Sharing for employees 403(b) – Tax Sheltered Annuity Plan Individual Retirement Arrangement (IRA) Pension

http://www.irs.gov

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FINANCIAL PLANNING (CONT.) Insurance

Term Life Whole Life Long-Term Care Annuity/Trust/Endowments

Investment/Bank Savings College

https://www.gerberlife.com https://www.path2college529.com

Money Market Account Certificates of Deposit Municipal Bonds

Life Insurance Policy building cash value

Similar to 401(k) savings account

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WEALTH MANAGEMENT Uses financial and estate planning to grow

long-term wealth Money makes money Traditional work day no longer applies

Cash Management Earn Interest Investments/Tax Shelters

Reporting and Analysis Investment Taxes Legal

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SUMMARY Organize all your family documents and store in a

safe place (i.e. fire proof box, safety deposit)

Living Will and Medical Power of Attorney are separate documents. Living supersedes Medical Power of Attorney

Attorney must review Last Will and Testament

Financial planning is essential for meeting long-term family and personal goals

Wealth Management used to grow long-term wealth

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REFERENCES The American Heritage® Dictionary of the

English Language (2009), Fourth Edition, Houghton Mifflin Company. Retrieved March 6, 2013, from http://www.thefreedictionary.com

LawDepotTM (2012-2013), Free Healthcare Directive, Retrieved July 10, 2013, from https://www.lawdepot.com

IRS (2013). Tax forms and definitions. Internal Revenue Code, Retrieved June 3, 2013, from http://www.irs.gov

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REFERENCES College Savings Plan Network (2010),

Georgia Path2College 529 Plan details. Retrieved July 10, 2013, from http://www.collegesavings.org

Gerber Life Insurance Company (2013), Gerber Life Collage Plan details. Retrieved July 10, 2013, from http://www.gerberlife.com

LexisNexis (2013), Official Code of Georgia. Retrieved July 10, 2013 from http://www.lexisnexis.com