Review Category : End Of Life Care

What Happens To My Frequent Flyer Points When I Die?

When a loved one passes away, there are often many financial matters to deal with in the estate planning process. Often, you have to deal with collecting life insurance policy proceeds, closing out bank accounts, and dealing with the transfer of IRA and 401(k) accounts. In most families, there is also lots of discussion over possessions including automobiles, jewelry, or other collectibles. But, what about all of those frequent flyer points? Will they continue on to a beneficiary or just drift away into a black hole of frequent point oblivion? Before we discuss various programs and what the potential outcomes are at death, let’s talk about some best practices. Most families don’t even really track their miles or points. This is why we encourage people to use the online personal financial dashboard with oXYGen Financial because you actually have the ability to track all and any point programs to know exactly what you have. It’s not a great idea to ...

Read More →

5 Estate Planning Lessons We Can Learn From Prince

Recently, I was invited into the Washington, DC Bureau to do a timely piece of the estate of Prince.  His estimated fortune was in excess of 300 million currently, and this doesn’t include the recent or future sales of his records.  As we have seen from legends such as Elvis Presley, money can be made off your name for many years into the future.   The sad news came out that it appears Prince did not have a will.  With one real sister and five half siblings it will surely be a mess to settle.   Here are five really good lessons you can learn from the lack of planning Prince may have done with his estate. What If I Don’t Have A Will? –  Here’s the newsflash.   If you don’t have a will, then the state that you live in will have one for you.   The problem with this is that you might assume all of your assets will go to ...

Read More →

When Siblings Fight Over Money

As Generation X’ers turn 50, more and more children are beginning to deal with their parents getting older.  This means getting into the challenging affairs of health and wealth.   Some parents are more open to discussing finances, while others have a secret stash of intertwined trusts ready to be unveiled to the children when they die.  Money does funny things to people.  Sometimes, those things are not so funny.    For many years the scuttlebutt that goes on between brothers and sisters can turn wildly unharmonious when money starts to pass from one generation to another. Whether you have one sibling or multiple siblings, didn’t you as a family have a running joke about who Mom and Dad loved the most?   Of course you did because this is the norm amongst families.  One child was the most gifted with grades, one child was the most gifted with sports, and one child was coined the ‘good child’.   As you grew older, naturally ...

Read More →