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It's time to get your (own) order in the finances

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It's time to get your (own) order in the finances -

economy. The "fiscal cliff." Increased taxes. Decrease in deductions and credits

The media is full of doom-and-gloom news 2013 :. How the impact of changes (or lack thereof) will negatively affect taxpayers while those on the Capitol Hill debate and disagree. Meanwhile, taxpayers expect, powerless to do more than watch and wonder and worry.

While it is true that you can have minimal control over what the government decides national budget, you have significant power over what happens on your own "Capitol Hill. " the new year serve as an incentive to get your "house" budget in order, using this quick list of three key areas to look.

# 1 estate-planning

do you have a will or trust? And if you do, when was the last time you reviewed it, update it to reflect changes in your personal life or financial situation?

According to Financial Web, die intestate (without a will) means that your estate will go through the probate process, and your assets divided by the laws of the state, not necessarily in the way you would desired. (Intestate Calculators help you see the effects of these laws.) Your family will probably need to hire a lawyer, so that your estate will most likely have to pay for administrator's services and other costs the settlement of the estate. And then there are the personal items and family heirlooms, collectors possessions-that personal may not be given to the very people you most want to have them.

All these costs, not to mention the possibility for the family-dispute could have been avoided by making a will or creating a trust.

# 2-legal documents

durable financial power of attorney, according Findlaw.com, is a document that gives someone (often referred to as your agent or attorney in fact) the legal authority to act on your behalf in financial matters. Both living wills and powers of attorney the health care give you the ability to define your wishes regarding your medical treatment while you are still able to communicate. The living will (also commonly known as an advance directive, or the appointment of a patient advocate) also indicates that the right and the power to make end of life care decisions on your behalf. (In some states, the two documents are combined into an "advance health care directive.")

# 3-Insurance Coverage

When you hear "insurance", do you think that the car, a home or personal property? If so, you need to expand your definition and understanding, and then contact an insurance professional for more information and help in choosing the right policy for your needs.

Start life insurance , which includes both term and permanent. While term insurance is the most affordable type of insurance when originally purchased, it is designed to meet the temporary needs and provides protection for a specific period of time. Permanent insurance provides lifelong protection, accumulates cash value and price is for you to keep for a long period of time.

Disability Insurance provides an income for you and your family if you are unable to work due to illness or injury. And while you may think that workers' compensation will handle this possibility, the statistics show that most disabilities occur away from the workplace, and the majority of long-term disabilities caused by the disease, no accidents.

long-term care insurance is just what it sounds like: insurance to cover your expenses if you have long term care needs due to illness or accident. According to LIFE, the chances that you'll need some type of long term care is about 70%. Think it is only for the old? Think again: 40% of patients receiving long term care are under 65, notes LIFE. (The long-life care page includes a printable consumer guide (PDF).

In examining these areas and to correct deficiencies or weaknesses, you'll be on your way to protect your future and one of those you love!

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