Also in this issue: - The Spectrum Magazine

Finance : The Right ‘Papers’ — at the Right Time — Can Protect Your Family
David Amann
Special to The Spectrum
T
o protect your family, you need more than the best intentions — you need
the right “paperwork.” And you’re going to need it during two distinct phases
of your life — your working years and your retirement.
Let’s take a look at these time periods, along with some of the key
documents you may need.
Working years
While you’re working, your most valuable asset is your income. Without
it, your family might not be able to pay off the mortgage or send the kids
to college, and that’s why you need to put the appropriate insurance and
protection policies to work.
You can typically purchase a surprising amount of term insurance — which,
as the name suggests, covers you for a specified number of years — for relatively
modest premiums. In fact, due to longer life expectancies and other factors,
term insurance premiums, in general, have actually gone down in recent years.
Most term insurance policies offer only a death benefit with no cash
value. So, if you don’t die before your policy expires, you will get nothing
back from the premiums you paid in. However, when you buy “permanent”
insurance — such as whole life, universal life or variable universal life
— your premiums pay for both a death benefit and an investment component,
and any earnings have the potential to grow on a tax-deferred basis.
Apart from life insurance, you may need another important document
— a disability insurance policy. An injury or illness that prevents you from
working can seriously erode your savings and investments, so you’ll want to
protect your income. Your employer may offer some type of group disability
plan. But if this plan doesn’t pay at least 60 percent of your income, doesn’t
pay benefits to age 65 and has a waiting period longer than your savings can
last, you may need to look at supplemental private disability insurance.
Senior Activities
The following activities provided by the Veterans Memorial Senior Center,
1455 Madison Ave., Redwood City, are open to the public.
National Senior Week
Sept. 10–14
Monday, Sept. 10, 9:30 a.m.–12 p.m., Sunset Room — Panel discussion and
a chance to experience a healing body treatment from a reiki, acupressure,
massage or chiropractic practitioner.
Tuesday, Sept. 11 — Grandparents Day! Join us in celebrating the wonderful
relationship between grandparents and grandchildren.
Wednesday, Sept. 12, 10:30 a.m., Goldstar Room — Lecture on the myths
and realities of hospice, from Mission Hospice.
Thursday, Sept. 13, 11 a.m., Sunset Room — Lecture on how to find help at
home, from Home Instead.
These events are free, and all are welcome. For more information, call
Merrylen Sacks at 650-780-7320.
Gilroy Gardens Community Services Trip
Saturday, Sept. 22, 10 a.m.–4 p.m.
Let us take you on an adventure to Gilroy Gardens, which has whimsical
gardens, unique rides and one-of-a-kind exhibits. Cost of $60 includes roundtrip
transportation, entrance into the park and lunch. Please call 650-780-
7344 to reserve your spot today.
Tax Rebate: Homeowner and Renter Assistance
Wednesday, Sept. 26, 9 a.m.–1 p.m.
Homeowner and Renter Assistance is an annual payment made by the
state of California to qualified individuals. Payment is based on your total
household income and a percentage of the assessed value of your home.
Retirement years
When you retire, you’ll still need to protect your family, but at this stage of
your life, your focus may be on leaving a legacy. Toward that goal, you will
have some estate planning considerations. And estate plans can be complex,
so you will need to work with an attorney.
Of course, everyone’s situation is unique, but here are two of the most
common documents associated with estate planning:
Will. If you don’t have a will, your wishes may never be fully honored,
because state law will dictate how your assets are divided. And if you
have no living relatives and you die intestate (without a will), your estate
will go to the state.
Living trust. If you have only a will, your assets may have to pass through
probate, which can be time-consuming and expensive. But with a
properly established living trust, your assets can pass directly to your
beneficiaries without court interference, legal fees, lengthy delays and
public disclosure. Also, a living trust can give you more precise control
over how — and when — you want your assets distributed. You could,
for example, have money distributed to your children or grandchildren in
installments over a period of years.
As you can see, you need to have your “papers” in order to properly take care
of your family — no matter where you are on life’s journey.
Edward Jones, its employees and financial advisors are not estate planners
and cannot provide tax or legal advice.
Renters may also qualify for assistance. Your income must be $42,770 or less,
and you must be 62+. No walk-ins; by appointment only. Call 650-780-7272,
beginning Sept. 4, to make an appointment.
AARP Driving Course — Renewals Only
Friday, Sept. 28, 1 p.m.–5 p.m.
This course is especially designed for drivers age 50 and over. No walkins;
by appointment only. Please call 650-780-7270 or sign up at the main
building. Bring a check for $10 payable to AARP to the class on Friday. The
instructor is Glenn Behm. Space is limited, so reserve your spot today.
AARP Driving Course — Newcomers Only
Saturdays, Sept. 29 and Oct. 6, 9 a.m.–1 p.m.
This course is especially designed for drivers 50 and older who have not
taken this course before. Taking this course might allow you to qualify for
auto insurance discounts in most states. Must make an appointment. Please
call 650-780-7270 or sign up at the main building. Bring a check for $10
payable to AARP to the class on Friday. The instructor is Glenn Behm. Space
is limited, so reserve your spot today.
To learn more about the Veterans Memorial Senior Center, call 650-780-7270.
Redwood City Parks, Recreation, and Community Services Department
provides recreational facilities and activities for all ages and interests, and
supplies building and custodial services for city buildings. Redwood City
Parks also operates the Veterans Memorial Senior Center and the Fair Oaks
Community Center, providing social, educational and cultural activities as
well as information, referral and counseling services to persons living in
Redwood City and neighboring communities. Redwood City Parks is more
than you think! Its Web site is located at www.redwoodcity.org/parks.
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