financialforum
Time to Update
Though the end of the year can be busy, it’s important to take
time to review your fi nancial plan. Phil Dyer, CFP, highlights
some areas you should consider updating.
T
he past 18 months have been the current economic state of the coun-
among the toughest fi nancially in try, most experts expect this provision to
recent history. The stock market be eliminated, which will leave estate-
dropped 50 percent, the national unem- planning strategies somewhat in limbo for
ployment rate jumped to nearly 10 per- those with large estates, family farms, or
cent, and communities in many states have valuable closely held businesses. If your
been swamped with foreclosures. estate — including the value of in-force life
With the holidays approaching and insurance — is worth more than the current
some downtime likely in your schedule, federal estate tax exemption level of $3.5
this is a great time to update your fi nancial million, consider meeting with your estate-
Need Help Updating
plan and assess your “personal economy.” planning attorney to discuss what is likely
Your Financial Plan?
Consider the following areas for updating: to happen with federal estate law and what
■ Consider contacting Education funding: If you qualify steps you can take to protect your hard-
one of MOAA’s spon-
to transfer education benefi ts to your earned assets in these uncertain times.
sored financial planners
child(ren) under the Post-9/11 GI Bill, you Insurance coverage: If you had a major
with the Garrett Planning
Network at
www.garrett
should revisit your education funding plan. life change in 2009, such as getting married,
planning.com for help.
The benefi ts of the Post-9/11 GI Bill gen- having a child, separating or retiring from
Don’t forget to ask for erally will cover for one person the cost the military, paying off your mortgage, or
your 20-percent MOAA
of four years of undergraduate education paying the last of college costs for your chil-
member discount.
at a state-operated institutition — up to dren, it might be a good time to adjust your
the maximum rate of in-state tuition and insurance coverage. For instance, I routinely
fees for that state. (Many private schools see those starting their second careers car-
already have joined the Yellow Ribbon pro- rying too little insurance to cover living
gram, which can make high-cost colleges expenses, mortgage payoffs, and higher ed-
and universities much more affordable.) ucation costs for their children. Conversely,
This means families with only one child those who are entering full retirement with
can redirect college savings dollars to help a paid-off mortgage and independent chil-
refi ll retirement accounts, pay down debt, dren might no longer need large life insur-
or otherwise improve the family’s overall ance policies. Talk with an insurance agent
fi nancial situation. Families with multiple to see what makes sense for you. MO
children can split the benefi t between chil-
dren or use the benefi t for one and savings
— Former Army Capt. Phil Dyer, CFP®, is
for the others. For more information on the
deputy director, Benefi ts Information and Finan-
Post-9/11 GI Bill, visit
www.moaa.org/gibill.
cial Education. To fi nd a fi nancial planner near
you, contact Garrett Planning Network at
Estate planning: Under current law, the
(866) MOAA-GPN (662-2476) or
www.moaa
federal estate plan is due to be abolished
.org/garrett, or visit
www.moaa.org/fi nancial
in 2010 — for exactly one year. Because of center for other resources.
46 MILITARY OFFICER NOVEMBER 2009 PHOTO: SEAN SHANAHAN
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