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4 Critical Estate Planning Tasks to Complete Before Going on Vacation

7/31/2019

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Going on vacation entails lots of planning: packing luggage, buying plane tickets, making hotel reservations, and confirming rental vehicles. But one thing many people forget to do is plan for the worst. Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death.
In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. If not, your loved ones can face a legal nightmare if something should happen to you while you’re away. The following are 5 critical estate planning tasks to take care of before departing.
1. Make sure your beneficiary designations are up-to-date
Some of your most valuable assets, like life insurance policies and retirement accounts, do not transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death. It’s vital you name a primary beneficiary and at least one alternate beneficiary in case the primary dies before you. Moreover, these designations must be regularly reviewed and updated, especially following major life events like marriage, divorce, and having children. ​
2. Create power of attorney documents
Outside of death, unforseen illness and injury can leave you incapacitated and unable to make critical decisions about your own well-being. Given this, you must grant someone the legal authority to make those decisions on your behalf through power of attorney. You need two such documents: medical power of attorney and financial durable power of attorney. Medical power of attorney gives the person of your choice the authority to make your healthcare decisions for you, while durable financial power of attorney gives someone the authority to manage your finances. As with beneficiary designations, these decision makers can change over time, so before you leave for vacation, be sure both documents are up to date.
3. Name guardians for your minor children
If you’re the parent of minor children, your most important planning task is to legally document guardians to care for your kids in the event of your death or incapacity. These are the people whom you trust to care for your children—and potentially raise them to adulthood—if something should happen to you. Given the monumental importance of this decision, we’ve created a comprehensive system called the Kids Protection Plan that guides you step-by-step through the process of creating the legal documents naming these guardians. You can get started with this process right now for free by visiting our user-friendly website. ​
4. Organize your digital assets
If you’re like most people, you probably have dozens of digital accounts like email, social media, cloud storage, and cryptocurrency. If these assets aren’t properly inventoried and accounted for, they’ll likely be lost forever if something happens to you. At minimum, you should write down the location and passwords for each account, and ensure someone you trust knows what to do with these digital assets in the event of your death or incapacity. To make this process easier, consider using LastPass or a similar service that stores and organizes your passwords.
Complete your vacation planning now
If you have a vacation planned, be sure to add these 4 items to your to-do list before leaving. And if you need help completing any of these tasks—or would simply like us to double check the plan you have in place—consult with us as your Personal Family Lawyer®. ​
We recommend you complete these tasks at least 8 weeks before you depart. However, if your trip is sooner than that, call and let us know you need a rush Family Wealth Planning Session, and we’ll do our best to fit you in as soon as possible. Contact us today to get started.
This article is a service of Hayoon Kane, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge. In August, IMP members will get an additional $300 discount for estate planning. You can see more information here.
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Silver Sponsors

7/23/2019

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Iowa Medical Partners is thankful for all the support we receive from our local community. Our silver sponsors have supported us at a level that we recognize through ads on our website and our shirts. IMP officers have provided some input below about why they love these establishments. I encourage all our members to check out these businesses! You will not be disappointed!
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The Encounter Café

​The Encounter Café radiates warmth to all guests with a peaceful atmosphere, blissful coffee, and satisfying breakfast and lunch fare. Those of you that know me know how much I love this establishment. When I was pregnant with Nicole, The Encounter Café became my weekly spot to relax and read during the time between my OB appointments at UIHC and Maddie’s preschool pick up. The café is operated by Sharon Bethel Mennonite Church in Kalona, Iowa.  They use a portion of their profit to benefit charities, and they strive to demonstrate their values of relationship building, care and service to all who visit. This is the type of place you will find people from all walks of life welcomed and enjoying their encounter. The use local ingredients and cater to many different dietary needs.   Make sure you try their freshly baked Kalona specialties including a soft pretzel and cinnamon roll! –Megan Pai, Vice President 2019


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The Preucil School of Music and Preucil Preschool
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​Preucil’s north campus (location of Music Together and the preschool) is located on the east side of town off of North Dodge Street, right off the I-80 exit. They have a preschool program as well as a seasonal, 45 minute-long once-weekly music program called Music Together. Music Together is recommended for ages 0 to 5 and includes circle play with child and parent - you get a CD of that session's songs and the kids love the singing and movement involved with the class! The teaching style is reflective of their preschool method (more on that next) where children are encouraged to explore and participate however they feel comfortable. For those of us with multiple littles - they are totally cool with baby siblings being in tow. They also have a preschool program based on the Reggio method, which is essentially a philosophy that child, teacher, and environment are equal components of learning. Teachers guide the curriculum around child interests, learn alongside children, and encourage a great deal of creative and outdoor play. They have a huge playground and natural playspace outside and always lots of self-guided art and music time. Stop by and take a tour with them for Music Together or preschool!
​-Molly Sherwood, Philanthropy 2019

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Parkview Christian Preschool

​Last year my son did the Tues/Wed morning program at Parkview Preschool and we had a wonderful experience! Everyone from the front desk to the teachers cares so deeply for those kids and from the moment you walk in you feel welcomed. Our son grew so much academically and socially in his year there. The fun activities he would do or the amazing art projects they do daily were always huge topics at our dinner table. I would recommend this wonderful preschool to anyone who asked and have nothing but amazing things to say. 
​-Lindsay Norvell, President 2019

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In Depth Home Inspections LLC.

InDepth Home Inspections LLC. offers thorough home inspections. Customers can accompany the inspector on the inspection of the house, which is followed by a comprehensive written report. Dennis Paulson has 25+ years in the home building and remodeling industry, and 5+ years as a fire lieutenant. He serves the Greater Iowa City and Corridor area. –Eric Dugdale, Web Manager 2019

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Iowa Gym-Nest

​My daughter started taking classes at Iowa Gym Nest when she was about 2 years old, we started in the ‘Parent and Me’ class and she has now moved up to the preschool level. Our experience there has been amazing! My daughter looks forward to gymnastics class every week and with how much fun my 8-month-old has watching I’m guessing she will be starting classes as soon as she can walk! Iowa Gym Nest also has a great makeup policy, so if you ever miss a class, or need to change to a different class that week, it is very easy to do so. One of our other favorite things is their lunch bunch; every weekday from 12-1 they have open gym where your kiddos can run around on the mats, play in the foam block pit, or try out the gymnastics equipment (this is especially great in the winter when you are looking for a warm way to burn off some energy)! –Ceric Keck, 2019 Secretary

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Barre3

Have you ever actually enjoyed working out? Yeah, me neither, until I joined Barre3 (located on Melrose next to Maggie's pizza). It is definitely targeted towards women and working out the areas we want to focus on (think butt, thighs, and core). Of course, men are welcome too. It's always a fun class when someone brings their husband who huffs and puffs throughout! Barre technique is based on isometric training - lots of little movements and holding muscles in challenging positions until reaching fatigue. There is always a super motivating and supportive dynamic between the members and from the instructors. At the end of the class, you get to do a guided meditation (the best part). Most participants wear leggings and a flowy shirt - no socks, shoes, or equipment required! And, yes, they have childcare (for up to 6 kids each class, so you have to reserve their spot in advance). IMP swag bags this year include one free class - try it! -Molly Sherwood, Philanthropy 2019

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Heartwood Salon

​North Liberty’s newest salon! Sister salon to Iowa City’s HABA Salon. An IMP member worked here for many years. Specializing in balayage, effortless hair and microblading. Kevin Murphy and R+Co products. They take good care of their clients, and if you go there you will leave looking and feeling totally fabulous!  
–Katelyn Sexton, Former Book Club Chair 2019 

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Chick-Fil-A

​We’re huge fans of Chick-fil-A here! Not only do they always have delicious chicken, but the people who work there are friendly, the food is hot and fast, and they are constantly doing giveaways! If you don’t follow them on Facebook and Instagram (@chickfilacoralridge) then you need to ASAP! They do samples of seasonal items, give away free sandwiches all the time, and receipt days are pretty fun too! I personally have dressed up as a cow more than once since moving here to get some of their chicken for free. Also, if you haven’t tried their cookies and cream milkshake you are missing out big time. Go check them out! -Shannon Squires, Social Media 2019

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The Iowa Children’s Museum

The Iowa Children’s Museum is great for kids of all ages! We personally have year passes to go, and we can’t live without them! They have fun and interesting activities no matter what your kid is into. There are play structures, a grocery store, train tracks, a huge aerodynamics room, several rooms for building or creating art and even a cow you can milk. We have so much fun every time we go! -Shannon Squires, Social Media 2019

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Scratch Cupcakery

I was actually introduced to scratch from the Welcome Brunch at IMP, and I was sold! They are no average cupcakes. The cake is so moist and dense (what I believe a good cupcake should be), and they have such great variety to fit all sweet tooth needs! Scratch is my go to special treat. I have appreciated all the times they have donated to our events! Thank you IMP for introducing me to the world of gourmet cupcakes!
​–Lalana Rodgers, Children’s Activities 2019

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Big Picture Gallery & Studio

My oldest did a Summer Camp at Big Picture our very first summer here (3 years ago) and we instantly fell in love. Miss Becky is amazing with the kids and fosters a genuine love of art in the kids. Since that camp my daughter has taken weekly art classes there and made everything from ceramic art sculptures to watercolor paintings and everything in between. She looks forward to her classes and seeing Miss Becky every week. We even did her birthday party there this last year and I would highly recommend that experience! The kids had a blast and Becky does an entire painting with them and all supplies are included. It was a blast for my daughter and her friends!! -Lindsay Norvell, IMP President 2019

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Budgeting: Important in Every Stage of Life

7/11/2019

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As part of our financial series, we would be remiss if we didn’t talk a bit about budgeting. Budgeting means different things to different people, but making and strictly sticking to a specific budget is the best way to have your money work for you and to achieve your goals (both long term and short term). It is also critical to establish budgeting skills now. Like any habit, it takes time and practice to become a normal part of your life.  Of course, there are some wealthy people who have never budgeted, but the vast majority of people that achieve financial independence have done so through budgeting. My parents still have a budget because they feel like their money goes much further when they are on a budget. Budgeting is a key process to be committed to in order to achieve your financial goals, regardless of how much money you make, but the earlier you establish these patterns in your life the better.

A budget is a plan for how you will use your money for a certain period of time. Most people who budget do a monthly budget, as many things are paid  monthly. It will take several months of adjusting and improving your budget before it will be right for you; no one creates a perfect budget their very first try. The first step to building a budget is to look at all your expenses on a monthly basis and put them into categories. A lot of programs recommend looking at the last 3 months of expenses so you can get an idea of what you spend in each category on average. You also will want to divide your expenses into Fixed Expenses and Variable Expenses. Fixed expenses do not change month to month; variable expenses do. Here is an example of some common expenses, divided into fixed and variable amounts to get you started:
Fixed Expenses
Mortgage/Rent
Car Payment
Insurance Payment
Emergency Fund
Internet Bill
Netflix
Other Bills
Variable Expenses
Utility Bills
Groceries
Eating Out
Fuel/Transportation
Home Supplies
Entertainment
Miscellaneous
Once you have an idea of what your monthly expenses look like, you can compare them to your financial goals. Looking at your spending versus your goals can help you adjust what you do to be more in line with what you’d like your budget to look like. Then you can set realistic financial goals and use your budget to help you achieve them. Some goals you might want to achieve include building up an emergency fund, getting out of debt, investing for retirement, being able to give generously to a cause or organization you believe in, or saving up for a dream vacation. Whatever your goals may be, make sure they are included in your budget. A wise person once said “if you fail to plan, you plan to fail”.
Side note: most financial advisors or books or classes advise this order on some of these goals.
  1. Save a 1 month emergency fund (equal to 1 month of income)
  2. Eliminate high interest consumer debt (usually credit cards, furniture loans, etc.)
  3. Save a 3 month emergency fund (equal to 3 months of income)
  4. Risk management (ie insurances)
After figuring out what your goals are, look at how much you make and subtract out all of your expenses until you know how much money you can put toward each category. I ended up canceling several subscriptions we had and started extra couponing  to put more money towards the things that are priorities to us. I feel like our money is actually going towards our goals instead of randomly being spent on things we didn’t use, want or actually need! I still don’t love working on our finances (does anyone like paying bills?), but  I no longer have stress and anxiety when doing it. Our money is working the way we want it to!
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There are now a lot of different ways to make and stick to a good budget for you and your family. I personally use the “Every Dollar” app, because it’s free and it is very easy to use and intuitive. I set up my budget on the computer, and my husband and I each use the mobile app to log transactions. Then, when deciding to make purchases in a specific category, we check how much is left in that category before buying anything. You also have the ability to make funds to put away a bit every month, or to log how much debt you have and make payments towards it every month and the app will track how much debt you have left or how much money you have in each fund. I find it a lot easier than doing a spreadsheet or putting cash in envelopes, but those are legitimate systems too, and different things work for different people.

At the end of making a budget, make sure you stick to it the best you can! It won’t be easy at first and there is definitely a learning curve, but it just gets better and better. And once you are good at it, you can really use it to your advantage. When you get a pay raise, for example, you don’t have to act like you did; you can just put that extra money towards getting out of debt faster, or towards saving up for moving expenses, or your dream vacation when you’re done with training. ​​​
Let’s have some comments on this post! What systems do you use for budgeting? How has budgeting helped you? What challenges have you faced with starting or sticking to a budget?
Special thanks to our sponsor Bobby Scott for editing and correcting this post.
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