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Let Heirs Know Your Legacy Plans

Estate planning can be one of the most emotionally difficult aspects of financial planning. One often-overlooked aspect of estate planning is talking with your heirs about your legacy plans. While most of us probably accept in theory that these conversations are important, actually carrying them out can be terribly difficult.

Here are a few suggestions that may help.

1. Communicate your values about money in a larger context with both words and behavior.

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New York Times on Fiduciary Financial Advisors

The New York Times recently published a thought-provoking article on the issue of fiduciary standards and integrity among financial advisors. The story, by Tara Siegel Bernard, appeared October 10 and is titled “Before the Advice, Check Out the Adviser.”

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Could Your Financial Planner Be Replaced by a Computer?

“Digital Rivals: Weighing the Robo Threat” may sound like a science fiction movie, but it’s the title of an October 13 piece by Bruce W. Fraser in Financial Planning.

Rick is one of the advisors quoted in the article, which takes a look at whether automated advice from “robo advisors” is likely to make human advisors obsolete.

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Sarah Cited in College Funding Article

If you feel an emotional obligation to help pay for your grandkids’ college costs, don’t do it at the expense of your own retirement. That’s the primary message in a recent article at Sarah Swantner from KFG is quoted in the September 29 piece, titled “The Best Investments for Children and Grandchildren: Consider a 529 Plan instead of Retirement Plan Withdrawals.”

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Dare to be Boring: Invest, Don’t Speculate

Recently I heard from an insurance salesman who scolded me for never giving any investment advice except to put all your money into “The Wall Street Casino.”

Over the past 23 years, I’ve penned scores of columns about the benefits of a diversified portfolio of asset classes (Wall Street being just one of them). Still, I would far rather invest 100% of my retirement funds in a diversified portfolio of US stocks than speculate on a roulette wheel. There is a big difference between investing and speculating.

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