If You Think You'll Live Longer or Shorter, Plan for It!

It is often said that women outlive men.  As a woman, that has always made me kind of happy.  I like my life quite a bit, so to have more of it seems like a good thing.  I think that is too bad for men that they will die sooner.  It wasn’t so long ago that a financial educator pointed out the downside to this fact.  If women live longer, they will need more money.  About the same time that this was pointed out, another professional put it very bluntly, “If you are a married woman, you should plan to be a widow.”  Well, that sure puts a different spin on it, doesn’t it?  Turns out that in addition to liking my life, I also like my husband.  Most days, I like the thought of him being around as we get older.  Just the same, the odds apparently aren’t in favor of that happening. 

As unpleasant as it is to consider our own mortality or that of those we love, it is sure to be part of some future reality.   If you look at the odds and you feel you are likely to outlive those you love, it makes sense to plan for that eventuality.  If you feel the odds are you’ll depart first, it makes sense to plan for your loved ones to be cared for when you are gone.  Do you see where I’m headed?  Either way, planning is important! 

We have an opportunity for you to learn more about planning for your financial future.  Marsha Goetting, MSU Family Economics Specialist, will be in Teton County on Monday, March 9 presenting classes and taking appointments at the Stage Stop Inn.  She’ll present, “Transferring Your Farm or Ranch to the Next Generation” from noon-1:30 p.m. An evening program, “Think You Know Who Receives Your Property When You Pass Away?  Think Again …” will be presented from 6:30-8:30 p.m.  Register for the free classes by contacting MSU Extension in Teton County at 466-2491.  Each session will be different and filled with information useful to families regardless of their ages or financial circumstances.

In addition to the two classes, Goetting will be taking appointments with families or individuals to discuss financial and estate planning.  Each appointment will be 30 minutes in length and filled on a first-registered basis.  Goetting’s primary goal with these sessions is educate people about options to consider and resources available.  No legal advice will be given.  The sessions are also provided free of charge.  There are five sessions still available. 

Some people may feel intimidated by the word “estate” because it sounds rather distinguished and well-to-do. I remember a time when the entirety of my estate would have included exactly two ugly couches. In reality, though, many of us have estate and financial planning considerations, whether we realize it or not.  For instance, do you have a life insurance policy?  If not, is it time to think of one?  How are the beneficiaries designated?  Do you have any bank accounts?  If so, how are they titled?  Do you have minor children?  Who will make decisions on their behalf if something happens to you?  Do you have a conservator or guardian designated in a will?  What about your vehicles or home?  How are they titled?  Do you have long-term care insurance, so that an unforeseen condition doesn’t place undue financial hardship on your family? 

Planning for the financial future may be just as important, if not more so, for those who have less capacity to withstand a hardship as it is for those with large, stately estates.  For people with the resources to do so, charitable giving might be among your considerations.  I often think of the difference the Boe brothers have made to so many individuals and organizations in Teton County with the gifts they planned for with their estate.   I encourage you to register to attend the MSU Extension classes with Goetting, so that you can make sure your resources outlive you and not the other way around.  You may also visit the MSU Extension financial management website, or call your local office, to obtain any of the 75 free resources Goetting has created for Montanans.

Dedicated to the Ones You Love ...

In our home, Valentine’s Day is an important celebration.  Not so much for the sake of Valentine’s Day itself, but because it is my sweetheart’s birthday.  Have you thought about what you will give the ones you love for Valentine’s?  You could choose the typical flowers, perfume or cologne, a nice meal; but, what if you chose to get your affairs in order instead?  So often, we go through the busy-ness of life, and put off the really important tasks, like updating a will or double-checking beneficiaries on policies or checking how contractual arrangements are titled. 

This month, we will be talking about tasks necessary to protect and provide for the ones you love.  It can be the sweetest thing you can do for the loves of your life.  Let’s start with wills.  Do you have one?  If not, you should know the laws of intestate succession, which are the rules the state of Montana uses to distribute your property, if you haven’t created a will.  In the Montguide, Dying Without a Will in Montana: Who Receives Your Property, Marsha Goetting writes, “Although Montanan’s are quite conscientious about their property while they are alive, 70 percent of these same thoughtful people make no provisions for its management and distribution after their deaths.”  Even though the laws make sense for many people, they might not make sense for you.  If you’d like to use an interactive tool to see how your property would be distributed, visit www.montana.edu/dyingwithoutawill.

Just as an example, in my own situation, with a husband and two children between us, if I die, all goes to my spouse.  Nothing would go to my surviving parent, my mom.  Without a will, I would have to trust (and I do) that my husband would make good decisions regarding our finances, property and our children.  While our situation is fairly straight forward, there are numerous scenarios that exist in families. For instance, do you know if step children will be treated in the same way as biological children, if you die without a will?  If you have no children or no spouse, do you know what will happen to your property without a will?  If not, it is time to find out.  One thing we know for sure is that we all have an expiration date.  The only problem is that it isn’t marked on the outside of our cartons.  You might as well plan for it now, so your affairs are in order when it happens.  It is a great thing to do this month for the people you love  

Resources You'll LOVE!

Estate Planning

List of MSU Extension Estate Planning Resources