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money
05/13/2010
IconAn essay by Sara Schaefer Munoz in the "Home and Family" section of The Wall Street Journal (February 12, 2008) caught my eye.' The essay, entitled "For Single Moms, Access to Better-Paying Jobs is Key," talks about how difficult it is for single mothers to balance work/life issues.'First of all, it never distinguishes between widowed, divorced, and never-bothered-to-be-married moms.' The issues are quite different:' insurance, spousal and child support, his extended family's continual involvement, and so forth.' Contrast that to a woman who simply got pregnant by some guy.' The latter situation is far different and each of them requires its own newspaper column.' They are generally lumped together because of "political correctness" (no judgment and no hurt feelings), and not because the three situations vary widely due to the financial situation and the well-being of the children.The essay did the usual by suggesting available careers and child-care possibilities.' It was the "Readers Say" portion that requires a response from me. One reader wrote: "Maybe if more men took accountability for proper birth control, there would be fewer single mothers working two jobs to make ends meet." I just can't let this one go.' Oh my, are we unfairly picking on the woman?Here's how I see it:' it is in the woman's body that the miracle of conception, gestation, and ultimate birth of a new human being takes place.' It is legally the woman's prerogative to kill it or bring it to term.' No man has any legal say in the life or death of his child's first nine months of existence.' These two facts give the woman the overwhelming preponderance of responsibility.There are too many never-married mothers, because women have become more casual about sex (abortion is just another form of birth-control), and more casual about children (they don't really need a daddy). The children pay the price:' no dad in the home, and they're in day-care (which I call "day orphanages"), so momma can hopefully find a job.So, to get back to the title of the essay, "better-paying jobs" is not the key.' Marriage is. More >>

Tags: BudgetFamily/Relationships - ChildrenMoneyParenting
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05/07/2010
Icon Expensive Legal Documents The Dollar Stretcher by Gary Foreman www.stretcher.com gary@stretcher.com Do you have any recommendations on how to set up a living trust without paying high priced lawyer fees. I figure by the time we are done working with our local lawyer who has a good reputation it will run just over $1,000. We have children and need to make plans just in case. Julie in MI  Julie is to be congratulated for making 'just in case' plans. Far too many parents assume that nothing will happen to them and fail to take the necessary precautions. Unfortunately, the simple answer to her question is "no" I don't advise trying to set up a trust without a lawyer. But let's look a little deeper into Julie's question. Perhaps it won't be as expensive as she thinks.  We'll begin by considering a frugal truism. Avoid making expensive mistakes. A problem with your will or some trusts are almost impossible to correct. There's a reason that they call it your "LAST will and testament". Once you're dead you cannot amend or revoke it.  Being a sharp consumer doesn't mean always taking the least expensive alternative. In fact, doing that can sometimes cost you more in the long run. This is probably one of those cases.  In fact, not only should Julie contact an attorney for her will or trust, she'd also be wise to find one that specializes in estate planning in her state. There are some nuances that an attorney who works in another area of law or another state might not know. In fact, if you move to a new state it's important to see if your estate plan should be updated.  Let me be clear about this. I'm not a big fan of attorneys. Wills and trusts are more complicated than they need to be. And attorneys are a large part of the reason that they're so complicated.  But the unfortunate truth is that it does take specialized knowledge to do them so that problems don't crop up after your death. Not only with federal taxes, but also with state laws. And much as I don't like paying lawyers, the cost of doing it wrong could be very expensive for my children. So finding a lawyer who knows estate planning is likely to produce the right document at the lowest cost.  Julie might be tempted to consider some of the do-it-yourself will kits available. No doubt that some are quite good. Just remember that you'll die believing you did a great job. A problem won't come out until some judge says that your will or certain portions are invalid. So make your selection carefully.  So what should Julie do? She doesn't say so, but it could be that her concern is simply for her children's welfare. If that's the case a living trust probably isn't required.  A living trust is often used to avoid federal estate taxes. And that usually isn't a problem until you have over $500,000 in assets. So if Julie's goal is simply to make sure that if she and her husband die that the money goes to her kids and that she gets to select the children's guardian, then a living trust isn't necessary. Typically a will, which costs less, can handle the job.  Selecting a guardian is important. Remember that each state sets an age where a child is considered an adult. Until that age they cannot manage their own financial affairs. The guardian could be an individual (for example your sister, friend or attorney) or a corporation (a bank or trust company). There are various ways, including trusts, to set it up legally. You also have the option of letting the guardian control the money even after your children reach adulthood. Discuss it with your attorney.  Another reason this process, called estate planning, is important is that if you don't make your wishes known in writing before you die, the state will follow its own laws and make the decision for you. Not only as to managing the money, but who will raise your children. Your irresponsible bachelor brother could be asked to care for them. This is also a good time for Julie to talk with her choice and make sure that they're willing to accept the responsibility.  One final word of caution. I am not a lawyer and this isn't a place for amateurs. All I can do is warn you of the potential dangers. So before you make any decisions, contact the appropriate experts. Yes, experts do cost money. But this is one area where saving can be very expensive.  Gary Foreman is a former financial planner who currently edits  The Dollar Stretcher website  and newsletters subscribe@stretcher.com  You'll find thousands of articles to help stretch your day and your dollar. Copyright 2003 Dollar Stretcher, Inc. all rights reserved. Permission granted for use on DrLaura.com. More >>

Tags: BudgetChildrenmoneyParenting
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