People who have recently changed their marital status or who are planning such a change may have important financial and legal decisions to make. These decisions might deal with property ownership, providing for children's welfare, post-mortem planning, and day-to-day finances. You should always consult with your Financial Advisor to discuss the financial steps appropriate to a change in marital status.

What should you do if they are a few years away from college and your education fund won't be enough? How can you increase your chances of getting financial aid? What tax benefits might be available to you? Your professional advisors are able to help you to answer these question and any others you may have.

With the costs of a college education rising every year, the keys to funding your child's education are to plan early and invest shrewdly. However, there are steps you can take if you get a late start. Moreover, there are a number of effective techniques for increasing financial aid opportunities and reducing taxes.

The thought of funding your child's education-the cost of which has grown at about 6% a year-can be mind boggling. However, proper planning can lessen the financial squeeze considerably, especially if you start when your child is young.

To determine whether or not you qualify for a loan, many lenders will evaluate you by a mysterious point system. To make it even more of a mystery, they keep their rating systems close to their chest, so it can be hard for you to determine whether or not you'll get the credit you're hoping to. Your salary or income will be taken into consideration. Your level of income may help you to pass the credit test, but you shouldn't assume that it will automatically mean you are able to borrow any set amount. Income does not make you credit worthy, and lenders will assess your credit history before approving you.

You can be pretty well assured that you'll be scored on the number and types of existing loans and charge cards you have. In fact, one of the ironies of obtaining finance, is that it is a lot easier to do so once you've already used other types of credit. The most highly desired options for establishing a credit rating are travel-and-entertainment cards, followed by bank credit cards and department store charge cards.

It is also helpful for you to have established a consistent record of paying your bills on time and card instalments on time. You should eliminate any credit cards you have that you don't use because lenders could interpret your long list of cards as meaning that you have the potential to run up a lot of debt. You should be aware that traditionally lenders will take closer notice if you have a history of using finance providers for credit. Finance providers are known to carry a significant percentage of clients who present higher credit risks than most banks will accept. However, if you do have finance with an outfit such as this, and you have a solid payment history, you shouldn't lose any additional points.

Also taken into account will be your current financial commitments. A rule of thumb guideline is that if more than 35% - 40% of your gross income goes into paying off current debts, including mortgage and auto loan payments, lenders are not likely to approve your application. In general, you are better off if you own your home rather than rent, and if you already have a savings or checking account (with a positive balance!)

In most countries, you are entitled to obtain a copy of your credit report if you are refused finance. Mistakes have been known to happen, so you may need to clear them up and re-apply. Or you could go to another lender. Each one has their own minimum standards, so you may find one who is prepared to take a greater 'risk' in order to provide finance. Finally, if you are one of the fresh faced new (to the credit) world order, here are some tips you can take to establish a credit rating.

1. Open and use a checking account
2. Start a savings account and make regular deposits (and minimum withdrawals!)
3. Join a credit union where you work
4. Take out, use and repay promptly your bills on a department store credit card.
Tip: Department store cards are usually easier to acquire than bank and credit cards, which generally require you to earn a certain minimum salary, and also have several other credit requirements.
5. In some countries, you can open a 'secured' credit or bank card account, where you deposit funds into an account, and can operate a credit card from those cards. Often 6-12 months of solid and reliable usage with one of these cards will sufficient to establish a credit rating.

We've listed 5 very important reasons for ensuring you always have a valid and updated will.

Why A Will Is SO Important

1. To Choose Beneficiaries. Many succession laws will determine how your property will be distributed if you die without a valid will. These distributions may be contrary to what you want. In effect, by not having a will, you are allowing the state to choose your beneficiaries.

2. To Appoint a Guardian. A prepared will allows you to name the chosen guardian your minor children will be cared for by your guardian in the event of your death and/or the death of your spouse.

3. To Name an Executor. Without a will, you cannot appoint someone you trust to carry out the administration of your estate. If you do not specifically name an executor in a will, a court will appoint someone to handle your estate, perhaps someone you would not have chosen.

4. To Minimize Taxes. A properly prepared will is necessary to implement estate-tax-reduction strategies. Your accountant can assist you and your attorney in the preparation of this will.

5. To Establish Permanent Legal Residence. You may wish to firmly establish domicile (permanent legal residence) in a particular state or country for tax or other reasons. If you move frequently or own homes in more than one state, each state in which you reside could try to impose death or inheritance taxes at the time of death, possibly subjecting your estate to multiple probate proceedings. To lessen the risk of this, you should execute a will that clearly indicates your intended state of domicile.

You should review your will every two or three years, or whenever your circumstances change. A change that might necessitate a change to your estate plan might include:

An Overview:
What constitutes your "estate"? Essentially, it includes everything you own at the time of your death minus your debts. Occasionally, rules can apply which may bring back into your estate assets you've given away, or thought you'd given away.

Taxation considerations for your estate will vary depending on factors such as where you live and the total value of your estate. That's why it's so important for you to speak with your accountant to determine the most appropriate way for you to establish an estate plan that works for you.

In addition to the two primary estate planning tools - wills and trusts, there are other important tools and documents you should consider:

Ø Last Will and Testaments
Ø Life insurance
Ø Trusts

Last Will and Testament

The will is the backbone of good estate planning therefore it is essential that you obtain competent legal help in drafting a will. A will that is poorly drafted or does not dot every legal "I" and cross every legal "t" can be the cause of endless trouble for your survivors. Many people believe they do not need a will yet we believe them to be one of the most important documents you will ever create.

We've listed 5 very important reasons, aside from saving on estate taxes, for ensuring you always have a valid and updated will. Why A Will Is SO Important

1. To Choose Beneficiaries. Many succession laws will determine how your property will be distributed if you die without a valid will. These distributions may be contrary to what you want. In effect, by not having a will, you are allowing the state to choose your beneficiaries.

2. To Appoint a Guardian. A prepared will allows you to name the chosen guardian your minor children will be cared for by your in the event of your death and/or the death of your spouse.

3. To Name an Executor. Without a will, you cannot appoint someone you trust to carry out the administration of your estate. If you do not specifically name an executor in a will, a court will appoint someone to handle your estate, perhaps someone you would not have chosen.

4. To Minimize Taxes. A properly prepared will is necessary to implement estate-tax-reduction strategies. Your accountant can assist you and your attorney in the preparation of this will.

5. To Establish Permanent Legal Residence.

You may wish to firmly establish domicile (permanent legal residence) in a particular state or country for tax or other reasons. If you move frequently or own homes in more than one state, each state in which you reside could try to impose death or inheritance taxes at the time of death, possibly subjecting your estate to multiple probate proceedings. To lessen the risk of this, you should execute a will that clearly indicates your intended state of domicile.

You should review your will every two or three years, or whenever your circumstances change. A change that might necessitate a change to your estate plan might include: · Divorce, · Having a child, · Having children move out of the house, · Acquiring a large asset, · Selling a large asset, or · A change in the tax laws.

Trusts

A common misconception is that trusts are only suited for use by the very wealthy. That is just not the case today. People of a wide variety of income levels use them as estate planning tools. Trusts are complex and costly to set up and run, requiring a higher level of services from an attorney than wills. They are useful in accomplishing various estate planning and financial planning goals. Trusts can be used for many worthwhile purposes, some of which are listed below:

Ø Give property to children. Ø Reduce estate taxes. Ø Leave assets to a spouse. Ø Provide for life insurance used to pay estate tax.

Your accountant, together with your attorney will be able to advise you if a Trust is a viable proposition for you.

Post-Mortem Letter

If you pass away, will anyone but you know where your tax records and supporting tax documents are located? How about your important documents such as deeds, titles, wills, insurance papers. Do these people know who your accountant/ your lawyer/ your broker is? By failing to leave your heirs this information, it will cause a lot of headaches and may also result in additional taxes and costs being incurred without the appropriate documentation.

Life Insurance

Add to that the fact that we are all living longer, so we're dependent on the income we generate throughout our working lives for many more years than previously thought - clearly retirement planning is vital.

Retirement Planning is not a luxury - it is an absolute necessity. You have to think about how much you'll need, when to retire, how to achieve enough retirement income to enjoy the lifestyle you want for your later years and what will the government have to contribute if anything?

We take into account your current lifestyle, income levels, projected income leading up to retirement and create a plan that is going to support your needs now and in retirement. While it is hard to predict what the future holds, it's easy to ensure that yours has as a very minimum the lifestyle you know you want.