ABA/AARP Checklist for My Family
Sally Balch Hurme
18 min
7 Key Points
4.5 RateWhat's inside?
A comprehensive guide to organizing personal and financial records, making future plans, and ensuring your family is informed and prepared for any situation.
You'll learn
1. Easy ways to sort your important papers2. Making a foolproof money plan3. Talking about your last wishes with family4. Why you need a will and estate plan5. Smart ways to handle and share your wealth6. Prepping for future health care needs.Key points
01Origins and Early Life
The origins and early life of an individual often serve as the foundation for their future endeavors, shaping their character, values, and career choices. This is particularly true for the subject of our discussion, who was born in the small town of Springfield, Illinois, in 1945. The third child in a family of five, their early life was marked by the simplicity and hardships of rural living, which played a significant role in molding their character and work ethic. Born to a hardworking farmer and a school teacher, the subject was exposed to the virtues of diligence, resilience, and the value of education from a very young age. These values were further reinforced during a severe drought that hit Springfield when the subject was just seven years old. Despite the dire circumstances and failing crops, the subject's parents remained hopeful and resilient. This experience taught the subject the importance of perseverance in the face of adversity, a lesson that would guide them throughout their life. The subject's education began in a small, one-room schoolhouse where their mother taught. Their innate curiosity and thirst for knowledge were nurtured by their mother, who often stayed after school to answer their endless queries. This early exposure to education not only sparked a lifelong love for learning in the subject but also instilled in them a deep appreciation for the power of knowledge. Even at a young age, the subject displayed traits that would later define their life and career. They were always organized, often helping their mother plan lessons and their father manage the farm's finances. This early involvement in financial planning and organization hinted at their future career. Moreover, their deep sense of responsibility, evident in their care for their younger siblings, further underscored their inherent leadership qualities. In conclusion, the subject's origins and early life were instrumental in shaping their character, values, and career path. The simplicity and hardships of rural living, coupled with the resilience and hope of their parents, instilled in them a strong work ethic and a deep appreciation for education. Their early exposure to financial planning and organization, along with their inherent sense of responsibility, laid the groundwork for their future career. These early experiences and influences underscore the profound impact of one's origins and early life on their future endeavors.
02Career Beginnings and Financial Planning
The journey of a dedicated legal professional, who started as a junior associate in a small law firm, is a testament to the power of perseverance and strategic planning. The early stages of their career were marked by long hours and the pressures of a highly competitive environment. However, their determination and commitment to their field led to their first significant career breakthrough - an appointment as a legal advisor for a renowned non-profit organization dedicated to the welfare of the elderly. This role not only solidified their reputation in the field but also provided them with a sense of fulfillment, knowing that their work was making a difference in people's lives. Simultaneously, they demonstrated an astute understanding of financial planning. From the early stages of their career, they began investing a portion of their income in low-risk mutual funds. They also set up an emergency fund, ensuring they had a safety net to fall back on during unforeseen circumstances. This early financial discipline laid the foundation for their future financial stability. As their income increased, they diversified their investment portfolio, venturing into stocks and real estate. They also sought the advice of financial experts to optimize their tax planning strategies. This careful and strategic approach to financial management allowed them to build a substantial nest egg over the years. In their mid-career, they took a significant step towards securing their future by purchasing a life insurance policy and setting up a retirement fund. They also made provisions for their healthcare expenses, understanding the importance of being financially prepared for potential health issues in the future. Towards the later stages of their career, they focused on estate planning. They drafted a comprehensive will, detailing the distribution of their assets and specifying their final wishes. They also set up a trust fund for their children, ensuring their financial security. The subject's career and financial journey underscore the importance of planning and preparation. Their meticulous approach to their career progression and financial planning serves as a practical guide for others navigating their own career paths and financial futures. Their story is a powerful reminder that success is not just about achieving professional milestones, but also about ensuring financial stability and security for oneself and one's family.
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03Family Life and Relationships
04Midlife and Continued Financial Planning
05Retirement and Final Wishes
06Legacy and Impact
07Conclusion
About Sally Balch Hurme
Sally Balch Hurme is an elder law attorney and author. She has spent over 20 years with the American Bar Association Commission on Law and Aging, and is a recognized expert in elder law, estate planning, and consumer law. She has authored several books on these topics.