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The Independent Investor: What Do Prince, You and a Will Have in Common?
By Bill Schmick,
03:05PM / Friday, April 29, 2016

What do Prince, you and a will have in common? The short answer is maybe nothing, unless, like so many of us, you still have not finalized such a document. If you haven't, get on the phone with a lawyer and get it done.

The passing of Prince was a sad day, but even sadder is the fact that this week his sister just opened a probate case in Carver County, Minn., the home of the late rock star.

"I do not know of the existence of a will and have no reason to believe that the Decedent executed testamentary documents in any form," Tyka Nelson wrote in her filing.

Prince had no spouse or children but he does have several siblings and an estate valued at $300

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The Independent Investor: Leaving your Legacy
By Bill Schmick,
12:53PM / Friday, April 22, 2016

It may not seem so sometimes, but your children value your opinion. The older they get, the more importance they place on things like your ethics, moral teachings and values. That's why it is extremely important to leave a legacy after you are gone that your children can turn to when they need it.

Leaving your legacy is an integral part of my on-going series of columns on estate planning. My last column on "passing the torch" to another generation concerned the family meeting. Hopefully, the Alpha Child (you or another sibling) has arranged the date, time and place of this momentous occasion and all the invitees (advisor, parents and adult kids) are on hand.

The

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The Independent Investor: Have You Had 'The Talk' Yet?
By Bill Schmick,
02:18PM / Thursday, April 14, 2016

Whether you are a Baby Boomer or the child of one, it is about time you faced the music.

We all know that life ends, no matter how hard we try to ignore it. Having a family meeting before it is too late may save all of you needless heartache and financial turmoil.

Today, we are in the midst of an enormous transfer of wealth within America. Trillions of dollars of assets are passing from one generation to another and will continue to do so over the next couple of years. And whenever large amounts of money are involved, there is a need for knowledge, advice and estate planning. You can't do that if you or your family is in the dark when it comes to family finances.

Most

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The Independent Investor: Long-Term Care Insurance Can Be Crucial to Your Future
By Bill Schmick,
05:08PM / Thursday, April 07, 2016

It is a subject that most Baby Boomers want to ignore. Many of us are gambling on the hope that we won't need long-term care, or if we do, our medical insurance, Medicare, or, at worst, Medicaid will cover the cost. Think again.

In last week's column I outlined what long-term care insurance is all about and why you might want to consider purchasing some insurance against the possibility of avoiding economic disaster at an advanced age. Assuming you might be interested in this prospect, let's examine some of the ways and questions you need to ask in your search.

First, realize that long-term care insurance is complex. The insurance covers "assisted daily living

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The Independent Investor: Long-Term Care Insurance Should Be on Your Agenda
By Bill Schmick,
04:01PM / Thursday, March 31, 2016

As Baby Boomers grow into their 60s, the possibility that at some point soon you may need long-term care becomes a real possibility. Since that kind of care can cost $250 a day or more, depending on where you live, it makes sense to at least consider buying insurance.

For those of us who are 65 or older, the odds are that at least 70 percent of us are going to need some kind of long-term care. We would all like to hope that we will be one of those lucky 30 percent who don't end up in a nursing-home; assisted-living center or needing home care but hope isn't much of a strategy.

If you crunch the numbers, most of us will realize that it won't take long to completely

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