General Financial Planning
Financial planning information for all audiences about wealth accumulation, protection, and distribution. This area is for the less-specialized areas of financial planning and covers an overview of several topics.
Estate Planning
Estate planning involves accumulating assets, protecting assets and distributing assets to your heirs during life and/or death. Some people do a good job of accumulating and protecting assets, but not many do a good job of distributing those assets to their heirs, especially after death.
According to a Wills and Estate Planning study conducted with a national sample of adults 18 and older in 2009 by Harris Interactive for Lawyer.com, many people fail to create important estate planning documents. The results indicate that only 35 percent of Americans have wills, only 29 percent have either a financial or health care power of attorney, and only 18 percent have a trust. The percentage of people having these documents has declined drastically since 2007 when 45 percent had wills, 46 percent had either a financial or health care power of attorney, and 31 percent had a trust. Although not everyone's situtation calls for a trust, everyonse could benefit from a will and power of attorney. Therefore, it is important for Cooperative Extension to educate Georgians on various aspects of estate planning.
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Insurance and Risk Management
Insurance markets are often seen as intimidating and complex, yet nearly all Georgians must navigate these markets to insure themselves and their property. For example, public and private medical insurance and the associated costs of medical care are straining individuals' and families' budgets and contributing to concerns about economic well-being. There is considerable confusion among retirees who must piece together public and private insurance policies to cover their medical needs. With this in mind, Cooperative Extension has the opportunity to educate Georgians about insurance tools that can help them navigate the complexities of insurance markets and protect their hard-earned assets and physical health.
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Saving and Investing
The U.S. personal savings rate has declined over the past quarter century and now sits at a historically low level. Individuals and families need positive inducements to reverse the trend from a consumption-orientation to a savings-orientation, especially as America is preparing for the largest number and percentage of retirees in our history. Numerous new policies and changes to tax law have been devised to encourage Americans to increase both short and long-term savings. However, these changes often are confusing to the general public. Through clear, simple and motivational materials, Cooperative Extension seeks to encourage a culture of saving and investing in Georgia.
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Financial Planning
