New Years Resolutions for Older Individuals
With the new year comes a new time to set goals and resolutions. For many, resolutions can be hard to keep and are often passed up by February or March. Planning out realistic goals is an important place to start. However, it is often important to set goals with a purpose. At Matthew Funeral Home, we wanted to suggest some New Year's Resolutions that will help you plan for your family’s future.
Spend More Time With Family
Resolutions are often reflected inward, focusing on things we do that we avoid; or bad habits we continue. But spending more time with those you love is far from selfish. Work towards making new memories with your children and grandchildren. Look for activities that fit your family’s budget and physical capabilities. Simple outings, weekend trips, and days at the park are all great options. Work with family to help plan activities throughout the year. Encourage younger generations to plan activities, and guide them to find something fun for everyone.
Create or Update Your Will
Planning for the future also includes planning for death. It may be morbid to think about, but making an effort to create or update your Will is important. A properly prepared Will can help prevent probate and other issues for your family in the future. It also allowed your wishes to be properly addressed. Without a Will, your estate would be divided as the state sees fit, which might not fit with your wishes. Speak with your estate planning attorney about creating a Will that is right for you.
When it comes to updating a Will, there are many factors to consider. Your current Will may not reflect changes in assets, the birth or death of a family member, and more. It is always important to update your Will regularly, especially as important life events occur.
Challenging Your Brain
Taking steps to better your brain can reduce the development or onset of dementia and other memory-deteriorating conditions. Challenge yourself with trivia games, memory tests, and learning new things. People who exercise their brains later in life can strengthen their cognitive skills and reduce the chances of experiencing memory loss. If you are already adept at exercising your brain, consider taking on a new game type or memory challenge. Applying brain training in different forms can be important in improving overall cognitive strength.
Pre-Plan Your Funeral
Much like making a Will, pre-planning your funeral can be a smart goal to set for yourself. Pre-planning helps you ease the burden of funeral plans after your death. Funeral pre-planning also helps you pay for the service ahead of time. Funeral planning trusts can be set up to accumulate interest over time. Funeral pre-planning trusts accumulate interest, which even covers inflations or price increases. You can also set up a payment plan for your funeral. Talk to your local funeral home about pre-planning options that are right for you and your family.
Families often lose out on a lot of inheritance because of taxes. You and your family can avoid this by gifting. One person can provide up to $15,000 to any number of individuals each year without having to pay taxes on the money. This means that you and your spouse can gift up to $30,000 to each person in the family without having to worry about inheritance taxes. This means that you can gift as much as you see fit (up to $15,000), without them losing any of the funds. This helps distribute more wealth to the family without worrying about estate taxes after your death. Overall, this is a good way to move inheritances early.
Pass on a Skill or Hobby
Whether it’s your favorite hobby, or preparing a recipe that the family loves; it can be important to pass on your knowledge and traditions. Passing on skills is a great bonding experience, as well as a way to teach your loved ones something important to you. Preparing the younger generations with knowledge and family traditions is vital for keeping those traditions alive.
The author of this post is not a legal counselor. Matthew Funeral Home and its affiliates do not provide legal advice by articles. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for legal advice.
For over 50 years, Matthew Funeral Home has been serving the Staten Island community. We can help with almost every aspect of your loved one’s memorial service. Our family is here to serve yours, every step of the way.