Ideas for Thanking Your Family

Submitted by Edward JonesPrint Story | Email Story
It's almost Thanksgiving. And although 2020 may have been a difficult year for you, as it has been for many people, you can probably still find things for which you can be thankful – such as your family. How can you show your appreciation for your loved ones?
 
Here are a few suggestions:
  • Invest in your children's future. If you have young children – or even grandchildren – one of the greatest gifts you can give them is the gift of education. You may want to consider contributing to a higher education funding vehicle.
  • Be generous. Do you have older children, just starting out in life? If so, they could well use a financial gift to help pay off student loans, buy a car or even make a down payment on a home. You can give up to $15,000 per year, per recipient, without incurring gift taxes. Of course, you don't have to give cash – you might want to consider presenting your children with shares of stock in companies they like.
  • Review your insurance coverage. If you weren't around, it would leave some gaping holes – financial and otherwise – in the lives of your family members. That's why it's essential you maintain adequate life insurance. Your employer might offer a group plan, but it may not be sufficient to meet your needs. There's no magic formula for determining the right amount of coverage, so you'll have to consider a variety of factors: your age, spouse's income, number of children and so on. Also, you may want to consider disability insurance – if you were unable to work for a while, it could cause a real problem for your family's finances.
  • Preserve your financial independence. When your children are young, you take care of them. But you certainly don't want them to have to do the same for you – so it's essential you maintain your financial independence throughout your life. You can do this in at least a couple of ways. First, consider investing regularly in your 401(k), IRA and other retirement accounts. The greater your resources during your retirement years, the less you may ever need to count on your family. And second, you may want to protect yourself from the devastating costs of long-term care, such as an extended nursing home stay. A financial professional can suggest a strategy to help you cope with these expenses.
  • Create an estate plan. To leave a legacy to your family, you don't have to be wealthy – but you do need a comprehensive estate plan. You'll have to think through a lot of questions, such as: Have I named beneficiaries for all my assets? How much do I want to leave to each person? Do I need to go beyond a simple will to establish an arrangement such as a living trust? For help in answering all these issues, you'll want to work with an attorney.
By making these moves, you can show your loved ones, in a tangible way, how much you value them – and that can help you keep the spirit of Thanksgiving alive all year long.
 
This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.
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State Declares 'Green Friday' in Support of Local Xmas Tree Farms

UXBRIDGE, Mass. — The Baker-Polito administration has declared Friday, Nov. 27, as "Green Friday" to encourage people across the commonwealth to visit their local farms and nurseries for Christmas trees, holiday plants, and holiday decorating needs.
 
To celebrate, state Department of Agricultural Resources Commissioner John Lebeaux participated in a Christmas tree-cutting ceremony at Arrowhead Acres in Uxbridge. In an effort to support the commonwealth's Christmas tree industry, the declaration of Green Friday encourages people throughout the state to visit their local Christmas tree farms to purchase their trees, holiday plants, ornamental swags, and wreaths to fulfill their holiday decorating needs.
 
"Our administration believes in the importance of supporting our farms by shopping locally and purchasing holiday decorations from one of the commonwealth's many family-operated Christmas tree farms," said Gov. Charlie Baker. "Now more than ever, it is a great time to spend quality time with your family while partaking in this outdoor activity which allows for proper social distancing."
 
Christmas tree season in Massachusetts provides hundreds of seasonal jobs at approximately 264 Christmas tree farms on approximately 2,801 acres of land from Cape Cod to the Berkshires. The sale of more than 82,524 state-grown Christmas trees contributes approximately $3.5 million to the commonwealth's economy each year. Christmas tree farms, which are often sited on soils that cannot support other crops, stabilize soil, which helps prevent erosion and protect water supplies. When chipped, the trees can be used as a renewable source of energy to be burned as fuel, used as mulch, or composted.
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