Financial Planning for Kids With Special Needs

By Renee Hanson, Ameriprise Financial

Are you wondering how to plan for the future of a child with special needs? Here’s a list to help you get started:

Set up a special needs trust.

The most critical component of a plan for your child’s future welfare is the special needs or supplemental trust. Through Social Security and Medicaid, the government subsidizes certain services to help care for special needs individuals with demonstrated financial need, but there are strict eligibility requirements.

A special needs trust allows you to circumvent income limitations imposed by the government, because money or property left in this kind of trust does not count toward the allowable limits. Why? Because you are not leaving your assets in your child’s control. Rather, the assets are assigned to a trust that is managed by a trustee, who in turn nominates your child as beneficiary while maintaining absolute discretion regarding expenditures from the trust. The trustee can use the assets to pay for necessary services not funded by other sources. Assets can also be used to fund activities that enhance quality of life, for example, to pay for a haircut, a night at the movies or even a vacation.

Name a trustee to handle your child’s finances.

The trustee you assign to a special needs trust should be a person who is not only trustworthy but also competent to manage finances and follow complex and ever-changing government guidelines. It’s a big responsibility, which is why some parents turn to a financial or nonprofit institution that specializes in trusts to serve as the child’s trustee.

Seek legal guardianship of your adult child.

If your child is unable to handle his or her own medical or financial decisions, apply to become the child’s legal guardian before he or she turns 18. Because the process varies by state, consult your legal professional for more information. You’ll also want to identify a legal guardian for your child in the event of your death. Make sure it is someone you are confident will carry out your wishes and advocate for your child’s best interests.

Write a letter of intent.

This document serves as a guideline for the caretaker(s) of your child when you are no long here. Update it annually to help ensure that it includes:

• Current information about your child’s likes and dislikes
• Contact information for your child’s medical, dental, educational and other professional providers
• Other pertinent information to help your child’s caretaker(s) meet your child’s needs

Do you want more helpful advice on managing your finances, budgeting, investing and saving? Become a member of the Fresh Start Community of women today: www.wehelpwomen.com. Membership gives you exclusive access to all of the exciting & interactive workshops.

Meet with your legal, financial and tax professionals as a team.

This will enable you to put together the right combination of legal and financial solutions to ensure your child is financially secure and receives quality care throughout his or her lifetime.

Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles. Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI. Please visit: www.reneehanson.com to learn more.

Ameriprise Financial does not provide tax or legal advice. Consult your tax advisor or attorney.

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

© 2011 Ameriprise Financial, Inc. All rights reserved.

Raise Mistakes

Two things you should never say if you want to make more money at work!
By Laura Browne, Author & Corporate Trainer

Asking for a salary increase can be stressful. Here are two mistakes to avoid and what you can say instead to get the raise you deserve.

• Don’t talk about how much you need this money to pay your bills. Your manager doesn’t want to hear that you need money for a new car or a vacation or to save for your child’s college fund. They may be privately sympathetic to your need for more money, but that doesn’t mean they’ll give you a raise.
  
  Instead, focus on the business reasons for the raise request. Talk about the value you’ve brought to the company and how you continue to make money and save money. People get raises based on their perceived value to the company. If your boss sees that you’re an important contributor to the bottom line, you’re more likely to get a raise.

• Don’t hint that you’ll quit. Managers hate this. Even if you’re looking for a new job, don’t mention it unless you’re ready to walk out the door that day. Otherwise you run the risk of your manager calling your bluff and saying you should go somewhere else. If you really don’t think you’re going to make any more money at your company and you think you will be more valued somewhere else, start looking but don’t threaten you’ll leave.
  
  Here’s what you can do instead. Talk to your boss and say how much you like your job. Say there is one thing that concerns you and mention your salary. Then stop talking. See what your boss says. It’s important to keep this positive and upbeat. If your boss mentions the difficult economic times, agree that could be a concern and turn it around to focus on how you’re helping the company to be more profitable. Don’t argue with your boss, just emphasize your worth. All you want to do is start the conversation and then have follow up meetings.
  
  Another good approach is to ask your boss for suggestions after you mention your salary concern. Ask what else you would need to do to make more money at work. Are there high priority projects you can get assigned to? Is there a problem area you can take on?
  
  It comes down to this, asking for a raise should be treated like any other important work project. A raise request should be handled in an unemotional way. Talk about value to the company and build a business case for your salary increase. It will make it easier for you to prepare and your boss will appreciate your calm and practical approach.
  

Do you want more helpful advice on job searching, career advancement and improving your leadership skills? Become a member of the Fresh Start Community of women today: www.wehelpwomen.com. Membership gives you exclusive access to all of the exciting & interactive workshops.

Laura C. Browne has more than 20 years experience as a corporate trainer and manager and is passionate about giving women the guidance and communication skills necessary to overcome and be successful despite workplace and gender-specific challenges. For almost ten years, women from Fortune 1000 companies have turned to Laura for career guidance and training. Laura is the author of Raise Rules for Women: How To Make More Money At Work and Why Can’t You Communicate Like Me? How Smart Women Get Results At Work (both titles available on Amazon Kindle).

How to Ace Your Next Performance Review

By Amy Michalenko, Career Expert, Fresh Start Women's Foundation

When it’s come to performance reviews, you’ve likely heard of the best case scenario: a glowing review that brings added responsibilities, more visibility in the organization, a promotion, and even a raise! And you’ve probably heard tales of the worst, too: a nightmare meeting ending in probationary status or even dismissal.

So, yes, it’s perfectly understandable why this annual event can be more than a little intimidating. But really, a review shouldn’t be scary, surprising, or even something you lose sleep over.

Your performance review should be an accurate look at your work and accomplishments and a check-in to help you get to the next stage in your career. And doing well is not about getting lucky that day—it’s about preparing all year long. Here’s how ensure smooth sailing:

1. Don’t Wait to Ask for Feedback.

Employees often make the mistake of waiting to get comments on their performance until their yearly review. But a performance review shouldn’t be a time for surprises. Instead, solicit regular evaluations by setting up times to check in with your supervisor throughout the year. This allows you to nip any performance issues in the bud and avoid getting dinged in your review for small or easy-to-fix problems. Plus, when you know what to expect, you’ll sleep much easier the night before.

2. Plan for Your Review All Year Long.

Being able to clearly communicate what you have accomplished throughout the year and articulate the value you bring to the company is critical to receiving a great review. Your supervisor likely won’t notice or remember everything you’ve done, particularly if she’s managing many employees, so set up a system to keep track of your accomplishments. Write things down, or keep your list on your hard drive. Note new processes you’ve implemented, improvements you’ve made, responsibilities you’ve taken on, acknowledgements you’ve received from customers or co-workers, and any other ways you have gone above and beyond. And don’t hold back or downplay what you’ve accomplished: it’s not bragging—it’s making sure you’ll be recognized for the work you’ve done.

3. Determine your Expectations.

Before your review, think ahead of time about your desired results. A promotion? A raise? A lateral move into a new department? Whatever it is you want for your next step, a performance review is an excellent time to ask for it. It’s also a great time to communicate your career plans for the upcoming year. Do you want to take on more management duties? Learn a new skill? Take on different responsibilities? If so, explain this to you supervisor during your review. This is the time she’ll be thinking about your future with the organization as well as changes for the upcoming year—especially as other people in your department might also be moving around at this same time.

4. Prepare to Hear Constructive Criticism.

Performance reviews are meant to help guide your development and growth. So your supervisor won’t—and shouldn’t—just discuss the things you do well. She’ll also provide you with constructive criticism to help you to improve.So don’t get caught off guard—expect to receive this type of feedback, even if you’re doing great. It’s not bad, it’s normal and even helpful. The worst thing you can do in response to constructive criticism is to become defensive or upset. Instead, take this opportunity to ask your supervisor for concrete suggestions on how you can improve, especially in areas you know have been a challenge for you. Show that you are receptive and eager to continue growing in your role. Plus, chances are your boss was in your shoes once, and might have some great tips for overcoming whatever you’re struggling with.

5. If You’re Not Comfortable, Go to HR.

Not every supervisor has had proper training to do a review, and sometimes the reviewer’s personal feelings can affect the rating she gives you. If you feel you have received an unfair review, refrain from becoming sullen or angry with the reviewer. Instead, finish the meeting and then approach your HR department afterward.Be sure that you can provide backup for your disappointment, such as accomplishments that went unrecognized or facts that dispute the information your reviewer provided. If you don’t have evidence, you can come off as bitter just because you didn’t get the review you wanted. So organize your facts before approaching someone with your concerns.

A review can be nerve-racking and stressful, but it’s definitely not something to be afraid of. Be prepared and take charge of your career—starting well in advance of review day—and you’ll set yourself up for a great conversation when that day rolls around.

Do you want more helpful advice on job searching or career advancement? Become a member of the Fresh Start Community of women today: www.wehelpwomen.com. Membership gives you exclusive access to all of the exciting & interactive workshops, webinars and special offers.

Amy Michalenko is the Career Services Manager at Fresh Start Women’s Foundation. She holds a bachelor’s degree in human resource management and a master’s in instructional leadership and corporate training from Robert Morris University in Pittsburgh, PA. She has more than 10 years of experience in the areas of human resources, career services, corporate training and development.

WeHelpWomen.com Offers Free Webinar

Successfully Navigating Life's Transitions
Presented by Dr. Jude Miller Burke

WeHelpWomen.com is partnering with Dr. Jude Miller Burke, a leadership consultant, to host the free webinar, Successfully Navigating Life’s Transitions on Wednesday, November 16th from 10 -10:30 a.m. MST. Dr. Miller Burke offers insight into the stages of a transition, individual personal reactions and how one’s life can be enhanced or diminished by a change.

“Change is inevitable in our lives. At times change is chosen, but just as often a change is imposed upon us,” said Dr. Miller Burke. “Whether it is a job or relationship change, our reactions to a transition may vary in intensity, but not necessarily in the type of reaction it creates. Each person has their own individual way of reacting to change.”

The webinar will walk attendees through factors that influence how people react to change, including the context or background to a change, individual personality styles, and developmental stages in life.

“We also have a somewhat preset way of handling whatever change is sent our way, whether we are 25 or 55 years old,” added Dr. Miller Burke.

The Successfully Navigating Life’s Transitions webinar, hosted by Dr. Miller Burke, will teach attendees about:
• Common stages of transition
• Individual stress reactions
• Adaptive and maladaptive coping mechanisms
• Finding your guiding truths

Dr. Miller Burke will answer attendee’s questions following the webinar at 10:30 a.m. MST. To register for the free webinar visit http://www.wehelpwomen.com/navigation-lifes-transitions

Is Your Spouse Financially Unfaithful?

By Renee Hanson, Wealth Advisor at Ameriprise Financial

In a recent Harris Interactive online poll of 2,019 adults, 31 percent of American couples with combined finances admitted lying to their spouses about money.

Not surprisingly, another third of these adults admitted that they had been deceived. Both sexes lied to their partners about money in equal numbers.

The top three deceptions involved hiding:

• Cash — 58 percent
• Minor purchases — 54 percent
• Bills — 30 percent

Others included:

• Hiding major purchases — 16 percent
• Keeping a secret bank account — 15 percent
• Lying about earnings — 11 percent
• Lying about debt — 11 percent

When the lies were discovered, it led to:

• Divorce —16 percent
• Separation — 11 percent
• An argument — 67 percent
• Decreased trust — 42 percent

What can you do to help protect yourself?

Although there is no sure-fire way to prevent a partner from financially deceiving you, there are a few things you can do to reduce the likelihood it will happen — or at least help you catch a deception early on, before it grows into an even bigger problem.

First, before you say “I do” or combine finances with your partner, discuss your values and expectations about spending, saving and managing money. Identify any areas of disagreement and work to resolve them by deciding how you’ll approach future financial situations together.

Second, take time to regularly go over finances with your partner. This includes reviewing your tax documents together, which can help ensure you both know how much the other is earning, as well as how much is being contributed to employer-sponsored savings vehicles, such as a 401(k). It also includes regularly checking your credit card statements and making sure that the purchases match up with your receipts.

Third, schedule meetings with your financial, tax and legal professionals at times you can go together. This enables both of you to be well informed about — and equally involved in making — decisions about how to approach your:

• Financial goals
• Investments
• Taxes
• Wills
• Other legal documents

It also enables you to strengthen your joint relationships with these professionals.

The online poll, commissioned by ForbesWoman and the National Endowment for Financial Education (NEFE) was conducted from December 17 to 21, 2010.

Do you want more helpful advice on managing your finances? Become a member of the Fresh Start Community of women today: www.wehelpwomen.com. Membership gives you exclusive access to all of the exciting & interactive workshops.

Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles. Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI. Please visit: www.reneehanson.com to learn more.

Ameriprise Financial does not provide tax or legal advice. Consult your tax advisor or attorney.

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

© 2011 Ameriprise Financial, Inc. All rights reserved.

Keeping a Positive Attitude During Your Job Search

By Dolores Seright, Certified Professional Coach
You’ve been a positive person your entire life and you look at life as an exciting opportunity to do what you want to do. Then the economy took a downturn and you lost a significant part of your investments. Maybe you even lost your home to foreclosure. And you are unemployed or seeking to find a better-paying job!

It is not easy during this time to keep a smile on your face when company after company selects another, “better qualified” person for the few openings where you’ve managed to get an interview.

Your friends tell you to have a positive attitude and that someone will recognize your unique skills and offer you a job. Easier said than done, right?

Just remember though........

Action Keeps Negative Attitudes Away
Positive excitement happens when you are doing things, especially things you love to do. Think about the things you were too busy to do when you were working. Make a list of all the things you get excited about and begin by putting them on your schedule. It can be as simple as taking a hike, going for a swim or reading a book. Maybe a trip to the zoo or a picnic by nearby lake is something you enjoy. Take advantage of this opportunity to simply choose and enjoy what to do with your time. And remember to write it on your calendar!

Employers and Recruiters Can Easily Recognize Negative Attitudes
Job searching can be challenging if you have experienced some rejection. It can also be difficult if you were downsized and upset with your former employer. Keeping your comments positive during a job interview are essential to getting a job offer. Knowing you will be asked about your former employer, you must be sure that you have written out your response to questions about why you left. Practice your answers in front of a mirror until you are confident and smiling with your response. Remember that people want to work with happy, enthusiastic people.

Tips for Maintaining a Positive Attitude While Searching for Your Job

• Develop a strategy for your job search which includes daily goals for internet research, networking, and other search related activities.
• Join a support or networking group that offers training and tips to help with your search.
• Include exercise or other physical activities in your daily schedule.
• Be social and go to networking events and other activities you enjoy. Surround yourself with friends and positive people.
• Listen carefully to what you are saying when talking to others. Develop a habit of saying positive things.
• Make a list of your achievements in all areas of your life and review it frequently. You will be reminded of your best moments which will build your self-esteem and self-confidence.
• When you hear someone discussing negative topics, such as how hard it is to find jobs in our current economy, stop listening. Complaining where take you nowhere but further down.
  
• Visualize your new job and see yourself in your new work environment. How does it feel?
• Use your job search time to increase your skills. You will be more valuable to your new employer.
• Remember to have fun and enjoy the new people you meet and the many new experiences you can learn from.
• Volunteer at an organization that you really enjoy. You can make a difference, make connections and gain experience you can add to your resume.

Your Attitude is Your Choice
You can decide each morning how you are going to live that day. The choice is yours. Take a few moments each morning to reflect on all of the good things in your life and smile. You are facing a new life, and the future is unknown at this moment. Develop your strategy, work your plan and believe in yourself. Remember that your job search is a journey to your new future.

Do you want even more helpful advice? Take our free assessment and become a member of the Fresh Start Community of women today: www.wehelpwomen.com. Membership gives you exclusive access to all of the exciting & interactive workshops.


Dolores Seright, CPC, is a certified professional coach and her passion is teaching people the skills they need to pursue their passion, become an expert in their field and excel in their business. Her experience as a regional business director for a corporation combined with her experience as a business owner gives her a unique ability to understand the challenges job seekers face. Dolores also volunteers as a career coach at Fresh Start in Phoenix and facilitates workshops on job searching in today’s marketplace. Learn more about Dolores at www.PassportToYourDreams.com and connect with her at www.facebook.com/phoenix.coach

Organizations We Support - Women For Hire

Experience Women For Hire this fall at the remaining expos (Los Angeles 10/18, New York 11/3, Washington DC 11/9, Dallas 11/15). Free resume reviews, 15-minute power seminars, Mentor Match, The Interview, Perfect Pitch, AND recruiters from top-notch employers. Start your day at Tory Johnson's Early Morning Seminar, where Women For Hire's founder reveals her own fired-to-hired story and latest job tips --advice that millions of viewers seek on ABC's Good Morning America.

Please reference www.womenforhire.com for future dates and information.