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 room is quiet. A certain tension builds, since no one knows how this will turn out. The parents' adviser asks if anyone has any questions. If not, than I suggest the first subject to be addressed is your legacy and that of your spouse. It is a good ice breaker and normally changes the mood while developing a rapport among the family.

Whether you know it or not, you, your parents and your kids share virtues and values that have built and guided your family through the years. It is up to you to articulate those that you would like to see continued through the family's future generations. These are the things that you feel bring out the best in you and your family. They are values that you share and have shaped your individual lives. These values can also apply to such things as the environment, property and even your country.

You may have certain charities or other nonprofit organizations that have become important in your lives. You might want to include these organizations in your will. Faith and religion may also be an important element in your family life. Are there traditions, beliefs, cultural, and/or religious doctrines that you would like to perpetuate in some way?

Are there items such as that antique silver cross or menorah, for example, that your ancestors prized and carried to these shores when they immigrated? Who will be entrusted to preserve and take care of such things? Have you left any religious organizations in your will? If so, what are they and how can they be found?

Family traditions may be important to you. Your family may be big on holiday get-togethers or reunions, family trips or gatherings with friends. My son-in-law's family, for example, meets once a year. The clan gathering is so large at this point that the organizers must rent hotel space for 40-50 people or more. There is a lot of history exchanged during those weekends, where the kids learn rituals and hear stories of their relatives and ancestors.

In this Baby Boomer age of acquiring possessions — collections, memorabilia, jewelry, household items, etc. — passing them down to your kids may not be as easy as it looks. Take it from me; no one (including Goodwill) wants your brown furniture. Furthermore, what may have emotional or sentimental value to you may not be your childrens' cup of tea. That stamp, coin or baseball card collection may not have a willing taker. It is best that you know that now, rather than have it sold or auctioned off at a distressed price later.

That diamond brooch or necklace you acquired in South Africa may have several expectant daughters (or in-laws) assuming they will be the lucky beneficiaries. You need to create a designated plan on how all these items will be distributed. Don't let the kids sort it out after you go. The last thing you want to do is create fights or hard feelings among your loved ones.

If you are planning to make financial gifts to anyone in your will, they should be enumerated. I know one client who plans to leave half his estate to someone other than his family. Better the kids know it now than later.

Finally, have you documented you and your family's lives together? Are there documents that you would like to leave behind? Photo albums, electronic or otherwise, journals, diaries, scrapbooks, all of those items should be gathered and placed in a safe place where those who care can find them. You might have a family tree or genealogical studies, as well as important documents such as passports that need to be included. How about doing a series of videos where you can recount your life, lessons learned and advice to your kids and grandchildren?

That's enough to think about for now. As you now realize, these are not trivial matters. It will take some thought and discussion between you and your spouse to develop a legacy that is right for you. We will get into the nitty gritty of topics that come next in this family meeting. Such things as wills, durable power of attorney, and real estate will be explored in future columns, so stay tuned.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

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 experts will tell you that a family meeting is the best way to address this elephant in the room. It is a meeting where all the players come together — outside professionals (financial adviser, lawyer or accountant), parents and children. It should not be a "spur of the moment" event, nor scheduled around a traditional family get-together like Thanksgiving. The last thing you want is the grandkids or extended relatives or friends interrupting the meeting, nor do you want your parents or siblings "surprised" by an impromptu talk after Sunday dinner.

Subjects such as long-term care (see my last two columns on this subject), investments, tax-deferred savings accounts, income needs of ailing parents or children, federal and state taxes, (both now and when settling the estate), the fate of any real estate property, including the parent's home (and possibly a second home) are just some of the issues involved. As you can imagine, it is an important event where quite a bit of data may need to be located, gathered, presented and discussed. Take it seriously because done right; a huge burden will be lifted from everyone's shoulders.

My own parents were products of the Great Depression. They were taught to waste nothing, save everything and above all never, ever, confide financial information to anyone — least of all the kids. As a Baby Boomer, you may have inherited those same traits and your parents may still be alive. If so, you may need to confront those ideas and put them to bed. In fact, you may have to have two family meetings, one with your parents and a second with your adult children.

Clearly, whatever generation you represent, broaching the topic of your family's personal finances can be daunting at best but someone needs to get the ball rolling, and it might as well be you. A few years back, Allianz Life Insurance conducted a study called The American Legacies Study, which revealed that within every family existed an alpha child. That's the person who communicates the most between family members, who plans, schedules and makes sure you all attend those traditional get-togethers. It is the person the family comes to for advice. That is the person who should organize and co-facilitate the meeting.

If you are that alpha child then this responsibility is on your shoulders but if not, swallow your pride and ask a sibling who qualifies to accomplish this. Once that is settled, the next person you need to get on board is your parent's most trusted adviser or if you are talking to your kids, invite your own professional. In your case, that might be a money manager, like me, or a financial planner, but your parents may have relied on their accountant , a family lawyer or even someone they know at their local bank. In any case, ask your parents and make sure that person is not only invited to attend but will help you prepare for the meeting.

In my next column, I will explore in more depth what should actually occur during the family meeting and what items are absolutely essential to be discussed and planned for.

In the meantime, I suggest you pick up a copy of an excellent book on the topic: "Can We Talk? A Financial Guide for Baby Boomers Assisting Their Elderly Parents" by Bob Mauterstock, The author is an expert on the subject. His book is a comprehensive and practical guide in helping elderly parents gets their financial lives in order.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

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 activities" such as bathing, dressing, eating, transferring (to bed, chair and back again) housework, managing money, shopping and communicating with others. It can be expensive. If you live in the Northeast, for example, you can pay as much as $5,000 to $8,000 per year.

That's too much, you might say, but the alternative to paying $5,000 a year for insurance may be paying $5,000 per month or more. Nursing homes can go as high as $10,000 a month. At those rates, you could easily go through all your assets in a space of 2-3 years. Normally this kind of insurance is quoted by the day. For example, one company may provide a maximum daily benefit of $150 a day. They also limit the time and amount of coverage. In this hypothetical case, the maximum benefit pool would be $219,000 and the maximum period of coverage is four years.

Now here's the risk: you may need more than four years of care or the cost of the coverage per day could exceed $150 a day. In either case, if you exceed either the time or amount, you won't have any more coverage and must bear the additional expense on his own. What's worse, if you die or simply don't need the care, you lose the amount invested. There is no death benefit or refund policy.

Given the complexity, as well as the substantial amount of money involved in this area, there is a lot of competition among insurance carriers for your dollars. As you know, whenever the financial community is involved in selling you something, the rule should be buyer beware.

There is a wide array of services provided (with tons of fine print exceptions that you might miss). Insurance premiums charged by these companies can vary by as much as 50 percent for the same services. Remember too, that the insurance business has no federal oversite or safety nets. As such, you have to be careful when choosing what company to do business with. If your insurance carrier goes bankrupt, there is no insurance (such as the FDIC) to make you whole again.

My advice is to hire a reputable financial professional who understands your personal situation and can assist you in evaluating your options. Today, there are myriad "hybrid" options to traditional long-term care insurance. Everything from life insurance with a long-term care rider to fixed annuities is available, depending on what makes the most sense in your particular case. If, on the other hand, you want to go it alone, here are some basic questions to ask in your pursuit of coverage:

• How much is the daily benefit and how long is the benefit coverage?
• What is the trigger for benefits and how long is the waiting period before benefits begin?
• What services are included and what are excluded?
• How will benefits increase over time to keep abreast of rising medical costs?
• Will my premiums increase over time, and if so, by how much?

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

Investors can expect the stock market to carve out a new trading range over the next few weeks. The good news is that range will be higher than it has been all year. The bad news is that we should not expect a repeat performance of March.

March was a good month for the S&P 500 Index. Stocks gained about 3 percent, and as of today, are positive for the year. Friday, investors worked overtime as they digested a slew of data.

The day kicked off with employment data which was good: 215,000 jobs gained, while hourly wages increased by 7 cents an hour. And more Americans are looking for jobs.

The bad news was that we are still losing jobs in the manufacturing sectors, since just about all the gains were in the service economy.

Beyond that, we received more data on everything from construction spending, the PMI (Purchasing Managers Index) to domestic vehicle sales and plenty more. I won't bore you with the details. All you need know is that in total the data revealed an economy that was plugging along at a roughly 2 percent plus rate or slightly better.

In the past, I've warned readers not to hang their hat on any one economic data point.

While economists might be cheered or disappointed by one month's group of statistics, the facts are that all these numbers are revised more than once (up or down) in the weeks and months ahead. What stock market investors need to know is if any of these data points would make the Fed hike rates sooner than expected.

The answer is no. The Fed is on hold in their plans to raise short term interest rates until the economy gives definite signals that we are growing faster than the present rate. We are not.

The Fed's brief is both keeping inflation in check and insuring a healthy labor market. Given moderate growth and employment gains it appears to the Fed that the country is in a sweet spot.

As such, the dollar will continue to remain in a trading range, as will bonds, and to some extent, the stock market. Here's the thing: nothing has changed as far as the well-being of the U.S. economy over the last quarter. It is why I did not advise anyone to bail out of stocks in January or February. Just because the market was having a hissy fit at the beginning of the year, it is no reason that you should have one, too.

You might ask, why then was the stock market down on Friday in the face of good or at least in-line data points? Look to oil for a reason. Word from Saudi Arabia's oil minister this week is that the production freeze by them and others will depend on whether or not their arch-enemy Iran also agrees to a freeze.

That stance is understandable given that both countries are at loggerheads in the Middle East. At the same time, both parties know that sanctions have just been lifted on Iran's oil production by most importers of oil. That country is only now trying to make up for years of lost production and won't tolerate a freeze on that effort. As a result, oil dropped almost 4 percent on Friday.    

As I have written before, the stock market is still held hostage to the oil price. The OPEC meeting is supposed to happen this month and it is natural that investor anxiety will heighten as all parties to the negotiations stake out their opening positions. That will make for a lot of ups and downs in the oil price and will have a subsequent impact on stocks.

It is why I believe that this month we won't see much progress in financial markets. After that, we will enter the presidential convention period. That too may keep a lid on equities into the spring.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

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 deplete your life savings, even if you only need that care for a "relatively" short period of time.

But like everything that has to do with investment, savings and insurance, we Boomers are notoriously ignorant of the facts.

For example, raise your hand if you think your Medicare benefits cover long-term care.  

Sorry, folks, it doesn't. Well, there is always Medicaid, right? Sure there is — once most of your assets (and your spouses) are wiped out. Medicaid does cover several types and amounts of long-term care expenses but you have to be poor to qualify.  Even then, with the pressure on legislatures to cut social spending, there is no guarantee what your state will cover or what kind of care you will receive under Medicaid.

Of course, if you have megabucks and are part of the one percent, then you might as well pay for that care yourself because you and your family will still have enough to live on no matter how long you need long-term care.  It is the remaining 99 percent of us who may have a problem in the years ahead. As readers know, few Americans have saved enough for retirement and for many of us it is too late to rectify that mistake.

"I just won't ever be able to retire," is the glib answer we get, in our effort to dismiss that savings issue. But those words won't cut it when you become physically incapacitated.  If you can't work, you can't earn a paycheck.

The critics of long-term care will argue that most people don't need more than 90 days of long-term care. Most health care policies have a 90-day deductible, which means your long-term care insurance won't kick in. Most of us are willing to play those odds, even though the statistics indicate that those who need long-term care usually need it for at least a year or two.

The main issue is affordability. The older you are the more expensive insurance becomes. Baby Boomers, by definition, have already passed the threshold where insurance premiums are reasonable. However, what most consumers do not realize is there are a wide range of choices which offer various degrees of security and coverage.

In my next column, I will explore some of those policies and various strategies that readers can employ to reduce long-term care premiums while protecting themselves from that worst-case scenario.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.