June Newsletter 2017: California Single Payer Healthcare? What Not To Do When You Inherit Money; Be Mindful of Melanoma This Summer



Not just yet, although an official bill has been drafted. There is no agreed upon way to pay for the $400 Billion cost.  We are about $106 billion short. source

What is single payer? This means the government replaces private insurance companies, paying doctors and hospitals.” source Canada and the UK currently use this system.

“The goal of the bill, SB 562, is to establish a state-run healthcare system that covers all 40 million Californians.” source

A floating suggestion to pay for it would be a 2.3% sales tax increase.
Naysayers have called the plan “reckless” and “offensive”.  The bill was introduced by Senator Lara of Bell Gardens in response to the threat that Trump will remove the Affordable Care Act.

The proposed bill would provide a Medicare for all system that would guarantee health care for all Californians without out of pocket expenses.


Treated wisely, inheritances can help people meet their long-term goals, from rescuing their retirements to paying off credit card debt to financing family education.

Yet windfalls can turn into mixed blessings when people rush into decisions. Research finds a third of Americans can expect to receive a significant inheritance. But many end up spending or giving too much when developing a careful plan to spend, save and invest would help them meet their most important financial goals.

Five mistakes experts often see Americans make when they receive an inheritance.

1. Spending mindlessly: Some people begin mindless spending on “just a small indulgence.” A series of those kinds of purchases can morph into a spending splurge that might rob people of their ability to reach their overall goals for the inheritance.

2. Going it alone: Even Americans who manage their 401(k)s or their taxes on their own can benefit from help. That’s because a windfall, whether it’s an inheritance or lottery proceeds, is different. Those who receive an inheritance should consider assembling a team, including an estate attorney, an accountant and a wealth manager.

3. Making decisions too quickly: Experts say Americans should be careful not to make any big life decisions, like selling a house or quitting a job, too early in the process. An inheritance often coincides with loss, and many people aren’t thinking clearly when their emotions run high.

4.Becoming paralyzed in the investment process: Sometimes people who receive a lump sum become so worried about “investing at the top,” that they do nothing. Our investment managers are "tactical" in nature so if there was a big downturn in market, they can take advantage of the downturn or "go to cash," which means they sell the investments and wait for a more opportune time to invest. 

5. Providing for everyone except themselves: People love their kids, friends and charitable organizations – so much so that they sometimes neglect to take care of themselves. Experts advise pushing the pause button. There is plenty of time to provide generous support after a plan is established. Source

Receiving an inheritance is a great reason to consult a financial manager who can help you tailor a plan that achieves your long-term financial goals.

According to the American Cancer Society, melanoma accounts for a mere 1% of skin cancers, but is the cause of most skin cancer deaths.
Estimates for melanoma in 2017 are:
•             10,000 people are expected to die due to melanoma.
•             88,000 new melanomas will be diagnosed, the majority of which will be in men.

As summer approaches, it’s important to remember to protect your skin by seeking shade, wearing sun-protective clothing and glasses, and applying sunscreen.

“Skin cancer is the most common type of cancer, but is highly curable if detected early. You can take steps to prevent it by practicing protection from sun exposure every time you head outdoors,” says Jennifer Tuteur, MD, Medical Director of Sharp Health Plan.

Have a safe and wonderful summer from your friends at TWP Financial. 

Source:  A&I Financial Services Newsletter Periscope