DEAR TRUST OFFICER: What happens to my debts when I die? —STILL PAYING THE MORTGAGE DEAR STILL: According to a study by the credit bureau Experion, released in December 2016, some 73% of consumers have debts when they die, including mortgage debt. Some 68% have credit card debt; 37% have mortgage debt; 25% have car […]
Read MoreCategory: Thursday Thoughts
The Problem of Faithless Trustees
There’s been quite a bit of press coverage of “fiduciary duties” when it comes to professionals giving financial advice. Bank trust departments and trust companies always have been held to the fiduciary standard, and are proud of it. Unfortunately, there are some documented cases when individuals with such duties simply ignored them. Special needs Lawrence […]
Read MoreTriple record
Dear Trust Officer: I heard that the stock market has been setting new highs. Does that mean now is a good time to invest in stocks? — New at investing Dear New: On one hand, by example, last August all three of the major stock market indices (DJIA, S&P 500, and NASDAQ) set records on the […]
Read MoreFear of Identity Theft
A survey of high-net-worth investors, reported on wealthmanagement.com, probed for respondents’ greatest fears. Major illness came in third, at 56%. Terrorism concerned 65%. The top worry, for 72% of respondents, was identity theft. The concern is not misplaced. Reportedly, in 2015 alone there were 13.1 million victims of identity theft, at a cost of $15 […]
Read MoreTapping Retirement Funds to Pay for College
DEAR TRUST OFFICER: Should I withdraw or borrow from my 401(k) plan to help pay for my child’s college expenses? —PUZZLED ON FUNDING DEAR PUZZLED: As a general rule, impairing your retirement savings to meet current spending needs is not a good idea, even for higher education expenses. There are other sources of funds for education […]
Read More12 Reasons to Review Your Will
Creating a will and an estate plan is not a “one and done” event. Many events can cause a plan that made perfect sense when it was drafted fail to meet expectations and the needs of the family. Life happens. As a rule of thumb, a will and estate plan should be reviewed every five […]
Read MoreThe Retirement “Tryout”
Retirement is sometimes defined in terms of what one is leaving behind—a career, difficult clients, job stress, the daily commute, the grind. But for retirement to be fully satisfying, according to many experts, one needs to retire to something, not just from something. Defining that “to” and giving it a tryout is what we mean […]
Read More401(k) Protection Programs
DEAR TRUST OFFICER: When I retire in about a year, I’m expecting a six-figure distribution from my employer’s 401(k) plan. The success of my retirement turns on what I do with this money, and I’m more than a little unsettled by the prospect. What should I do to keep my all my options open? —LOOKING […]
Read MoreNew perspectives on revocable living trusts
One of the most useful and flexible wealth management tools is the revocable living trust. Traditionally, we like to point to three basic benefits that these trusts offer. Professional asset management. After studying your goals and circumstances, our asset-management specialists will map out a diversified investment program appropriate to your requirements. Our objective is not […]
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