9 Essential Estate-Planning Documents

Dying without a will leaves your family and heirs with a potential mess. But without one, a probate court will decide where your property goes, which can take months, and sometimes, years. Money that you intended for family and good causes may go to pay lawyers. Additionally, if you have young children, unless you name their guardians in a will, a court will do it. And what about your pets? Their future is up for grabs if your will doesn’t spell it out.

To truly sort out your estate planning, prepare these nine documents, and your heirs will thank you eternally:

1.       Will- A will gives you a voice when you’re gone. You can appoint guardians, distribute your possessions, and make requests.

2.       Trust- A trust allows you to pass assets your heirs, sidestep probate court, reduce your estate tax, and minimize potential lawsuits.

3.       Healthcare Power of Attorney & Living Will-  These documents allow you to name someone to make medical decisions for you and enforce your wishes about treatments.

4.       Dependable Power of Attorney- This allows you to appoint someone you trust to make legal decisions if you can’t.

5.       Beneficiary Designations- This document names beneficiaries who will inherit your assets.

6.       Life Insurance- If you purchase life insurance, it will help those who would be financially devastated by your death pay for expenses.

7.       Provision for Digital Assets- This document outlines what you want done with your computer’s hard drive, electronic photos, data stored in the cloud, and online accounts once you've passed. Be sure to include passwords!

8.       Letter of Intent- A letter of intent is used to convey private requests, thoughts, wishes, or other information.

9.       List of documents- Make a list of the important stuff: Life insurance policies, deeds, pensions, retirement accounts, bank accounts, all of it. Include account numbers & passwords and where they’re stored.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today. 

 

And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country's Mark Durocher & Honor Credit Union's Greg Hildebrand talk about Estate Planning, click on the Mason Jar Monday episode below!

 

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  Honor Credit Union and Honor Financial Group are not registered broker/dealers and are not affiliated with LPL Financial.

Not NCUA Insured -Not Credit Union Guaranteed -May Lose Value

 

Start Saving For Long Term Health Care

It’s that time of year when many people start taking a second look at their health insurance coverage.  Did you know that at least 70% of American adults will need long-term care services and support sometime in their lifetime?* Saving for long term health care is important as median costs continue to rise: $87,600/year for private nursing home rooms, $42,000/year for assisted living facilities, and $45,188/year for home health aide services are just a few of the annual cost averages reported on a 2014 Gemworth Cost of Care Survey!*  How will cover these expenses for yourself and your family?

·         Out of Pocket – Costs vary greatly by state – around $8,000 per year to upwards of $100,000 per year; start saving early!

·         Medicare + Medicaid – Benefits may be available for home health care, but only if certain conditions are met.  Don’t assume you’ll be covered.

·         Insurance – Helps pay for care and protects assets up to the amount of your policy.  Evaluate coverage options before you need it.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to Y-Country's Mark Durocher and Honor Credit Union's Greg Hildebrand talk about long term health care, click on the Mason Jar Monday episode below!

 

 

How Long Can You Live On Your Savings?

If you lost your job, could you cover your bills?  When consumers were asked that question in a survey this year by RetailMeNot, the discount coupon site, nearly half confessed that their savings would last for just one month!  The root may be simple…many people just don’t know how to save.  But learning to save doesn’t have to be difficult.  Here are six tips to get you started: 

        

• Create A Budget – Track your expenses, figure out how much you need to cover essentials and identify where you can make cuts.

• Prioritize Your Savings – With your budget in place, calculate how much is left for savings, and set priorities!

• Make A Savings Habit – Pay yourself first with very paycheck by contributing to your savings account!  The easiest way to do so is with automatic deductions. 

• Capitalize On Compound Interest – Put your money in accounts paying interest, leave it there, and watch your money potentially grow.  Honor Financial Group can help you take a look at options that might fit your unique financial situation. 

• Pay Off Credit Cards – Paying high interest rates on your balance is money you could otherwise be investing or saving.

• Save Your Raise – Painful as it may seem, one way late starters can play catch up is to put most of that extra money into savings. 

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  Honor Credit Union and Honor Financial Group are not registered broker/dealers and are not affiliated with LPL Financial.

Baby Steps: Planning For Your Child’s Financial Future

Guest Writer: Greg Hildebrand – Honor Financial Group Financial Representative

With a new school year right around the corner, the success of the community’s youth is on the top of our minds.  Whether you are expecting or have a child in school, planning for their future is important.  But where do you start?  Here are four steps to start your child on the right path from Day 1:

 

·         Open A Savings Account – Most credit unions, like Honor, make it easy to transfer money into a savings account on a regular basis – you can even start before our baby arrives.  Think of it as your go-to fund for supplies and surprises.

·         Modify Insurance Coverage – First, add your newborn to your health plan.  Then, make sure your life insurance policy includes a growing family.  Next, update beneficiary designations on 401(k)s and IRAs.

·         Create An Estate Plan – No matter how old you are, plan to protect your family and assets.  Update your will and trusts, and put in writing who will take care of your child if you’re not around.

·         Start A College Fund – Yes, college may be 18 years away, but starting to save early is the key.  Take a look at tax-advantaged investment options – such s a 529 plan – and make regular contributions.

If you have questions and would like to meet with a financial advisor, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

Not NCUA Insured -Not Credit Union Guaranteed -May Lose Value
As it pertains to the portion of the broker/dealer disclosure above, when read you should say, "Investments are not NCUA Insured, not credit union guaranteed and may lose value

Does Your Financial Advisor Put You First?

Guest Writer: Greg Hildebrand – Honor Financial Group Financial Representative

The decision to trust someone with your hard earned money is very personal.  And since you’re basically hiring someone to provide expertise that you don’t have, it can be tough to sort out the good expertise form the fluff.

Whether you’re looking for a financial advisor on your own, or are referred by a loving uncle, consider these tips before you begin your relationship.

·         Customization – Your needs are unique and your investment strategy should be too!  Make sure your advisor takes the time to understand your personal goals in order to recommend a customized plan.

·         Compensation – Consider an advisor who charges a fee for services rather than commission-only sales from stocks, insurance, or other types of investments.  This helps ensure that they are working to grow your investments not profiting primarily from sales.

·         Experience – While it’s a good rule of thumb to look for at least three years of experience working as a financial advisor, be sure to ask what type of investing your advisor is most experienced in to ensure it is a good match for your goals.

·         Investment Approach – Every investor is unique.  So make sure your advisor’s investing philosophy isn’t too conservative or too aggressive for your investing style. 

·         Accessibility – Regardless of how much you have to invest, your financial advisor should be working with your best interests in mind.  Whether you prefer to meet monthly, quarterly, or even yearly to discuss your portfolio, if you have questions your advisor should always be available to give you answers. 

If you have questions and would like to meet with a financial advisor, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

Honor Financial Group Check-Up's: Start Planting Seeds For Your Retirement Now!

You've heard us say it before, and we're gonna say it again...it is never too early to start thinking about your retirement plan! If you find yourself wondering what that magic number to retire is, how much should you have saved, where do you even begin then keep reading because Honor Financial Group is here to help:

What is Honor Financial Group?

• Whatever stage of life you may be in, Honor Financial Group can provide you with the options and one-on-one financial planning that will help you pursue the future that you want. Some of the options that we offer include:
• Retirement Plans
• Mutual Funds
• IRA Consolidation/Rollovers
• Annuities (variable, fixed, index)
• Insurance (life, disability, long term care)
• And more!

What is the Check Up Tour?

• Honor Financial Group’s Financial Representative, Greg Hildebrand, will be making the rounds to EVERY single Honor CU branch to give members (and non-members) the opportunity for a free investment check up.

How do I sign up?

• Stop by any Honor CU branch location or call the Member Solutions Center at 800.442.2800 to schedule your free, no obligation, investment check up!

Did you catch Greg Hildebrand, Honor Financial Group Financial Representative, chatting with 97.5 Y-Country's Wild Bill on Mason Jar Monday this week?  If not, no worries! You can listen to their full conversation here!

Don't forget to follow us on Twitter @honorcu and use #askhonorcu to ask us any questions you may have or let us know what you want to hear talked about on Mason Jar Monday next week!