By Lauren Young, Digital Special Projects Editor
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Greetings, On the Money readers!
As I was on vacation with my husband last week in Montana, I learned that one of my dearest friends in New York died just as our plane landed. She was only 58 and endured a terrible illness for nearly a decade, so I take comfort knowing that she is at peace.
Being far away, however, meant I could not get back in time for her funeral. Thankfully, I was able to watch it on the livestream.
I mention this because her passing (along with that of another friend earlier this summer) has put a spotlight on end-of-life financial planning. Have you made preparations for your death and the death of your loved ones? Do you have money set aside to pay for it?
This is a kind reminder to make sure you have your important legal documents in place, which includes an updated will and healthcare directives along with beneficiaries assigned to brokerage, banking and other financial accounts. Please make sure your loved ones know where to find these crucial documents. (I’ve added some more tips below.)
As always, I want to hear from you. If you have advice to share, write to me at onthemoney@thomsonreuters.com.
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The folks who saw yesterday's eclipse are wealthy in a very different way. Also, I just love this photo! REUTERS/Christian Hartmann
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A quiet wave of Americans is crossing the line from comfortable to genuinely wealthy.
According to the UBS Global Wealth Report, the U.S. added over 440,000 new millionaires last year, driven largely by real estate appreciation, private business sales and strong equity markets.
In his new book "Quiet Wealth," financial adviser Keith Singer breaks down how these families protect and grow their money with practical strategies on taxes, private investments and estate planning.
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What makes inflation so risky? U.S. consumer prices barely increased in July as the cost of gasoline declined for a second straight month. The gas prices, however, ticked up in August and overall prices are still higher than they were a year ago without the wage increases to match.
Here is why that matters now.
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When is the best time to refinance a mortgage? |
Like an eclipse, timing is a factor when it comes to refinancing your mortgage. REUTERS/Borja Suarez
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In my latest installment of my “A$K Lauren” series, I tackle the thorny issue of when to refinance a mortgage.
Theoretically, you can refinance most mortgages at any time, but that doesn't mean borrowers should rush to the closing table, especially in the current interest-rate environment.
I spoke to five experts who say the real question isn't, "how soon," but, "does it make financial sense?"
Here are the key factors to consider before you refinance your mortgage.
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More estate-planning advice |
To watch an eclipse, you need protective gear. The same can be said for end-of-life planning. REUTERS/Susana Vera
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Following up on my article 5 key legal documents every young American adult needs, Jim Tewalt, a certified financial planner and president at Estate Planning Solutions in Glendale, Arizona, sent an email with some more suggestions.
“While some states provide for informal probates or the transfer of property using forms such as a small estate affidavit to transfer property at death without going through the hassle of probate, there are four other ‘no-cost’ steps people with less-complicated estates can take,” Tewalt says.
POD designations. Adding a Payable on Death designation to a bank or credit union account assures transfer at death to a chosen beneficiary without probate.
TOD designations. Similar to a POD, a Transfer on Death designation is used for brokerage accounts to transfer stocks and other securities without the need to liquidate them first.
Beneficiary designations. Use these to transfer life insurance, retirement accounts such as IRA's (traditional and Roth) and 401(k)s. to your chosen beneficiary.
Notarized list of gifts. A written, notarized statement of who you want to receive items of personal property such as fishing equipment, jewelry and other personal items.
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How are you storing your important information? |
My husband and I keep paper copies of our will, healthcare directives and other important documents in our home safe. But I’m worried that’s not enough for our kids.
I recently read about the Nokbox, which stores all aspects of your life (money, health, social media, pet info, etc.) in one place. If you’re a user, or have any other suggestions to share, please send it my way: onthemoney@thomsonreuters.com.
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I have lots of personal finance ideas, but the very best stories come from readers! What personal finance questions do you have about saving, spending, healthcare, credit and more? Write to me at onthemoney@thomsonreuters.com.
While you’re at it, be sure to follow our On the Money coverage. And connect with me on LinkedIn, where I’m always posting the latest Reuters news.
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This newsletter was edited by Mark Porter.
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