Life Planning Guide, 2015

A Publication of the Lewiston Tribune and Moscow-Pullman Daily News

Is Your

Financial House In Order?How to Survive A Job Loss

– Credit Unions– New Parents– ‘Bootstrap’ Your Business

Handling an

Inheritance

By Nanette Wiser

CTW Features

Don’t let economic bad news and

dwindling assets prevent you from

adopting a smart financial strategy.

Make a plan, investment professionals

advise, and stick with it. Start fresh,

no guilt: If you’ve made mistakes with

money in the past, put it behind you.

Focus on a secure financial future by

embracing these ideas:

Know Your Financial Footprint

Take a snapshot of your finances and

audit your worth. Review all financial

statements (bank, credit card, mortgage,

401(k), brokerage account), income

and expenses. Once you’ve got the big

picture, make a budget and stick to it.

Keep a log of everything you spend and

tally it monthly. Look for ways to cut back. Research lower cost options for

car insurance, health insurance, cable

and phone.

Make sure your fiscal public profile

is both current and secure. Check your

credit report and review your credit

history. Look for things such as credit

card accounts that aren’t yours or ac-

counts listed as unpaid that have been

paid off. You are entitled to a free annual

credit report from each of the three main

credit bureaus. Your goal? An excellent

score of 740 and up. Finally, beware of

identity fraud. Invest in a paper shredder

and never provide your social security

number by phone or online.

Save More, Invest Wisely

“Pay yourself first: Save a set amount

right away, before doing anything else.

It’s hard to spend what you don’t have,

right? So save first, not last,” says Chris-

tine Walker, Vice President of Farmers &

Merchants Bank. Direct deposit pay-

checks, pension and social security and

avoid the temptation of pulling spending

money out of the in-person transaction.

Set aside a percentage of your paycheck

for savings or investments. If your

employer offers a 401(k), it can reduce

your taxable income and grow your nest

egg. Any employer contribution is free

money. Take it.

You can save in several ways. Con-

sider setting up an IRA account with a

bank, credit union, brokerage firm or

mutual fund company to supplement

your workplace retirement plan. Cre-

ate a flexible spending account to cover

prescription, medical visits or health

insurance co-payments. Start an emer-

gency savings account in addition to

your retirement or paying down debt

savings account. Get a high-yield sav-

ings account that is free of investment

risk, earns a return and is liquid so that

you can tap it when you need it fast.

San Diego attorney and investment

consultant Robert Weaver recommends

sticking to a plan, staying on top of

current trends and diversifying assets

to meet your goals: “Develop a diverse

array of asset classes – stocks, bonds,

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Is Your Financial House In Order?5 ways to improve your fiscal future now (… don’t turn the page!)

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FINANCIAL PLANNING | YOUR FUTURE continued

real estate (including a home), metals,

commodities, and your business. Except

for home and business, it’s safer to

use liquid vehicles to hold these assets

– ETFs, REITs, MLPs and funds.”

Shop your banking options. If online

banking is free, sign up and use it only

on your home computer. The advantage?

You can pay bills quickly, your account

credit/debits automatically so you can

stay on track. Find a free checking ac-

count that charges no monthly service

fees or per-transaction fees.

Adopt a foolproof credit card strategy.

Reduce credit card debt. Pay cash when

possible. See if you can qualify for a

balance transfer card that offers a low or

0 percent introductory interest rate for

the first six to 12 months. If you can get

a good deal, move your high-rate debt to

that new card.

Spend Less

You’ll never get ahead if you spend

more than you are paid. A little cost-cut-

ting can pay off in big savings. It’s not

rocket science. Buy only what you need,

not what you want. If it’s not on the

must-have list, don’t purchase the item.

Leave the cash and credit cards at home

and window shop instead. Discounts

and coupons are your best friends. Be

a coupon queen. Double them up, buy

when items are on sale, sign up for

reputable online coupon sites (Coupon

Sherpa) and comparison shop the flyers.

Some stores will even match competi-

tors’ lower prices. Shop sales and know

when annual discounts occur for house-

hold goods, linens and clothing.

Take advantage of loyalty and dis-

count cards/days. Download Cardstar, a

mobile app that keeps track of merchant

loyalty cards. If you’re a student or 50+,

look for discounts in travel, entertain-

ment (movies) or memberships (AARP,

AAA). Get paid to spend with a rewards

card or get free miles and other perks

with an airline credit card.

Improve Your Money IQ

Get smart and research personal

financial advice. Start with your local

business section and the financial report-

ers who cover the money beat. Book-

mark websites and magazines that offer

great tips and advice. Visit the library to

bone up on authors such as Suze Orman,

Dave Ramsey, J.D. Roth, Adam Baker,

The Motley Fool or “The Complete

Idiot’s Guide to Managing Money.”

Ask for advice from your accountant,

successful business people, friends and

family who invest wisely and save well.

Do research on “money making” ideas

such as garage sales, selling unwanted

electronics or selling gently used clothes

on consignment.

Be Accountable: Set Financial Goals

It’s all about planning and housekeep-

ing. Once you’ve set financial goals, be

sure you are on track. By keeping good

records and bills organized by month

and type, you can review your status and

claim your allowable income tax and

deductions at the end of the year.

And don’t be afraid to plan for the fu-

ture. “Plan your estate. A will, possibly

coupled with a trust, is an essential ele-

ment of any good financial plan. Don’t

procrastinate,” says H. Parker Evans,

President & Chief Investment Strategist

of Florida’s Successful Portfolios LLC.

Online software, such as Quicken’s Will-

Maker, can help. Notarize the will and

store it with your protected documents.

© CTW Features

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By Taniesha Robinson CTW Features

Good financial habits start early. The very best last well into old age. For those somewhere in the middle and still trying to figure it all out, there’s help. No matter what stage of life, a person can always take steps to improve his or her finances, says Julie Jason, president of the Jackson, Grant Investment Advisors, Stamford, Conn. Here are tips on what family members need to think about and plan for at all stages of life, from childhood to retirement.

FINANCIAL PLANNING | FINANCIAL TIMELINE

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FINANCIAL PLANNING | FINANCIAL TIMELINE CONTINUED


Taniesha RobinsonCTW feaTures

isTockphoTo.com

12 f i n a n c i a l p l a n n i n g g u i d e

good financial habits start early. The very best last well into old age. for those some-where in the middle and still trying to figure it all out, there’s help. no mat-ter what stage of life, a person can always take steps to improve his or her finances, says Julie Jason, president of the Jackson, grant investment advisors, Stamford, conn. Here are tips on what family mem-bers need to think about and plan for at all stages of life, from childhood to retirement.

if little ones start to learn the basics of money management as they grow, perhaps they can avoid the debt and exu-berant spending habits that plague many adults. it’s important to teach children that every dollar they receive is not a dol-lar they can spend, says Manisha Thakor, personal finance expert for women and author of “get financially naked,” (adams Media, 2009). Kids should learn to divide allowances into three buckets: one for savings, one for charity and one for spending. Thakor recommends parents help children allocate 10 percent for savings, 10 percent for charity and 80 percent for spending.

Help kids learn to save:Fiddle with the online allowance calculator at www.threejars.com to come up with a weekly sum that’s reasonable, based on the age of the child and the parent’s own experience.

as kids approach their teenage years, they can start to grasp the truth in the old adage “money doesn’t grow on trees.” Thakor tells teens to think about how many hours they would have to work to earn enough to buy an item they want. This way, they begin to understand how much labor really goes into an iPod or Xbox pur-chase. Encourage a teen to find a part-time job, and share your views on money mat-ters and what you’ve learned about saving and spending.

Required reading: Jean Chatzky, award-winning financial journal-ist, wrote “Not Your Parents’ Money Book: Making, Saving and Spending Your Own Money,” (Simon & Schuster, 2010) to help start teens on a path to financial success.

a new couple’s main financial goal should be to build a solid foun-dation that includes an emergency fund to cover three to six months of living expenses, Thakor says. However, this should happen only after each partner pays down any debts they may have accumulated before marriage. Thakor urges newlyweds to conduct financial check-ins on all assets at least semi-annually. couples should save 20 percent of their income, Thakor says.investment smarts: If

your employer offers a tax sheltered savings plan, such as a 401(k), sign up and contribute all you can. Your taxes will be lower, your com-pany may kick in more, and automatic deduc-tions make it easy.

>> conTinUeDon paGe 14

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Children Teens College sTudenTs neWlyWeds

The average college-age credit card holder carries a balance of more than $3,000, according to Sallie Mae. fortunately for frisky, young credit users, credit card reform mea-sures that started roll-ing out in 2010 make it more difficult to over-load on credit and debt, requiring anyone under age 21 to show proof of income or get parents to co-sign in order to get a credit card. college students shouldn’t avoid credit cards completely, how-ever. a student should get one credit card in his or her name; moni-tor his credit record at the three major agen-cies; and pay off the bill every month. Used responsibly, a credit card can help young adults build a strong credit profile.

If little ones start to learn the basics of money management as they grow, perhaps they can avoid the debt and exuberant spend-ing habits that plague many adults.

It’s important to teach children that every dollar they receive is not a dollar they can spend, says Manisha Thakor, personal finance expert for women and author of “get financially naked,” (adams Media, 2009). Kids should learn to divide allowances into three buckets: one for savings, one for charity and one for spending. Thakor recommends parents help children allocate 10 percent for savings, 10 percent for charity and 80 percent for spending.

Help kids learn to save: Fiddle with the online allowance calculator at www.threejars.com to come up with a weekly sum that’s reasonable, based on the age of the child and the parent’s own experience.



isTockphoTo.com










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As kids approach their teenage years, they can start to grasp the truth in the old adage “money doesn’t grow on trees.” Thakor tells teens to think about how many hours they would have to work to earn enough to buy an item they want. This way, they begin to understand how much labor really goes into an iPod or Xbox pur-chase. Encourage a teen to find a part-time job, and share your views on money mat-ters and what you’ve learned about saving and spending.




isTockphoTo.com










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tiptip



The average college-age credit card holder carries a balance of more than $3,000, according to Sallie Mae..

Fortunately for frisky, young credit us-ers, credit card reform measures that started rolling out in 2010 make it more difficult to overload on credit and debt, requiring anyone under age 21 to show proof of income or get parents to co-sign in order to get a credit card. college students shouldn’t avoid credit cards completely, however. a student should get one credit card in his or her name; moni-tor his credit record at the three major agen-cies; and pay off the bill every month. Used responsibly, a credit card can help young adults build a strong credit profile.

A new couple’s main financial goal should be to build a solid foundation that includes an emergency fund to cover three to six months of living expenses, Thakor says. However, this should happen only after each partner pays down any debts they may have accumulated before marriage. Thakor urges newlyweds to conduct financial check-ins on all assets at least semi-annually. couples should save 20 percent of their income, Thakor says.

Investment smarts: If your employer offers a tax sheltered savings plan, such as a 401(k), sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deduc-tions make it easy.



isTockphoTo.com










tip

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FINANCIAL PLANNING | FINANCIAL TIMELINE CONTINUED


“Fifty is the time of prep-aration and a time of opportunity,” says Julie Jason, author of “The AARP Retirement Surviv-al Guide: How to Make Smart Financial Deci-sions in Good Times and Bad,” (Sterling, 2009). Make catch-up contribu-tions, an extra amount those over 50 can add to 401(k) and other retire-ment accounts. At age 59 1/2 you will no longer be hit with tax penalties on withdrawals from retire-ment accounts, but leav-ing money in means more time for it to grow.

Imagine you’re retir-ing on Monday and need to calculate how long your funds will last. Jason says this scenario forces people to look at their expenses, savings and income sources outside of work. “If you do the analysis, you can adjust your savings and investing,” she says.get going! Are you on

track financially for a com-fortable retirement? The Financial Planning Assoc. offers an interactive Finan-cial Roadmap tool to help highlight areas where you need to improve: Go to www.fpaforfinancialplan-ning.org/ and click on “Financial Roadmap” under Tools & Resources.

The minimum age to receive Social Security benefits is age is 62, but delaying to a later year will mean a bigger monthly benefit. Gen-erally, government-sponsored Medicare health insurance is available to those age 65 and older. At 66, those born between 1943 and 1954 are eli-gible for full Social Security benefits.

Jason says that those at age 65 must realize that they’re targets for every ambitious finan-cial advisor. “Put on a skeptics hat,” she says. Retirees should inter-view professionals to make sure they have prior experience with retirement accounts and clients in financial situations similar. Mak-ing decisions for a $100,000 account is very different from making decisions for a million-dollar account, Jason says.

Learn what your esti-mated social security benefit will be at retire-ment by using the retire-ment estimator at www.ssa.gov/estimator or call 1-800-772-1213.

Once the storks start dropping baby bundles at the doorstep, it’s time to think about life insurance. Whole life insurance is expensive and unnecessary in Thakor’s opinion. She suggests acquiring term life insurance instead, which pro-vides coverage for a set time period – usually five to 30 years – at a fixed rate.

Keep retirement sav-ing in mind, despite the focus on children. You can put $5,000 a year into an Individual Retirement Account (IRA) and delay paying taxes on investment earnings until retire-ment age. If you don’t have a retirement plan (or are in a plan and earn less than a certain amount), you can also take a tax deduction for your IRA contribu-tions.

college planning: The College Savings Plan calculator at the financial education website www.mindyourfinances.com, can help families devel-op or fine-tune a college savings plan, factoring in number and ages of chil-dren in the family. Click on “Financial Tools.”

“The challenge as you enter into these years is to avoid lifestyle creep,” Thakor says. “It’s very easy to start living beyond your means. The more you earn, sometimes the more you spend.” This pres-ents a big problem for savings for a couple’s retirement and their children’s college edu-cation. Thakor has noted another danger-ous trend in this age bracket: risky invest-ments. An investment portfolio at this age should be a low-cost, high-quality mix of stocks, bonds and mutual funds that grows conservatively over time, she says.

Start early. Make retire-ment saving a priority. Devise a plan, stick to it and set goals. Grab a quick estimate of your retirement needs using the “Ballpark Estimate” tool at www.chooseto-save.org/

“Now is the time to review assumptions and make adjustments to your cash flow and to your investments,” Jason says. At the out-set of retirement, peo-ple assume that healthcare will be their greatest expense. Itturns out that the larg-est expense is most often taxes. Plan to begin taking minimum withdrawals from most retirement accounts by 70 1/2 or you may be charged a penalty.

Healthcare and legacy planning should come into the picture around age 85, Jason says. Long-term care for husbands and wives should be deter-mined. “At a certain point you have to bring in your spouse and see if you’re in sync with each other,” Jason says. She reminds retirees to include the desire to leave an inheritance in their planning.

© cTW features

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MarriedWiTh a faMily

in your 30sand early 40s in your 50s… in your 60s… in your 70s… 80s and beyond

Financial Planning Timeline Continued...















© cTW features

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© cTW features

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You and Your PlannerOne of the most significant non- family relationships in your life may be the bond you share with your financial planner. After all, your money can be just as important to you as it is to them.

You both want to see your money grow as quickly and safely as possible. And you both need to be on the same page to achieve this.

If you have a financial planner, how would you describe your relationship? Collabor-ative? Non-existent? If you lean more toward the latter, it is probably time to take your money, time and business elsewhere.

Stay Local

A frustrating as-pect of a bad advisor relationship is not being able to get in touch with him or her when you need help the most. That’s why it may be best to find a representative on a local level — one who can tip you off on the next

big investment wave or guide you through smart savings adjustments.

Local financial advisors who are backed by national firms are likely to be invested in your

community, both financially and emotionally. They want to see you be successful with your financial planning goals and will reinvest a por-tion of their time, resources or monetary support into local causes.

Define Your Expectations

A strong advisor relationship will require input by you, even if you aren’t an expert in fi-nance. You should keep your advisor updated on any changes that happen with your life that may require an adjustment in investment or savings strategies.

Also, if you decide to become more aggres-sive in the investment portion of your portfolio, you should feel comfortable in discussing the pros and cons of doing so with your advisor. If he or she doesn’t know your strategy behind changing your approach, you may not get the most effective counsel.


You and Your Planner


If you have a financial plan-ner, how would you describe your relationship? Collabor-ative? Non-existent? If you lean more toward the latter, it is probably time to take your money, time and business else-where.

STAY LOCAL A frustrating aspect of a

bad advisor relationship is not being able to get in touch with him or her when you need help the most. That’s why it may be best to find a representative on a local level — one who can tip you off on the next big investment wave or guide you through smart savings adjustments.

Local financial advisors who are backed by national firms are likely to be invested in your community, both financially and emotionally. They want to see you be suc-cessful with your financial planning goals and will rein-vest a portion of their time, resources or monetary sup-port into local causes.

DEFINE YOUR EXPECTATIONS

A strong advisor relation-

ship will require input by you, even if you aren’t an expert in finance. You should keep your advisor updated on any changes that happen

with your life that may require an adjustment in investment or savings strate-gies.

Also, if you decide to

become more aggressive in the investment portion of your portfolio, you should feel comfortable in discussing the pros and cons of doing so

with your advisor. If he or she doesn’t know your strategy behind changing your approach, you may not get the most effective counsel.

One of the most significant non-family relationships in your life may be the bond you share with your financial planner. After all, your money can be just as important to you as it is to them.

© FOTOLIA


You and Your Planner


If you have a financial plan-ner, how would you describe your relationship? Collabor-ative? Non-existent? If you lean more toward the latter, it is probably time to take your money, time and business else-where.

STAY LOCAL A frustrating aspect of a

bad advisor relationship is not being able to get in touch with him or her when you need help the most. That’s why it may be best to find a representative on a local level — one who can tip you off on the next big investment wave or guide you through smart savings adjustments.

Local financial advisors who are backed by national firms are likely to be invested in your community, both financially and emotionally. They want to see you be suc-cessful with your financial planning goals and will rein-vest a portion of their time, resources or monetary sup-port into local causes.

DEFINE YOUR EXPECTATIONS

A strong advisor relation-

ship will require input by you, even if you aren’t an expert in finance. You should keep your advisor updated on any changes that happen

with your life that may require an adjustment in investment or savings strate-gies.

Also, if you decide to

become more aggressive in the investment portion of your portfolio, you should feel comfortable in discussing the pros and cons of doing so

with your advisor. If he or she doesn’t know your strategy behind changing your approach, you may not get the most effective counsel.

One of the most significant non-family relationships in your life may be the bond you share with your financial planner. After all, your money can be just as important to you as it is to them.

© FOTOLIA


Donald T MontgomeryFinancial Advisor1630 23rd Avenue, Ste 201BLewiston, ID 83501Office: (208)[email protected]

FINANCIAL PLANNING | CREDIT UNIONS

Credit Unions: Power to the PeopleCredit unions are low-cost, low-profile alternatives to commerical banks. As consumers balk at the high banking fees, the low profile thing may be history


By Laura Drotleff CTW Features

The nation’s biggest commercial banks received a clear message last fall when an estimated 650,000 consum-ers withdrew some $4.5 billion and transferred the funds to new accounts

in the nation’s 7,200 credit unions. The problem: High fees for working-class account holders and small businesses and poor customer service. The mes-sage: Enough is enough.

The movement stemmed from already-rampant public distaste for

the government bailout of large banks coupled with a social media call for a “National Bank Transfer Day” on Nov. 5, 2011. That Saturday alone brought 40,000 new members and their $80 million to credit unions nationwide, according to the Credit Union National Association.

The Sept. 29 unveiling of Bank of America’s now-rescinded $5 monthly debit card fee sparked the mass exodus, which occurred throughout the month of October. In a CUNA survey of 5,000 credit unions, a majority attributed their new membership growth since that date to consumer reaction to newly imposed bank fees and the Bank Transfer Day idea. Since then, the idea has grown. Some 61,000 people have liked the cause on Facebook, where the new slogan is, “Every Day is Bank Transfer Day.”

While credit unions enjoyed the in-flux of new business and began lobbying

for the ability to make more business loans, big banks claim the movement has helped business, saying consumer ac-counts typically cost them more money than they make. And with new govern-ment regulations limiting surcharges, banks are refocusing their sights on business.

Though short-term effects may not be significant, some believe the popularity of credit unions will continue to grow. “Last year, we saw 1 million new credit union members. We will see more than that in 2012,” predicts CUNA President and CEO Bill Cheney.

Consumers are rediscovering the services offered by local credit unions, which are nonprofit, member-owned al-ternatives to banks that provide all of the same services, according to Cheney.

“By moving to credit unions, con-sumers will save about $70 a year, on average,” he says. Studies have shown people living paycheck to paycheck save

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FINANCIAL PLANNING | CREDIT UNIONSFINANCIAL PLANNING | CREDIT UNIONS CONTINUED

even more at a credit union than the average customer because they use more credit union services.

Because they are member-owned, credit unions are able to offer better rates and lower fees, virtually across the board, Cheney says. This includes higher savings rates and lower interest rates compared to banks, even in this low-inter-est environment.

“It’s an entirely different philosophy,” he says. “Banks use people to make money; credit unions use money to help

people. Credit unions truly are groups of people coming together to help each other, versus doing business with banks, which ultimately answer to their share-holders.”

Small-business owner Matt D’Arcy, a financial planner who owns Greybridge Financial Group and is vice president and co-owner of Hupp Tax in Willo-wick, Ohio, says perhaps because of the nonprofit status of credit unions, their management often has more longevity, allowing them to develop rapport with

members.“When I deal with a bank – and, as a

small-business owner, I deal them a lot – there seems to be a revolving door for management types,” D’Arcy says. “With a credit union, you may encounter the same manager for 30 years, and you can really develop a time-trusted relationship and know that they will go to bat for you.”

Whereas anyone can walk into any bank and open an account, credit unions are slightly differ-ent, with fields of membership eligibil-ity. Nearly everyone has a credit union they can join, but they have to find one they qualify to join first. For example, Michigan State Univer-sity Federal Credit Union (MSUFCU), based in East Lansing, Mich., is owned

by 162,000 members in the Michigan State University and Oakland University communities, including students, alumni, faculty and employees, local schools and businesses. Tucson Old City Pueblo Credit Union in Tucson, Ariz., is limited

to city employees and select groups.

As a student at Michigan State University, Michelle Gutierrez belonged to MSUFCU. Now an alumnus living in Kerrville, Texas more than 15 years later, she says she has re-mained a credit union customer.

“We never changed,” Gutierrez says. “We have just always made the conscious decision to go with local federal credit unions first. They have always had their members in mind.”

© CTW Features

Consumers are rediscovering the services offered by local credit unions, which are nonprofit, member-owned alternatives to banks that pro-vide all of the same services, accord-ing to Cheney.

“By moving to credit unions, con-sumers will save about $70 a year, on average,” he says. Studies have shown people living paycheck to paycheck save even more at a credit union than the average customer because they use more credit union services.

Because they are member-owned, credit unions are able to offer better rates and lower fees, virtually across the board, Cheney says. This includes higher savings rates and lower inter-est rates compared to banks, even in this low-interest environment.

“It’s an entirely different philoso-phy,” he says. “Banks use people to make money; credit unions use money to help people. Credit unions truly are groups of people coming together to help each other, versus doing business with banks, which ultimately answer to their sharehold-ers.”

Small-business owner Matt D’Arcy, a financial planner who owns Greybridge Financial Group and is vice president and co-owner of Hupp Tax in Willowick, Ohio, says perhaps because of the nonprofit status of credit unions, their management often has more longevity, allowing them to develop rapport with mem-bers.

“When I deal with a bank – and, as a small-business owner, I deal them a lot – there seems to be a revolving door for management types,” D’Arcy says. “With a credit union, you may encounter the same manager for 30 years, and you can really develop a time-trusted relationship and know

that they will go to bat for you.”Whereas anyone can walk into any

bank and open an account, credit unions are slightly different, with fields of membership eligibility. Nearly everyone has a credit union they can join, but they have to find one they qualify to join first. For example, Michigan State University Federal Credit Union (MSUFCU), based in East Lansing, Mich., is owned by 162,000 members in the Michigan State University and Oakland University communities, including students, alumni, faculty and employees, local schools and businesses. Tucson Old City Pueblo Credit Union in Tucson, Ariz., is limit-ed to city employees and select groups.

As a student at Michigan State University, Michelle Gutierrez belonged to MSUFCU. Now an alum-nus living in Kerrville, Texas more than 15 years later, she says she has remained a credit union customer.

“We never changed,” Gutierrez says. “We have just always made the conscious decision to go with local federal credit unions first. They have always had their members in mind.”

© CTW Features

Credit Unions: Power to the People Credit unions are low-cost, low-profile alternatives to commercial banks. As consum-ers balk at high banking fees, the low profile thing may be history | by Laura Drotleff

The nation’s biggest commercial banks received a clear message last fall when an estimated 650,000 consumers withdrew some $4.5 billion and transferred the funds to new accounts in the nation’s 7,200 credit unions. The problem: High fees for working-class account holders and small businesses and poor customer service. The message: Enough is enough.

The movement stemmed from already-rampant public distaste for the gov-ernment bailout of large banks coupled with a social media call for a “National Bank Transfer Day” on Nov. 5, 2011. That Saturday alone brought 40,000 new members and their $80 million to credit unions nationwide, according to the Credit Union National Association.

The Sept. 29 unveiling of Bank of America’s now-rescinded $5 monthly debit card fee sparked the mass exodus, which occurred throughout the month of October. In a CUNA survey of 5,000 credit unions, a majority attrib-uted their new membership growth since that date to consumer reaction to newly imposed bank fees and the Bank Transfer Day idea. Since then, the idea has grown. Some 61,000 people have liked the cause on Facebook, where the new slogan is, “Every Day is Bank Transfer Day.”

While credit unions enjoyed the influx of new business and began lobby-ing for the ability to make more business loans, big banks claim the move-ment has helped business, saying consumer accounts typically cost them more money than they make. And with new government regulations limiting surcharges, banks are refocusing their sights on business.

Though short-term effects may not be significant, some believe the popu-larity of credit unions will continue to grow. “Last year, we saw 1 million new credit union members. We will see more than that in 2012,” predicts CUNA President and CEO Bill Cheney.

Learn more about…Joining a credit union at asmarterchoice.orgComparing credit union rates versus bank rates at ncua.gov(look under Resources and Information)Making smart financial decisions at mycreditunion.gov

© CTW Features


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Americans lose 90 percent of inherited wealth by the third generation, accord-ing to a recent report in the Wall Street Journal. You can avoid suffering the same financial fate by remaining disciplined in your spending and smart in your invest-ments.

Start a Savings Plan Depending on the size of your in-

heritance, one smart option is placing the majority of it in an FDIC-insured money-market account. There are options for short-term accounts with larger interest rates than a regular savings account.

Keeping the money separate from your checking account will help you in avoiding irresponsible spending – the main reason for the previously mentioned wealth loss statistic. Create a little distance between you and your new money by finding safe, interest-friendly havens for it.

Consult a PlannerYou can find a fee-only planner who

doesn’t work on commission by visit-ing www.napfa.org, the website of the National Association of Personal Financial Advisors. The organization urges people to interview several advisors before you

select one. Your advisor will help you come up

with a customized financial plan, guiding you in defining your short- and long-term financial goals. You may be able to find free financial counsel in your area through events like Financial Planning Days – a collaborative effort between financial plan-ning organizations, government agencies and schools, municipal buildings and li-braries that delivers free financial counsel.

Keep Your Job“Take this Job and Shove It” may be a

song that comes to mind if you inherit a

large sum of money. But you may want to reconsider singing that tune to your boss. Some people treat their windfall of money as an opportunity to rapidly improve their lifestyle by buying a bigger home, a new car and other luxuries all at once.

The National Association of Personal Financial Advisors urges clients to spread out their spending over the years while still maintaining employment to pad their sav-ings or retirement account.

Set a plan in place to limit your monthly spending – and stick to it.

FINANCIAL PLANNING | PERSONAL FINANCE

Handling an InheritanceAn inheritance brings with it a range of emotions and responsibility. Along with the pain of losing someone you love, you also may be experiencing an influx of cash that you feel overwhelmed in handling.


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FINANCIAL PLANNING | FAMILY

Making Plans: New ParentsParents with a baby born in 2013 will spend an average of $245,000 to raise their little bundle of joy.


These latest statistics reported by the United States Department of Agriculture don’t even include the cost of college, which can quickly rack up tens of thou-sands per year in tuition costs.

The price tag on raising a child has been on a steady incline — a 24 percent increase since 1960, according to the USDA.

Taking on the increasing costs can be a challenge for many new parents. But with proper planning and realistic expectations, even newbies can come out ahead as their children grow.

Health Care The USDA attributes the rise in child-

raising to the cost of health care. With parents covering larger proportion of children’s costs with higher co-payments and premiums, expenditures can add up quickly.

When setting a budget and savings plan, make sure to apportion enough to health care costs, as well as unpredict-able medical expenses that are sure to come up.

Start a small savings account for funds devoted to medical costs. This will keep you prepared for such occur-rences instead of having to dip into your primary savings account for medical payments.

Long-Term PlanningNew parents will find that with the

birth of their child comes the urge to protect him or her. This natural instinct includes the need to build a solid finan-cial footing to be able to afford all of the necessities.

But lost in the everyday chaos of raising a new child are the long-term financial strategies that can make a huge difference.

If you’re a new parent, consider pre-paring a will, an inventory of assets and debt and a legal document naming a per-son to be the guardian should anything happen to you.

These can be uncomfortable topics to discuss, especially in the midst of new-found parenthood, but planning wisely now can pay off in the future.

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FINANCIAL PLANNING | KIDS

Raising Money-wise Children

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FINANCIAL PLANNING | KIDS

Raise Money-wise Children

As a parent, it is up to you to devise unique ways to teach your children to be smart money managers. The values you instill in them from an early age are ones that can carry over into lifelong princi-ples and lead to excellent financial health. Depending on the age of your child, there are many ways to teach smart financial sense, even from as young as 2 years old.

GIVE THEM CONTROL

An allowance is the first interaction your child will have with earning money. It may seem minor to you —probably only a few dollars a week — but the most import-ant aspect of receiving an allowance is deciding how to spend it.

With only light guidance from you, let your child have the power of spending his or her allowance. Teach your children about the impor-tance of savings and also buy-ing for others. Having the responsibility of money man-agement gives children opportunity to feel both the positives and challenges of making financial decisions.

SMART SHOPPING One of the best ways to

guide your budding finance

enthusiast is to engage them in shopping. Before you even head out the door for your groceries, sit down with your child and clip coupons. Give them a stack of coupons you won’t be using and teach them how to find great deals and compare product prices.

Once you arrive at the store, build in a few game-like activ-

ities that your child can take the lead on. Make a contest out of finding the products that correlate with the best coupon deals. Show your enthusiasm as you rack up the savings, and be sure to give your children plenty of positive reinforcement while they help you cut your gro-cery costs.

TEACH TEAMWORK

Teamwork is a paramount value of smart money manage-ment that your children need to learn early on. By providing them responsibilities and giv-ing them choices, you are auto-matically offering them a voice at the family’s financial table.

Remember that they are probably going to make finan-cial mistakes as they age. Even a decision as small as spending their entire allowance instead of saving a dollar or two from it can be addressed by you. By working together, you can help raise a child who respects money and the responsibilities that come with it.

W hile school is a great place to become educated about math, science and English, the art of savings and maintaining good credit are lessons that generally are taught at home.

© FOTOLIA

As a parent, it is up to you to devise unique ways to teach your children to be smart money managers. The values you instill in them from an early age are ones that can carry over into lifelong principles and lead to excellent financial health. Depending on the age of your child, there are many ways to teach smart financial sense, even from as young as 2 years old. Give Them Control

An allowance is the first interaction your child will have with earning money. It may seem minor to you —probably only a few dol-lars a week — but the most important aspect

of receiving an allowance is deciding how to spend it.

With only light guidance from you, let your child have the power of spending his or her allowance. Teach your children about the importance of savings and also buying for others. Having the responsibility of money management gives children opportunity to feel both the positives and challenges of making financial decisions. Smart Shopping

One of the best ways to guide your budding finance enthusiast is to engage them in shop-ping. Before you even head out the door for

your groceries, sit down with your child and clip coupons. Give them a stack of coupons you won’t be using and teach them how to find great deals and compare product prices.

Once you arrive at the store, build in a few game-like activities that your child can take the lead on. Make a contest out of finding the products that correlate with the best coupon deals. Show your enthusiasm as you rack up the savings, and be sure to give your children plenty of positive reinforcement while they help you cut your grocery costs. Teach Teamwork

Teamwork is a paramount value of smart

money management that your children need to learn early on. By providing them respon-sibilities and giving them choices, you are automatically offering them a voice at the family’s financial table.

Remember that they are probably going to make financial mistakes as they age. Even a decision as small as spending their entire allowance instead of saving a dollar or two from it can be addressed by you. By work-ing together, you can help raise a child who respects money and the responsibilities that come with it.

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While school is a great place to become educated about math, science and English, the art of saving and maintaining good credit are lessons that generally are taught at home.


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FINANCIAL PLANNING | EDUCATION

Saving for CollegeAnnual tuition for a four-year private institution was $30,000 last year. It was $8,900 for in-state students at public institutions.


These statistics from the College Board can be downright frightening for parents and students trying to save for education.

The price of education can seem expensive, but the long-term positive impact on your child’s future career is often worth the cost.

Experts advise parents to start sav-ing as soon as possible to help defray some of the costs of college. So whether you are a new parent or one with children in high school, now is the time to put some money to the side for college.

Begins March 9th


FINANCIAL PLANNING | EDUCATION continued


529 Plan

A recent study by the Financial In-dustry Regulation Authority (FIN-RA) Investor Education Foundation found that 41 percent of families with children have set aside some money for college education.

Of that group, 33 percent report using a tax-advantaged savings account, such as a 529 Plan. The Financial Planning Association urges parents to research their state’s 529 plan specifications because more than 30 states have a tax advantage for contributing to these plans.

Checklist

Be sure to look into the following

sources of financial gain when con-sidering your college savings plan.

• Savings and Investment Plans like U.S. Savings Bonds and Taxable Investment Accounts

• Pell grants, community grants and employer/work grants

• Regular investments into college savings account

• Financial gifts to your child or unexpected income

• Low-interest loans that offer deferred interest while your child is attending college

Plan for Payments

If you fall short of your goal of

covering college tuition with your designated savings, do your best to keep college loans to a minimum.

If you child is college age, talk with them about how much you can afford and what they will have to come up with through their own employment or grants.

Between your own savings, the student’s ability to earn money and attending a college with an afford-able tuition rate, you’ll be on much better financial footing after gradu-ation.

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Survive a Job LossAnnual tuition for a four-year private institution was $30,000 last year. It was $8,900 for in-state students at public institutions.

FINANCIAL PLANNING | THE WORKPLACES A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 516

Survive a Job Loss

It can happen to anyone. A corporation lays off a mass of employees. A small business shuts its doors. An entrepreneurial bubble bursts.

No matter where you live or what your employment situation may be, there is always a chance you could suddenly lose your job. The less warning you receive, the more difficult it will be for you to properly plan for the tough financial and emotional road ahead.

Severance Package

If you’re fortunate enough to be offered a severance package from your former employer, it will be up to you to wisely maintain the lump sum or payments you

receive.

Review your severance package closely to understand all of its working parts. Typi-cal agreements contain your pay terms, vacation pay terms, benefits information, return of property standards, non-compete clauses and confidentiality requirements.

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FINANCIAL PLANNING | THE WORKPLACE continued

How to handle a temporary loss of incomeMillions of North Americans are struggling

to make ends meet, and data suggests many adults are living paycheck to paycheck. A study released in 2012 by the Consumer Federation of America and Certified Financial Planner Board of Standards revealed roughly 38 percent of Americans stay afloat by living paycheck to paycheck. In 2010, a national survey showed that around 60 percent of Canadians would be in financial peril if their paychecks were delayed even one week.

Household liabilities, including mortgages and rents, as well as other established debt makes it impossible for some people to remain financially sound without a steady income. Should a circumstance like a medical illness, loss of job or furlough in pay delay a salary, many people would quickly find themselves in financial hot water. Despite conventional wis-dom that suggests people should have enough money set aside to cover at least six months’ of

expenses, many people do not even come close to this amount. So what to do if your are faced with a temporary loss of pay? Everyone’s situ-ation is unique, but the following tips can help men and women weather the storm of financial uncertainty.

* Remain calm. When money suddenly stops coming in, remain calm and assess the situation. Now is the time to take out financial worksheets and bank statements. Add up the amount of money you have in the bank and any assets that can be liquidated without penalty. Compare this to the money that is spent each month. Once you have an accurate picture of your finances, you can establish a plan.

* Explore assistance programs. Laid off workers may be eligible for unemployment benefits. Be sure to file for unemployment as soon as possible. While unemployment benefits won’t equal your previous earnings, the money can help pay bills until you are able to get back

on track. Individuals sidelined from work by an injury may be eligible for compensation through worker’s programs or any personal insurance plans.

* Talk to your creditors. It is best to be open and honest with creditors so that this blip on your financial history doesn’t end up causing any long-term damage to your credit. Many creditors have contingency plans in place and will be willing to work with individuals who anticipate trouble paying their bills. You may be able to temporarily freeze accounts or waive payments for a certain period of time without penalty. If you have a store credit card, you may be able to negotiate a cash settlement to wipe out the debt. Some creditors will take as little as a few dollars a month as good-faith payments. Just don’t wait until it’s too late to negotiate with creditors.

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portant to maintain your insurance, includ-ing health, life and disability because the last thing you need while unemployed is to suffer a major injury or sickness that you cannot afford to have properly diagnosed.

Weathering the Storm

Other tips from the Financial Planning Association include:

• Talk to your spouse or other close family members about what you’re facing financially. They will be able to offer their support, as well as ideas for helping you through the situation.

• Consider government or private as-sistance, especially if either can mean the difference between you paying your bills and ending up in major debt.

• Start looking for work soon. Rely on your connections to find your next paycheck. Network through social media and job boards, through which you may be able to also find headhunters, job place-ment opportunities or professional services to improve your search.


By Nanette Wiser CTW Features

The term doesn’t describe the next big dance or exer-cise fad, but rather a pull-yourself-up-by-your-bootstraps mentality that many business owners have taken with their finances. It also means little or no funding from large venture capi-tal firms, as well as a strict approach to spending and saving.

Many of today’s most successful businesses started with a few thou-sand dollars and a savvy business-person at the helm devoted to steady, organic growth. Less funding from investors means the entrepreneur can keep more of the profit and continue

to make decisions on his or her own – without having to check with financial

backers.

So how exactly do you bootstrap a business?

Cut Costs – Everywhere

If you want to become a successful businessperson, you may have to be willing to live as a minimalist for the first few years of starting your company. There will be certain aspects of running an operation that you will have to pay startup costs for, including necessary licensure, equipment or technology, but other spending will be on a very limited level.

The cost-cutting exercise will impact your personal finances. The less money

you spend on eat-ing out, entertain-ment and clothes, the more you can reinvest into your company. Before going all-in on starting a new busi-ness, you may have to ask yourself if you’re committed to living a lean life-style before your company takes off.

Find savings – Everywhere

Just because you’re on a bootstrap budget doesn’t mean you can’t secure large amounts of fund-ing. Small business grants are available from many re-sources, including state governments and private groups.

Earning a grant will likely require a written or video submission describ-ing your business vision and how the funds will help you grow. Take the time necessary to complete your application because many grants have specific for-matting and content specifications.

Online crowdfunding is another mon-etary source that has become quite popu-lar among the entrepreneurial crowd. It is a form of microfinance that does not require repayment, instead calling for donations and support from the general public. You can find websites that help spread your message in exchange for a small percentage of the funds you raise.

FINANCIAL PLANNING | SMALL BUSINESS

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By Jim Gorzelany CTW Features

One of the toughest decisions many of us will face in our lifetimes is what to do when an aging parent can no longer live independently. Just ask Theresa Duff of Joliet, Ill. Her mother, Rita, already losing her eyesight from macular degeneration, was further hobbled by a broken shoulder and two shattered wrists due to a fall. “It was painful to see mom, who had raised a house full of kids, nursed her husband after his stroke and remained active into her

80s, suddenly become so frail,” Duff says.

As the population ages, the number of adults who need long-term care rises. About nine million senior citizens will need some form of long-term care this year, accord-ing to the U.S. Department of Health and Human Services. While the department says family members and friends are the sole caregivers for 70 percent of the elderly, this may not always be possible or practical. “Mom wasn’t ready for a nursing home just yet, but none of the family

members still living in the area had homes that could accommodate her limited mobility,” Duff says. “We had to weigh our choices carefully to address her needs, wishes and dignity.”

If a family member feels a parent who’s living on his or her own is on the decline and needs custodial assis-tance, he or she should consult with a medical professional. Either way it’s essential to determine what level of care is needed. This can run from simple help with housekeeping and shopping to more acute levels of care such as health monitoring and physi-cal, speech or occupational therapy.

Ultimately, this becomes a deci-sion based as much on a family’s financial resources as it is on an aging parent’s needs. That’s because neither Medicare nor most supple-mental health insurance policies pay for long-term care costs.

For many, in-home health care can be a desirable and reasonably affordable option. Those who require only modest assistance may have their needs served by a part-time caregiver. Those requiring additional help may require 24-hour live-in as-sistance. Aside from the cost, family members have to consider the effort involved in hiring a caregiver and

FINANCIAL PLANNING | SMALL BUSINESS

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following up regularly to ensure that proper care is being given.

Another approach is to use the services of a licensed home health care agency, which is a necessity if an individual requires skilled nurs-ing care or physical therapy services. The National Association for Home Care & Hospice maintains a national database of such agencies with tips on how to choose and deal with one on an ongoing basis at www.nahc.org.

If living at home proves to be particularly difficult because of stairs or other hazards, placing an elderly parent in an assisted living facility may be best. Residents often live in separate apartments, enjoy commu-nal meals and participate in planned activities. Costs usually depends on the size of the living area, services required and where the facility is lo-cated, adding up to several thousand dollars a month.

For those who require constant care, a nursing home may be the only option, albeit a costly one. Medicare pays for skilled nursing facility care for a limited period fol-lowing a hospital stay for rehabilita-

tive purposes, but not for ongoing care. State Medicaid programs will generally pay for basic nursing home services, but only after an individ-ual’s personal assets are exhausted and he or she has no other means to cover the cost.

All nursing homes that participate in Medicare or Medicaid are subject to annual inspections. In addition to personal vetting of any facilities under consideration, it’s a good idea to compare these inspection records by consulting the “Nursing Home Compare” resource at www.medi-care.gov.

So how did the Duff family finally decide to care for their mom, Rita? “We wrestled with our options and though the family would have pre-ferred that she live out her final years at home, we finally settled on mov-ing her to an assisted living center,” Duff says. “We didn’t have to worry about caregivers not showing up or being inattentive to mom’s needs, and it afforded her some indepen-dence and socialization without her having to be cooped up alone at home.”

© CTW Features

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It is a rare thing for a nursing facil-ity to make headlines, unless there are horrific tragedies happening or the staff is unskilled and harming patients. Most skilled nursing facilities never make the

news and never rise to infamy; they are quiet and dedicated to the care of those who can no longer care for themselves.

The overwhelming majority of staff and administrators at skilled nurs-

ing facilities are there to tend to your loved one as if they were there own. It is important to choose a facility that is highly rated by whichever state govern-ing agency is applicable for your area. Most facilities’ staff will have some sort of certification from your state’s nursing board or health agency.

It is extremely important to select a facility that is still close to family and/or friends who will be able to visit the person frequently. This will assist them with the transition from indepen-dent home living into a skilled nursing environment.

It is also important to make sure they are aware that their safety and health is of the utmost concern, as a skilled nurs-ing facility is on a higher standard of care level than an assisted living facility.

Assisted living facilities are designed for older individuals to live in a some-what private setting, with staff on duty

for minimal assistance. A skilled nursing facility is designed to care for those who are no longer able to care for themselves due to infirmity or severe illness.

The staff at these types of facilities is much more skilled and regulated than the staff at an assisted living facility. Skilled nursing facilities have staff who are authorized to provide and administer medications according to prescriptions, while assisted living facility staff are not usually authorized to administer medica-tions.

One of the best ways to get a good idea of the facility is to go and visit in person. Any reputable facility will be happy to schedule an interview with the facility director and a full tour of the facility, including the living areas.

Sights, sounds and smells should be a significant influence on whether you want your loved one living in the facil-ity full-time. Any facility who does not

FINANCIAL PLANNING | NURSING FACILITY

Choosing a Skilled Nursing Facility for Your Loved OneChoosing to place a loved one in a skilled nursing facility is often a heart-breaking and difficult decision for all involved. Both the loved one and the family making the decision can find it painful and confusing to make a choice from the hundreds of facilities around the country.

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want to allow a full tour or a meeting with the director and staff should be immedi-ately crossed off your list of potentials.

Another good method of finding the best facility is to speak with the family mem-bers of those who are cur-rently living there. They will not give you the sugarcoated version of what is happening to their own family member, so they may provide the most unbiased review of the staff and facility.

Finances are always an issue regarding medical care, and moving your loved one to a skilled nursing facility is no different. Because a skilled nursing facility provides a much higher level of care than an assisted living facility, the cost involved will be significantly

higher. It is also important to consider consulting an attorney who handles

nursing facility cases for their advice on what to expect for your money and what

level of care is required to be provided to your loved one.

It is important to remember this decision is not a final one. If your loved one is not receiv-ing the care that you expect or if they are showing signs of abuse or lack of care, you are entitled to remove them and place them with a different facility. Frequent visits to your loved one will tell you if they are getting the care you expect and also alert you to any prob-lems right away.

It is important to place your loved one in the proper skilled nursing facility if they are no longer able to care for them-selves on their own. Proper research and frequent visits to your loved one will ensure their quality of life is the best it can and they are provided

with the level of care they deserve.

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However, if no funeral plans were made prior to the death, you may find yourself facing this reality. This is a difficult process and you want to make sure that you are comfortable with any arrangements you might have to make.

When you are ready to begin plan-ning, the first step you need to take is to choose where you would like to have the service. This decision may be easier

if your loved one was a member of a church, synagogue, mosque or other religious organization.

Next, perform a search on the Internet or newspaper obituary page to find fu-neral homes in your area. Call each one and make an appointment for an on-site or telephone arrangement conference with a funeral director to discuss your basic options.

FINANCIAL PLANNING | FUNERAL HOME

Choosing a Funeral HomeWhen grieving over the loss of a loved one, the last thing you want to be thinking about is planning their funeral.


Discover the Benefits of Giving Wisely

Did you know there are creative ways to support Tri-State Hospital Foundation? Ways in which Tri-State, you, and your loved ones all benefit at the same time?

Such giving techniques are called “planned gifts,” because with thoughtful planning, you create win-win solutions for you and the only community-owned hospital in the valley.

Please let us know if you have already included Tri-State Hospital Foundation in your estate plan or if you would like more information. We would love to hear from you!

Did You Know?Did You Know?

We thank all of our planned-gift donors for their generous support.

George H. & Marjorie Day †Dr. Wayne and Vivian DayD & L Feeley †Lloyd J. Fountain †Darrell & Carol Gamet Marguerite U. La Hatt †Cecil & Rita Parlet †† Deceased

LEGACYCircleMary Poe †Walter W. Seibly, MD †Illa SmithAlexander & Beth † SwantzDale & Verla Ward †Sandra (Ward) Eckmann †Lois D. Williams †

HOSPITAL

1347 12th St. | PO Box 636Clarkston, WA 99403509.758.4902

Legacy Circle is a special club designed to honor those who have

recognized Tri-State Hospital Foundation in their estate.


FINANCIAL PLANNING | FUNERAL HOMES A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5 L I F E P L A N N I N G G U I D E 25

Most likely, the cost of the funeral is one of your concerns. Start your conversation with the funeral director by asking about the basic fee. Independent family-owned funeral homes may offer lower costs, but you won’t know for sure until you talk to them.

From there, you can follow-up with questions on available services and any down payments you will need to make. After this initial conversation, you can make a more educated estimate of your funeral budget.

There’s no getting around the high cost of funerals. It is said to be one of the most expensive purchases you will make. The total cost can easily run over $10,000, with the casket alone making up over half of the sum.

With the funeral director, you will review general pricing with a list of services. You won’t want to make any decisions on the spot, so ask the funeral director for an itemized price in writing.

The Federal Trade Commission mandates that each funeral home provide customers with a pricing list. Remember that you have control over what services you receive. You should never pay for funeral services that you do not want.

If casket prices at your chosen funeral home are

too pricey, you have the right to purchase a casket elsewhere with no additional charge. Compare prices at other funeral homes and on the Internet, then make the choice that works best for your situation.

If you are planning the funeral with other family members, make sure you discuss who is going to be the primary contact for all funeral arrangements. This makes things easier for both the funeral home and family members who are trying to get information on arrangements.

After finalizing your decision on what type of service you would like, you need to get all of the paperwork in order. This means filling out and submitting all neces-sary permits and copies of death certificates, as well as securing burial arrangements at the cemetery or crematory.

This may all seem overwhelming, but remember that if you have done your research you have chosen the best funeral home for the needs of your loved one. They have the expertise to guide you through this dif-ficult process and to ensure the funeral runs smoothly

for everyone.

Remember if you have any questions, do not hesitate to ask the funeral home for their advice. You always have the option of finding a different funeral home if you have problems with them down the road. If that happens, you only need to pay for services that you requested them to perform.

Contact your funeral home for additional questions or concerns.

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By Dawn Klingensmith CTW Features

Although women generally outlive their spouses, it’s still common in this day and age for husbands to handle long-term financial planning

with little or no involvement from their wives. Once widowed, women often find that financial advisers who did business with their husbands fail to address their concerns. In fact, 70 percent of widows considered firing

their advisers within three years of their husbands’ deaths, according to research by Minneapolis-based Al-lianz Life Insurance Co.

“Advisers often aren’t as respon-sive as they should be, they talk down to widows, or they take the ‘Don’t bother your pretty little head’ approach and fail to explain things,” says Washington, D.C.-based finan-cial planner Alexandra Armstrong, co-author of “On Your Own: A Widow’s Passage to Emotional and Financial Well-Being” (Armstrong Fleming & Moore Inc., 2006).

Some women cede control not only because they’re overwhelmed by the estate-settling and grieving processes but also because they doubt their abilities when it comes to “high finance,” says behavioral psychologist Matt Wallaert, the lead scientist at Thrive, a New York-based financial management Web site (Just-Thrive.com).

Women routinely handle day-to-day household finances such as paying bills and managing bank accounts, Wallaert adds, but due to lack of exposure they tend to under-

FINANCIAL PLANNING | WIDOW

What a Widow Needs to KnowThe death of a husband launches many women into uncharted territory: financial planning.

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estimate their investment-manage-ment capabilities. When put to the test, though, women usually know more about investing than they think they do.

The basics of financial planning can be learned. Meanwhile, newly widowed women should make it clear they intend to retain control over their investments, that they’ll make adjustments in their own time and that they won’t tolerate strong-arm tactics or dismissive treatment. However, Armstrong advises against making immediate changes. Unless an adviser’s dealings seem shady, in the beginning it’s easiest to work with that person because he or she is already familiar with the couple’s situation. This also applies to law-yers and accountants, Armstrong says. “In six months to a year, you can reassess these relationships,” she says.

A widow’s first order of business when working with an adviser is calculating how much it will cost her to live. The adviser should provide her with a list of records she needs to assemble. She might want to take someone with her who’ll ask ques-tions that don’t occur to her. Before inviting a family member, she should consider whether that person’s interests might be self-serving. She should take notes and ask that any recommendations be put in writing. “It’s a difficult time. Things go in one ear and out the other,” Arm-strong says.

A widow also should find out

whether the adviser has an assistant who can answer basic questions. That way, she’s less likely to feel like a burden or like she’s being ig-nored in the event the adviser is busy with other clients.

Initially, the goal is to make sure the widow has sufficient income to pay her current expenses. “Very rarely is there a situation where something immediate needs to be done with the investment portfo-lio,” Wallaert says. So if an adviser presses, a widow might want to hire a replacement once the estate is settled.

Often, “adult children kind of swoop in and take over,” Armstrong says. “Don’t succumb to any undue pressure from anyone, including family.”

If a widow ultimately decides to hire a new financial planner, she should ask other trusted advisers (ac-countant, lawyer, banker) for recom-mendations, as well as her widowed friends. An adviser should offer an initial consultation for free. Wallaert recommends asking whether the adviser is incentivized to steer clients toward certain investments and to regard such a setup as a potential red flag. Armstrong recommends ask-ing whether the adviser belongs to an Estate Planning Council. Many competent advisers don’t, she says. But membership is a good indication the adviser is interested in working with widows.

© CTW Features

It’s the right thing to do for you and your family. Here are fi ve important reasons to plan your funeral now:

1. You’ll protect your family from unnecessary pain & expense.

2. You’ll say goodbye in a way that uniquely refl ects your personal style—not someone else’s.

3. You’ll lessen the fi nancial burden. Our easy payment plans make it easy for you to comfortably pay for your funeral over time, at today’s prices, so your family won’t have to fi nd the money later.

4. You’ll minimize disputes between your well-meaning relatives.

5. You’ll show your love in a way your family will never forget.

What You Need to Know About Prearranging

Why Should I Prearrange Services?

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FINANCIAL PLANNING | WIDOW continued

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www.edwardjones.com

Brian E. Bailey, AAMS®

Financial Advisor303 Bridge Street, Ste.3

Clarkston, WA 99403(509) 758-87311-866-758-9595

Larry KopczynskiFinancial Advisor2501 17th Street

Lewiston, ID 83501(208) 798-47321-866-798-4732

Trevor E ArnoneFinancial Advisor

1455 G Street Suite 101Lewiston, ID 83501

(208) 746-23081-844-746-2308

Scott ArnoneFinancial Advisor

302 5th StreetClarkston, WA 99403

(509) 758-81191-800-441-2308

Dean E. Roy, AAMS®

Financial Advisor1024 16th AvenueLewiston, ID 83501

(208) 798-47421-877-798-4770

Christian Leer, AAMS®

Financial Advisor740 5th Street

Clarkston, WA 99403(509) 751-16101-877-751-1610

Brad Melton, AAMS®

Financial Advisor1702 G Street

Lewiston, ID 83501(208) 746-11141-888-746-1123

Jim KubiakFinancial Advisor

1366 Bridge StreetClarkston, WA 99403

(509) 758-83531-800-787-8353

Sherrie Beckman, AAMS®

Financial Advisor940 Bryden AvenueLewiston, ID 83501

(208) 746-38751-800-646-8316

Stephanie JohnsonFinancial Advisor517 Thain Road

Lewiston, ID 83501(208) 746-71671-877-490-7167

Matt Sartini, AAMS®

Financial Advisor122 Johnson Avenue

Orofino, ID 83544(208) 476-32711-866-904-3271

MAKING SENSE OF INVESTING

Dreaming UpTh e Ideal Retirement Is Your Job. Helping

You Get Th ere Is Ours.

It’s simple, really. How well you retire depends on how well you plan today. Whether retirement is down the road or just around the corner, the more you work toward your goals now, the better prepared you can be.

Preparing for retirement means taking a long-term perspective. We recommend buying quality investments and holding them because we believe that’s the soundest way we can help you work toward your goals. At Edward Jones, we spend time getting to know your retirement goals so we can help you reach them.

To learn more about why Edward Jones makes sense for you,

call or visit today.

Jay Mlazgar, AAMS®

Financial Advisor609 S. Washington

Suite 203Moscow, ID 83843(208) 882-1234

Carolyn HicklinFinancial Advisor

609 S. WashingtonSuite 203

Moscow, ID 83843(208) 882-1894

Greg BloomFinancial Advisor

Professional Mall IT1260 SE Bishop, Suite C

Pullman, WA 99163(509) 332-1564

Jeff Bollinger, AAMS CFP®

Financial AdvisorEastside Marketplace

1420 S Blaine, Suite 22Moscow, ID 83843(208) 882-4474

Documents

Life Planning Guide, 2015