Category Archives: Newsletter

It’s Been a Minute! But This is Too Important

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During the month of June, I took part in a four-week webinar series through Charles Schwab regarding cybersecurity – fraud, data breaches, phishing etc.

Not to give AI too much attention here, but it IS front and center with making data hacks and cyber breaches more prevalent and more successful than ever.

To protect your financial assets and digital identity, we all must actively defend against increasingly sophisticated fraud tactics.

Major Cybersecurity Threats to Look Out For

  • Check Fraud & Identity Theft:  Criminals steal or intercept physical mail to alter or wash check information. Because checks contain your name, address, and bank routing numbers, successful check fraud often acts as a gateway to complete identity theft.
  • Impersonation Scams: Bad actors pretend to be from trusted entities—such as government agencies (IRS, SSA, Medicare), law enforcement, or tech support companies (Apple, Microsoft, Amazon)—using aggressive, urgent tones to demand immediate payment or device remote access.
  • Business Email Compromise (BEC) & Real Estate Wire Fraud: Scammers compromise or spoof trusted business/personal email addresses to send fake financial instructions, changing billing locations or wire details for real estate closures.
  • Social Engineering & Relationship Scams: Romance schemes (cultivating fake online emotional attachments) and “pig-butchering” investment schemes use prolonged contact, fake portfolios, and psychological manipulation to pressure victims into wiring funds or buying cryptocurrency.
  • Phishing & Malware: Legitimate looking but fake emails, texts, or pop-ups prompt you to click malicious hyperlinks or download attachments that inject tracking viruses into your device.

Once they get into or on your trusted device without you knowing it, it’s lights out.

 How to Protect Yourself and Your Data

1. Bulletproof Your Account Access

  • Never reuse passwords: Create a strong, unique password for your financial accounts that is at least 8 characters long. Consider using an encrypted password manager that can create long, unique passwords on the spot for you and save them. I use LastPass with a very, VERY long password AND two factor authentication to get in.
  • Turn on Two-Factor Authentication (2FA): Enable this security lock on all financial accounts and all other sensitive logins.
  • Use biometric and verbal safeguards: Activate fingerprint or facial recognition on your mobile apps and request a verbal password or one-time passcode setup for phone support.  Admittedly, I have not moved to biometric safeguards yet.

2. Verify Every Transaction Verbally

  • Ignore contact info inside emails: If you receive sudden changes to wire, payment, or money movement instructions via text or email, do not use the numbers provided in that message.  This is mostly from the investment advisor’s side of things, which is why if you are an investment client of mine, you will be getting a phone call from me for any data transactions that we have not discussed together live.
  • Call a verified number: Pick up the phone and dial your advisor or contact directly using a trusted number you have safely called before to confirm the trade or payment.

3. Practice Safe Communication & Mail Habits

  • Ditch paper checks: Transition to electronic payment options like money links (ACH), online bill pay, or direct deposits.
  • Secure your physical mail: If you must mail a paper check, bring it directly inside the post office rather than an outdoor collection box. Write with indelible black ink so fraudsters cannot wipe your pen strokes.
  • Be vague online: Avoid posting personal identifiers like your birth date, family relationships, pet names, or previous schools on social media platforms. Scammers mine this public data to crack security questions.

4. Tighten Device & Public Network Security

  • Keep tech updated: Routinely apply software, operating system, and web browser updates to patch system vulnerabilities.
  • Evade public Wi-Fi risks: Do not login to financial accounts on public computers or free Wi-Fi zones. Use a personal phone hotspot or Virtual Private Network (VPN) instead, and turn off Bluetooth when traveling.
  • Avoid unexpected links: Never click a link within a sudden email, text, or pop-up ad. Hover over URLs first to see the true destination address, verifying it starts with https://.

Immediate Action Plan if You Suspect Fraud
If you identify suspicious account activity or believe you have accidentally engaged with a scammer, act quickly:

1. Power down your device immediately. This single, immediate action creates an instant digital firebreak that protects your data and accounts while you figure out your next steps.

  • Cuts off the hacker: If malware was just installed, it stops the malicious software from sending your files, passwords, or personal data back to the hacker’s servers.
  • Stops remote control: If a scammer is attempting to remotely access your laptop or phone, pulling the plug cuts their connection instantly.
  • Prevents lateral spreading: It stops the virus or compromise from traveling through your Wi-Fi network to infect other devices in your home or office.

2. Change Your Passwords (From a Separate, Safe Device)
Do not use the compromised device to change passwords. Use a completely different, secure phone or computer to:

  • Change your primary email password first, as hackers use your email to reset passwords for all your other accounts.
  • Change passwords for all financial and banking accounts.
  • Ensure you turn on Two-Factor Authentication (2FA) on every single account that offers it.

3. Run an Offline Malware Scan (you may want or need to hire someone who knows what they are doing)  

4. Monitor and Alert Your Institutions

  • Call Your Bank/Advisor: If you have financial accounts linked to that device, call them immediately to flag potential fraud and have them monitor your accounts.
  • Check Active Sessions: Log into your email from a safe device and check the “Security” or “Recent Activity” tab. Forcefully log out or “terminate” all other active sessions to kick the hacker out.

5. Lock your credit at the three credit bureaus: Experian, Equifax and TransUnion

6. Notify Federal Authorities: File a cybercrime incident report online directly with the FBI via the Internet Crime Complaint Center (IC3.gov).  

I know, it’s a lot to take in, and this was just a summary!

You’ve probably heard many of these tips in the past, but have you taken action to protect yourself and your data?

At least start with your financial institutions to be sure you have unique passwords and 2FA set up on all your logins.

It may only be a first step, but it’s a critical one.

Does the One Big Beautiful Bill Impact You?

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I’ll apologize now. This may not be one of my more fun newsletters. This stuff can be kind of boring, unless you enjoy it like I do!

My father always told me I should understand my taxes and not just shove them away in a drawer. Of course, today, it would not be a drawer, it’s an efile, but the message is the same, so I pass this belief along to you. 
 
My goal is to provide you with a brief summary of the areas that I feel impact the majority of my readers.
 
My newsletter from April 2023, Are You Really Paying More in Taxes, nicely summarizes some tax basics and brings the TCJA, referenced below, to light.
 
So here goes…

Permanent Individual Income Tax Rates
A primary feature of the OBBB is the permanent extension of the individual income tax rates established by the 2017 Tax Cuts and Jobs Act (TCJA). This means the current bracket structure will remain in place, providing greater stability and predictability for your future tax planning. Without this legislation, these rates would have reverted to higher levels, creating a higher tax burden for many of us.

Sustained and Enhanced Standard Deduction
The increased standard deduction amounts are now permanent, with further enhancements for 2025 and beyond. For 2025, the standard deduction is set at $15,750 for single filers, $31,500 for married filing jointly, and $23,625 for heads of household. These amounts will continue to be indexed for inflation annually. This provision is significant as it simplifies tax preparation for many and allows a substantial portion of your income to be tax-free without the need for itemizing.

Child Tax Credit Increase and Permanence
For clients with qualifying children, the Child Tax Credit (CTC) has been permanently increased to $2,200 per child. This credit will also be indexed for inflation in future years, aiming to maintain its value over time, which is a new twist on things and a positive enhancement. 

Temporary Adjustment to the State and Local Tax (SALT) Deduction Cap
The OBBB provides temporary relief from the $10,000 cap on the State and Local Tax (SALT) deduction. For tax years 2025 through 2029, the cap is increased to $40,000.

This increased cap is subject to a phase-out for taxpayers with modified adjusted gross incomes exceeding $500,000. It’s important to note that this is a temporary measure, with the cap scheduled to revert to $10,000 in 2030 unless further legislative action occurs.

New, Temporary Individual Deductions (2025-2028)
The bill introduces several new deductions that are generally temporary, running through the 2028 tax year and  there are some nuances to each of these, so talk with your tax preparer about your specific situation.

  • Tipped Income Deduction: Individuals in occupations that customarily receive tips may deduct up to $25,000 in qualified tips. This deduction is available to both itemizers and non-itemizers, subject to income phase-outs starting at $150,000 (single) or $300,000 (married filing jointly) in modified adjusted gross income.
  • Overtime Pay Deduction: A deduction of up to $12,500 ($25,000 for joint filers) is available for qualified overtime compensation. Similar to the tipped income deduction, it’s available to both itemizers and non-itemizers and phases out at the same income thresholds.
  • Auto Loan Interest Deduction: For new vehicles assembled in the U.S. and purchased for personal use, you may be able to deduct up to $10,000 in annual auto loan interest. This deduction also has income phase-outs starting at $100,000 (single) or $200,000 (joint) modified adjusted gross income.
  • Senior “Bonus” Deduction: Taxpayers aged 65 and older can claim an additional deduction of up to $6,000 ($12,000 for qualified married couples) regardless of whether they itemize their deductions or not. It begins to phase out for modified adjusted gross incomes above $75,000 (single) or $150,000 (joint).

  New 529 Plan Provisions

  • Increased K-12 Withdrawal Limit: The annual tax-free withdrawal limit from 529 plans for K-12 education expenses has been doubled from $10,000 to $20,000 per beneficiary, effective for tax years starting in 2026.
  • Expanded K-12 Qualified Expenses: Beyond tuition, 529 funds can now be used for a broader range of K-12 expenses, including curriculum materials, online educational tools, tutoring fees, standardized test fees (e.g., SAT, ACT), and educational therapies for students with disabilities, effective for distributions after July 4, 2025.
  • Broader Postsecondary Credentialing: 529 funds can now be used for a wider array of post-high school credentialing programs, such as trade certifications, licenses, and continuing education necessary to obtain or maintain a professional credential, effective for distributions after July 4, 2025.
  • Permanent 529-to-ABLE Rollovers: The ability to roll over funds tax-free from a 529 plan to an ABLE account for the same beneficiary (or a family member) is now permanent, providing enduring flexibility for individuals with disabilities.

You made it through! Not so bad, right?
 
Now you can say you’ve done your OBBB due diligence and offer exciting conversational tid bits at the next cookout!

Highest Score Wins! How to Improve Your Credit Score

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Last week I met with a client to address her concerns about her credit score having dropped from “very good” to “good”, as noted on her Capital One credit card statement. 

After we reviewed the details together,  she was relieved when I pointed out that it had only dropped one point and that her score was in the “Very Good” category for the three major reporting agencies, discussed later in this newsletter. 

The “Good” rating was Capital One’s term.

While I appreciate them offering some parameters that will notify clients of any drastic changes in their credit, theirs is not the number that is reported when you go for a loan. 

What Factors Affect Your Credit Score?

Payment History
Creditors want to see a trend of you making payments on time, every time, even if it’s just the minimum payment due.

Carrying a balance on a high interest credit card is a financial planning 101 topic separate and apart from this, (it’s akin to throwing dollar bills in the trash), but paying the minimum amount due ON TIME (not the next day) is imperative to maintaining good credit.

This is the factor most heavily weighted.

Credit Utilization Ratio (you want this number low)
Simply stated, if your credit cards are “maxed out”, your ratio is not good.

Lenders want to see that you have the option to use the credit, but don’t.

For example, if you have three credit cards each with a $10,000 limit ($30,000 total limit), lenders don’t want to see you charging $25,000 every month, even if you pay it off in full.

You are using almost 85% of your available credit (25/30).

Conversely, if you are carrying an average $5,000 monthly balance you are only using about 15% (5/30) of your available credit. Lenders like this.

Length of Credit History
Different from payment history (and not as heavily weighted in your score), creditors look at the average length of all your credit accounts.

This is why it often makes sense to keep an old credit card open, even if you’ve moved on to a new shiny one to get those Disney rewards.

This is why it’s also good to get teenagers/young adults started with some form of credit in their early years, and teaching them how to use it responsibly. This will put them on a solid foundation for a good credit score, which they will need for their first car loan or apartment (without mom or dad co-signing).

Types of Credit
Having a diverse mix of credit and being able to manage all of them effectively at the same time helps boost your credit score.

This doesn’t mean various credit cards from Macy’s, Amazon and Homegoods.

This means entirely different types of loans, such as a mortgage, car and student loans, along with your credit cards.

New (Hard) Credit Inquiries
How many new accounts you’ve opened and how many “hard inquiries” that come in from lenders have an effect on your credit score. Hard inquiries happen any time you are opening a new card or applying for a loan.

Too many in a short period of time makes a lender nervous and negatively impacts your score.

Separate from your credit score is the actual REPORT that affects your score.

There are three major credit reporting agencies: Transunion, Equifax and Experian.

You can and should be checking your report at least annually. The report will provide a comprehensive overview of your credit history and allow you to flag any activity that does not look right.

Admittedly, I had not looked at my own in a long time, but after helping my client walk through the process, I did check my own as well.

Follow this link to bring you to the ONLY official website you should be using.

You should NEVER pay for any information regarding your personal credit. If you are being asked to pay, you are in the wrong place! Come back here and use this link!

This Topic Affects So Many of Us

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Most of the long term care policies that I review are the ones issued back in the late 90s-early 2000s, so we’re talking 20-30 year old policies, where the insureds are now in their 80s and 90s.

There are some standard items to look for on the first pages of the policy that will help you understand the level of coverage.

  1. Daily Maximum Limit for Facility
    This will tell you how much the insurer will reimburse per day at an assisted living, nursing home or in many cases an adult day care facility.

Example: $500/day means if you choose a place that is $300/day, you’re 100% covered and will not pay anything out of pocket. If you choose a place that is $550/day, the policy will cover the first $500 and the insured will pay the remaining $50 out of their own pocket.

Look for a Daily Limit for Home Health Care as well, as many folks are now looking to be cared for in their own homes. Sometimes it is the same as the facility limit, but sometimes not. It all depends on what was purchased.

2. Lifetime Maximum Limit
This is the max amount the insurer will pay over the insured’s lifetime.

Using the example from above:
Daily Limit: $500
Lifetime Max: $250,000

If you choose a facility that is exactly $500/day, this policy affords you 500 days of coverage.
$250,000 / $500 = 500 days
(Slightly under a year and a half)

However, if you find a facility that costs $350/day, you now have 714 days of coverage.
$250,000 / $350 = 833 days of coverage
(Just over 2 years)

The policy I just reviewed had NO LIFETIME MAXIMUM, meaning the policy will pay $500/day even if the insured needs to drawer on the policy for another 10 years. Statistically, this most likely won’t happen, but this is the coverage that has been paid for.

3. Elimination Period
This is very important and it takes many by surprise.

Most all policies have a period of time from the date a claim is first made to when the insurance company will actually start paying coverage.

I most often see 90 days.

What you want to uncover here is what constitutes a claim under the policy. For example, if mom is having someone come into her home 2x/week to help her bath and dress, you may be able to start a claim then and therefore begin the 90 day elimination period.

Mom will be paying this home health care worker out of pocket for the first 90 days.

But let’s say mom ends up needing full time care either at home or in a facility at day 91 (or anytime thereafter), which will be much more costly, the 90 day elimination period is over and coverage will begin before those much more expensive services kick in.

4. Policy “Riders”
Think of the term “insurance rider” as simply an add on to the base policy that increases the coverage benefit in some way.

• Inflation Benefit Rider / Compound Benefit Increase Rider
The benefit amount increases/compounds each year (keeps up with inflation)

• Waiver of Premium Benefit Rider
Once there is a claim initiated, you no longer have to pay the annual premium. A good reason to get a claim started sooner rather than later once any level of care is needed.

• Indemnity Benefit Rider
From the previous example in #1, if you have $500/day coverage and choose a place that is $300/day, the insurance will still pay you $500/day!

In last month’s newsletter, where I shared my personal experience with my parents, I talked about the importance of having family conversations about these difficult topics. That holds true for this topic as well. It’s overwhelming, I know, but it’s too important to ignore.

Someone Had to Say It

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Memorial Day Weekend- 2016: My Mom, Dad, sister, brother and me, celebrating my parents’ 50th Wedding Anniversary at The Hotel Manisses on Block Island.


“You do know Sue, if something happens to Mom at this point, there’s no way Dad can stay in the house by himself”.

I still remember where I was parked when my sister spoke these words to me. Although our mom’s terminal cancer was “stable” at the time, our dad had entered into early stages of dementia and without her, would not be able to care for himself. Someone had to say it.

But we didn’t need to worry about that now, mom was fine, we had time.

I also remember the intense fight my sister and I had after our mother passed, while having a discussion about our father, moving him out, selling the house. My brother was in on this one too. It was not a discussion at all actually, it was a screaming match between me and my sister, wrought with grief. Two against one, and I was the odd man out. I knew intellectually what needed to be done, I just wasn’t ready emotionally for all that it meant.

I will add, my sister and I are extremely close, yet there we were.

It’s very difficult to have these conversations during a time of crises or grief.

There are many articles written about how adult children should approach these tough topics with their parents.

I think there should be more written for parents along the lines of, “Talk to Your Adult Children Before Things Get Ugly, Because it Can Get Ugly”.

Have these conversations with your adult children now. Let them know what you want.

And don’t be afraid of hurting feelings. You know your kids better than anyone. There’s potential for worse fall out and irreparable damage amongst your children after you are gone.

When you have these hard conversations ahead of time when things are good, your kids are secure in knowing your wishes and that they are doing the right thing by you.

Some pointers for families:

Start Early
The sooner you begin to open up these conversations the better. No one is in crisis and it’s much less threatening for all involved.

Ensure your Estate Planning is in proper order
Estate Planning is one of the most important things a family can be sure is buttoned up tight. Work with a qualified estate planning attorney to be sure your wishes/concerns are addressed fully in a legal capacity. Documents such as health care proxies and durable powers of attorney are critical to have in place at all times, but especially as we age.

While these may be generic legal documents, their impact is anything but. There’s a heavy human component to those pieces of paper, and you must be sure to choose a person(s) you know you can trust explicitly to carry out things the way you would want. A conversation should be had with anyone involved in your wishes. These directives will potentially be a huge responsibility for this person at some point. Be sure the person(s) you are choosing are up for the task that may one day fall on them. Don’t be afraid of hurting anyone’s feelings when making your choices. It’s too important for that.

    Organize Important Documents
    Personal, financial and legal documents should be organized and kept in one place. Tell a trusted family member or friend where they are should they need to be accessed.

    Talk About the What Ifs
    Have open conversations about what things might look like if things were to either suddenly, or over time, change. Discuss what options there are, what that might look like for all of you as a family, what would be the ideal solution if you could have it, what monies might be needed, who may need access to certain things like financial or legal documents. It’s a lot to think about, and not pleasant to talk about, but it’s harder when there’s been no discussion at all.

    Enlist the Help of Others
    If you find starting these types of conversations too difficult on your own or fear emotions escalating, enlist the help of a trusted professional who is well versed in your wishes. It may be your estate attorney, financial advisor, doctor, or clergy member that could help facilitate a family discussion and help keep emotions in balance. We work with clients and families touching the most personal side of their lives every day. We can help here too.

    Facing one’s mortality or that of someone we hold dear is as real as it gets when it comes to human emotion, but having these conversations in an open and honest manner may be one of the greatest gifts you can give to each other.

    Spring Cleaning!

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    Everyone thinks of January 1st as the time to start fresh and change things we want to change, but I see spring as an even more opportune time for this.

    Here are eight SPRING CLEANING items you can tackle now:

    • Tax planning: Did you owe more than you expected on your taxes? Was it a one-time thing or does this tend to happen every year? Review your current paycheck and adjust your withholdings as needed (using form W4), or talk with your tax preparer about paying estimated tax payments throughout the year.
    • Tax planning: Did you get a very large refund? You need to adjust how much is being withheld. Don’t give the IRS an interest free loan. That extra money could be put to much better use for your benefit
    • Tax planning: Could you have saved more on taxes in 2023 if you had increased your retirement contributions or added money to a deductible IRA? Make adjustments to your paycheck contributions now so you are not in the same position next year.
    • Employer Benefits: If every year feels like “crunch time” during open enrollment, now is great time to review the benefits offered to you and ask your HR team for deeper explanations or clarifications if you do not understand something.
    • Emergency Fund Checkup: Make sure your emergency fund is fully funded or consider boosting it if needed. Aim to have enough saved to cover 3-6 months’ worth of living expenses.
    • Investment Portfolio Review: Evaluate your investment portfolio to ensure it aligns with your risk tolerance and both short and long-term goals. Consider rebalancing if necessary. Do you have the right types of investments in the best type of account? It can make a big difference over the long term.
    • Educate Yourself: Use this time to learn more about personal finance topics that interest you. Whether it’s investing, retirement planning, or debt management, increasing your financial literacy can pay off in the long run. Working with a trusted advisor will speed up this learning tenfold.
    • Make a list: what is in your head that keeps you up at night regarding your finances? One of my clients refers to this as her “financial brain dump”, which she then sends to me for safekeeping. 😉 Just writing it all out can help take a load off your shoulders and give you more clarity, making tackling each one over the next several months seem less daunting.

    Let’s face it, when the sun is shining, the days are longer and the temps are rising, we are typically more motivated in just about anything we do!

    This Triple Scores You a Homerun

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    Despite the snow on the ground and freezing temperatures outside, we are at least beginning to see the daylight lasting a little longer, the first sign that we “are on the other side” of winter.

    Another sure sign of spring approaching for us hearty New Englanders is when the Red Sox report to Florida for spring training, and that time has arrived!

    With baseball in mind, this month I introduce an underutilized and often misunderstood savings vehicle being offered by more and more employers.

    Read on to learn how using a health savings account (HSA) can offers a TRIPLE TAX SAVINGS, ultimately scoring you a HOMERUN.

    The Basics of an HSA

    An HSA is a savings account for health care expenses tied to what’s known as a High Deductible Health Plan, offered as a health care option through your employer.

    This type of account is different from a Flexible Spending Account (FSA), where you can lose any unused portion of your dollars set aside for a given year.

    The money set aside in an HSA stays with you forever.

    Even if you leave your current employer, your HSA dollars go with you. And as an added bonus, you are also allowed to invest your contributions. You don’t have to use them in that year.

    How the high deductible health plan works and whether it is right for your circumstances is a newsletter for another time, but many who currently have this type of plan with an HSA don’t understand the benefits of the HSA in and of itself.

    Triple Tax Advantaged

    Your contributions are pre-tax, so they lower your taxable income in the year they are made. Think of this tax savings in the same way you think of your pre-tax 401(k) contributions.

    You can invest your contributions and they will grow tax free forever, meaning any growth of your contributions is also NOT taxed. This account is like a Roth IRA in this regard, so for high income earners who are phased out of making direct Roth contributions, this is an excellent tax savings vehicle that offers the same tax free growth one gets from a Roth.

    Withdrawals, AS LONG AS USED FOR QUALIFED MEDICAL EXPENSES, are 100% tax free.

    Boom!!! A Triple Tax Homerun!

    With ever increasing health care costs in this country, this is a great tool for your future self to have a bucket of tax free money to help cover your future medical care costs, and a great tool in the current year to reduce your taxable income.

    ‘Tis the Season to be…Fearful?

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    Elf on a Shelf

    Earlier this week, I was engaging in the nightly ritual of moving the Elf on the Shelf to a new location. As the tale goes, he had flown back to the North Pole overnight and reported to Santa whether my children were naughty or nice that day. Given my boys are now 16, 14 and 12, (edited: now 16, 18 and 20 Yikes!), there’s a whole lot of not so nice around here and long gone is the fear that Ruckert the Elf is going to tell Santa about it.

    At best, my youngest is humoring me by even looking for the Elf each morning.

    It got me thinking about what we all know as the “fear tactic”, most often used with children, to get them to do or act in a way which we desire…

    • Behave nicely or Santa won’t bring you any toys.
    • Eat your vegetables or you won’t grow big and strong.
    • And let’s not forget about Pinocchio and his nose!

    But let’s face it, kids aren’t the only targets of the fear tactic.

    If it’s a subject area I know little or nothing about (like car maintenance for example), I could be “told and sold” just about anything. After all, they’re the experts, right? 

    And they ALWAYS have my best interest at heart, right?

    Well, the financial services industry is no different. There are folks out there trying to instill fear to get you to take action.

    And not always, but often, that action is favorable to them in some way.

    Statements such as:
    What has happened to YOUR 401(k) balance with the recent market volatility? 
    Are you afraid of outliving your money?

    and my personal favorite….

    Don’t let the nursing home take all of your hard earned cash. Come see us before it’s too late!

    FEAR TACTIC at it’s best!

    The point is, when it comes to financial decisions, making a rash decision to DO or BUY or CHANGE anything out of fear is often met with regret down the road.

    You have time… to ask questions and understand, to plan according to your needs and to make a decision from a place of knowledge and clarity.

    The Critical Last Step

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    As a parent of teens, part of my role as their mom is to begin letting go of making sure they are on top of everything they need to be on top of.

    It was a really hard lesson for one of my boys this past school year when he completed all the work for something that was kind of a big deal, yet failed to take a critical last step.

    In fairness to him, he honestly thought he was done and had completed all the tasks. This happens to the best of us. As his mom, it broke my heart that he had put in all the work yet in the end, it did not matter at all, except to teach a valuable, albeit hard, lesson.

    I parallel this story to something I see in my role as a financial advisor and a critical last step I make my clients aware of and guide them in completing. It is in regards to estate planning.

    Let me start by saying this:

    Everyone needs some level of an estate plan.

    Regardless of how young or old.

    Regardless of income or asset level.

    Everyone needs at least some level of life planning in the event of incapacity or death.

    That said, if you have trust planning done, there is something that is referred to as “funding your trust”.

    CRITICAL LAST STEP

    This is an often misunderstood, overlooked or forgotten process.

    “Funding your trust” is the act of assigning assets to the trust so that in the event of your incapacitation or death, those assets will be handled according to the terms of the trust you so diligently and painstakingly took the time to create.

    Depending on the type of account or asset, this may mean retitling the asset to the name of the trust or making the trust either a primary or contingent beneficiary.

    Like the critical last step my son missed after all his hard work, if you don’t fund your trust, then the creation of the trust means nothing.

    So please, if you’ve had trust work done in your lifetime and are not sure if you ever properly funded it, take the time now to review all of your assets and make the needed changes. Your loved ones will be so thankful.

    A Lost Treasure

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    A couple of weeks ago, my youngest said to me, “Mom, do you know there is a website for unclaimed property?”

    Well, yes, I do. But I told him that does not apply to me.

    After all, I know exactly where all my property is!

    I’m sure you’ve heard the commercial on the radio as many times as I have…”find your unclaimed property at finadmassmoney.com” they repeat over and over.

    According to the Unclaimed Property Division, Massachusetts has over $3 billion in unclaimed property. Unclaimed property includes forgotten savings and checking accounts, un-cashed checks, insurance policy proceeds, stocks, dividends and the contents of unattended safe deposit boxes.

    My son continued our conversation with, “well, both you and dad show unclaimed property on the site, so maybe it DOES apply to you”.

    I’ve never EVEN ONCE considered checking out the website. Clearly, my son was not missing any opportunity to claim a lost treasure.

    He pulled it up on my phone and navigated to where it showed my name.

    Well look at that, he’s right!

    Long story short, I took the steps to claim my lost property and it said I would receive my property in the mail. Ok, but I won’t hold my breath.

    It does not tell you how much or specifically what, at least not in my case. It’s a SURPRISE.

    Mine was an immediate auto approval. Super easy.  I had to submit a few supporting documents for my husband’s stuff. I’m not sure what the differentiating factor was.

    Well imagine my surprise when, in less than two weeks, I received a check in the mail from the Mass Dept of Treasury for $912!

    Turns out, it was from an old credit card through MEFA U-Promise (Massachusetts Education Financing Authority) where you could earn money towards college by using the card and then could transfer the funds to a 529.

    Given that college seemed a lifetime away “back then”, I bagged that card for one with immediate gratification in rewards. (The older me with college age kids would perhaps rethink that decision now.)

    Coincidentally, I made a tuition payment for my oldest the same day I received the check, so I suppose, theoretically, the money is STILL going towards tuition.

    How nice that it reached its intended destination after all these years being lost!

    All states have an unclaimed property division, so a simple google search should lead you to the website for your state.

    Give it a try –  it’s worth a look!  Let me know if you find a lost treasure!

    Something to Ponder

    When you try to control everything, you enjoy nothing.
    Sometimes you just need to relax, breathe, let go and live in the moment.