End-of-Life-Financial Consideratons Series (Part 3 of 3)

Posted in Board Brief, KTFCU News on Oct 16, 2024

Dealing with Deceased Loved One’s KTFCU Accounts
In the two previous Board Briefs, we talked in general about end-of-life issues. This issue focuses on specifics related to your accounts.

• First, recommendations on what you should prepare, and secondly,
• What someone will need to access KTFCU accounts that are in the name of (owned by) the deceased.

Our Recommendation: BE PREPARED

• Seek professional financial advice.
• Prepare an “Upon Death” reference binder. Below are some fundamentals to include. Of course, you should follow your financial planner’s advice
  1. Make a list of all online account...

End-of-Life-Financial Consideratons Series (Part 2 of 3)

Posted in Board Brief, KTFCU News on Sep 18, 2024

Have Your Financial House in Order
Most of us intend to pass our assets and wealth on to the people we love. The problem is many of us have not taken the steps necessary to legally express those wishes. If you are one that hasn’t or know a family member that hasn’t, now is a good time for you to do so.

Here are a few things to consider.

What is your estate?
It is what remains of your financial wealth after all your obligations (debts & taxes) are paid. In financial terms it is your net worth (all assets minus all liabilities). Your estate is usually governed by the State where you resided.

Who...

End of Life Financial Considerations Series (Part 1 of 3)

Posted in Board Brief, KTFCU News on Aug 21, 2024

IT'S A VERY TOUGH SUBJECT; END-OF-LIFE

WHY BRING IT UP? End-of-Life is a topic most people want to avoid.

92% percent of people surveyed say it's an important top.
32% have had at least one conversation with loved ones.
34% have an Advance Directive (outlining their medical desires & who, if not them, makes those decisions).
32% have an Estate Plan with a Will (down from 45% in 1990), which legally documents their financial affairs.

From the statistics, we all know the importance of planning for our future. As a nation,we are less prepared and we do a poor job of communicating it to loved ones...

Minimizing Exposure to Identity Theft Series (Part 4 of 4)

Posted in Board Brief on Jul 17, 2024

Ways WE can protect ourselves from Identity Theft and Scams

Everyone is susceptible to Identity Theft and Fraud, regardless of age. However, some age groups are more susceptible in certain ways than other groups. For example:

• Millennials have high instances of ID Theft, especially related to online accounts and are frequently targeted by apartment/rental scams.
• Gen-Xers have high rates of credit card fraud and ID Theft and are commonly impacted by employment/loan scams and phishing attempts.
• Baby Boomers have high rates of tax-related ID Theft and fraud and are often targeted by work-from-ho...

Minimizing Exposure to Identity Theft Series (Part 3 of 4)

Posted in Board Brief on Jun 19, 2024

Myths about Who is Affected by Identity Theft & Scams (Fraud)

It is a common belief that Identity Theft and Fraud mostly happens to the aged. Here are two graphs for you to consider.

What do the graphs tell us?
In the case of the graph on the left (Identity Theft), those in the age group between ages 30 and 39 were significantly more susceptible. They were about double the other groups and nearly 3.5 times more than seniors!

In the second graph (Fraud or Scams), they combined the 20-29 & 30-39 age groups and the 40-49 & 50- 59 age groups. This is probably because we are living longer and the ...