Important Document Series-Keep & Save Indefinitely (Part 2 of 4)

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

The key to good document control is to know how long to keep them, how to securely store them and how to safely dispose of them.

In this edition, we look at documents to be considered saving indefinitely:

• Property Documents (titles, deeds, surveys, assessments & appraisals)
• Social Security Cards
• Education & Military Records
• Estate Planning Documents (advance directives, power of attorney, wills, trusts, etc.)
• Up-to-Date Beneficiary Designations (for all financial assets)
• Birth, Marriage, Divorce & Adoption Certificates
• Travel Documents (currently valid driver’s license, passport, nexus, et...

Important Documents Series -What to Save and When (Part 1 of 4)

Posted in Board Brief, KTFCU News on Nov 22, 2024

We all have piles of documents. They stack up in our file cabinets, on our desktops, on our hard drives and in our cloud storage. How do we segment them and how long do we need to keep these documents?

This series focuses on the type of documents we have and, generally, how long we should hold onto them. The kind of documents we collect vary in importance. Here are the types we all tend to amass.

• Federal & State Tax Returns (and the supporting financial documents)
• Banking Records (savings & checking, credit & debit card statements and term declarations)
• Investment Documents (IRA employer & in...

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...