Important Documents Series-Clutter Almost Gone! (Part 4 of 4)

Posted in Board Brief, KTFCU News on Feb 19, 2025

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 closing, we look at documents to consider saving less than 3 years:

• Monthly/Quarterly Statements (keep credit card, investment and mortgage statements for one year and save annual statements for 3 years)
• Pay Stubs (save annually, confirm with W-2 or 1099 and keep with the tax return documents)
• Bank Statements (keep for one year unless they are tax-related statements which should be kept with the tax return)
• ATM Receipts & Bank Deposits (keep and match with monthl...

Important Document Series-What to Save and When (Part 3 of 4)

Posted in Board Brief, KTFCU News on Jan 15, 2025

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 consider saving 3 years or more:

• Tax Returns (minimum three years and preferably seven years)
• Home Purchase Documents (seven years after selling your home)
• Home Capital Improvements (save as long as you own your home)
• Home & Product Warranties (keep until warranty expires)
• Investment Statements (save seven years after sale of investment)
• Insurance Policies (keep the most current until policy expires)
• Loans (keep most recent s...

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...