Personal Finance

You may have a savings bond and not know it

Have you ever received a savings bond as a gift? In my family, that was what you received as a gift for most birthdays and holidays. My parents always gave savings bonds even to their grandchildren. It was a big thing in my family.

The US Treasury began issuing saving bonds back in the 30’s. Now, many of those bonds have stopped earning interest. If you remember receiving these as a child, you should locate them and cash them in. You may have been too young to remember receiving a bond as a gift when you were a child, so check with your parents and family members to see if they remember.

If you have the physical bond(s), you can look up the current value with the serial number. If you are not sure, you can check if you have a bond by going to Treasury Hunt at https://www.treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm. You will look up bonds by your social security number. Back in the day when I was younger, my savings bonds were purchased with the purchaser’s social security number, so you may need to know their social security number to check. You may need several family members to check their social security numbers to check for unclaimed bonds.

For more information, you can contact the US Treasury by calling 800-722-2678 or through the website www.trasurydirect.gov. Also, paper savings bonds will not be issued anymore (as of January 1, 2012).

The Must-Have Documents to Prepare for Death

In the last few weeks, I have had several people talk with me about end-of-life financial planning. They’ve told me what they’ve done and what they’re stuck on.

I was at an anniversary party and one of the guests told me that he discussed his finances with his adult son for the first time. After reading one my Quick Tips articles, he took the initiative to map out his financial picture so his son would know where to find all the details if the worst happened.

In another conversation, a reader shared that she was having trouble choosing the right person to be the executor of her will. This can be a touchy decision for all of us. She wasn’t sure there was anyone in her family who could handle it. I suggested looking outside the family for a trusted friend or professional. She was able to think of someone, but her new dilemma is moving forward.

Lastly, I was coaching a woman in her early 30’s whose goal is financial security. Her husband recently passed away leaving her a single parent facing all of life’s challenges alone.

These are people in all stages of life dealing with the financial complications of death.

That brings me to today’s tip – the must-have documents.

Do you have a will?
Do you have a living will?
How about a healthcare agent?

You need these documents regardless of your age. Any estate attorney will be able to help you with preparing these documents, but here is some basic information to get you thinking:

Your Will – Who will be the executor of your estate? You should choose someone that you trust with the intimate details of your life. My suggestion is to think of a few people. If your first choice declines, you move onto the next until you find a willing partner who can handle the responsibility.

Next, think about what you own and who you want to leave it to. Be specific with your possessions and your choices. It’s really not enough to leave all your jewelry to your nieces. You don’t want your legacy to be a family feud over who gets the first pick. Your attorney will be able to get you a questionnaire to help you through the process.

Your Living Will – If you are incapable of making medical choices for yourself, what will happen to you? Yes, this is a difficult question to ask yourself, but you need to write your wishes out. That way you can make your own choices even if you can’t express them yourself.

Your Healthcare Agent –Do you want someone to be able to make your medical decisions when you are not capable? Then this is the document you need. Most hospitals will require you to have this before a procedure. This should be someone you trust to make the decisions you would want made.

Check with an attorney for guidance and start working on your must-have documents today.

Jill interview in the Greenwich Time

Small steps make big difference for financial health: experts

Karen Kovacs Dydzuhn
Published 3:51 pm, Thursday, June 24, 2010
Original article link in the Greenwich Time

Given today’s shaky economy, more women are seizing control of their finances and, at the very least, are determined to learn more about the basics of money management and how to invest their assets wisely.

Last Tuesday’s “Living A Health Financial Life” seminar, sponsored by Mutual Security Credit Union, in partnership with Hearst Media and its HealthyLife magazine, drew a large turnout of women — and men — eager to listen to financial experts talk about budgeting, credit reports, estate planning and finding a competent financial planner.

Against picturesque views of the Long Island Sound from the Inn at Longshore’s Grand Ballroom, four panelists — including Westport’s own local radio celebrity Lisa Wexler — offered the audience tips on how to make small changes that could positively affect their personal finances.

Noting that people today are living longer lives, Stephanie Giletto, divisional vice president of Nationwide Financial, stressed the importance of getting organized, determining one’s goals and taking actions, no matter how small a step it may be.

“Do not procrastinate,” she advised. “You came here tonight for some information, so use it. Knowledge is not power; it is the application of knowledge that is power.”

Jill Russo Foster, a financial coach and author of Cash, Credit and Your Finances: The Teen Years, also encouraged people to take control of their finances by making a budget. Russo described budgets as “the starting point” that will lead to increased savings.

“You know the big items, such as your mortgage or car payments,” Foster said. “It’s the holes in the budget that get you in trouble. It’s the things that you don’t realize that you are spending money on that are the problem. It’s the little things that add up.”

Ideally, she added, you want to change your habits so that you could maintain your lifestyle but spend 10 percent less.

Foster also described the importance of having stellar credit. This could be obtained, she said, by paying bills on time and keeping a balance on credit cards that is no more than 30 percent of the card’s total limit. “This is not the time to max out your credit cards,” she said.

Likewise, if you are planning to buy a house in the near future, Foster said that it’s not a good idea to open up new credit cards. Contrary to what many people think, having credit cards is a good thing.

“Throw it in the refrigerator if you’re afraid that you will use it, but don’t close out your account,” Foster said. “Having long-term credit cards show that you can handle it regardless of what the economy is like. You have to learn to act responsibly, which is what this whole seminar is about.”

Wexler, acting as the seminar’s master of ceremonies, as well as its keynote speaker, pointed out that change happens in “small steps.” However, she also added that “The enemy is complacency.”

She described in detail her own journey of moving from owning her own law practice to essentially taking on two new businesses in the radio broadcasting industry.

“I am now responsible for creating a really fabulous show that people want to listen to, and selling advertising and marketing the show so it’s a financial success, too,” she told the audience.

Wexler recently wrote and published with her mother, Gloria Kaman, and sister, Jill Zarin of “The Real Housewives of New York,” what is becoming a best-selling book, Secrets of a Jewish Mother.

On Tuesday night, she credited her mother, who was in the audience with Wexler’s father, for instilling in her an entrepreneurial spirit.

“My mother taught me that women need to be financially independent,” Wexler said. “We must pass this along to our daughters.”

Also referring to family members, Dr. David Carboni, a certified financial planner and expert on retirement issues, spoke about the need to have an up-to-date will, durable power of attorney, health care representative and appropriate life insurance beneficiaries in place.

Vivian Werner, of Stamford, said that all of the speakers made interesting points. She was initially drawn to the seminar for its opportunity to network. Werner recently got laid-off from her marketing manager position at IBM after 30 years of service.

As a single woman, though, Werner explained that she has already “done a lot of work on my finances.” In fact, she used money received from IBM’s final package to pay for tuition to an interior design program. Werner’s goal is to open a marine upholstery and canvas business, she said.

And, referring to Giletto’s advice about using a financial planner, Werner said that she is presently working with someone she trusts.

Giletto — whom Werner described as a “dynamic speaker” — stressed the importance of letting one person get to know your entire portfolio.

“Everyone sitting here today is long-term investors, even if you think you are more short-term,” Giletto said.

Larry Holderman, president and chief executive officer of Mutual Security Credit Union, was pleased with the seminar’s turnout.

“Providing information to the people in the communities that we serve is a large part of what we do,” he explained.