Money & FinanceNavigating the financial world.
A clause in your trust, or a standalone pet trust, can help protect your animals and possibly assure placement. Charities can help, particularly if you are making a gift donation as part of the request to place your animals. In choosing which documents to use to express your intent, do not rely on a will alone. Attorneys say only a trust can help assure prompt response to an animal’s needs (wills may need to be probated, and the probate process can take time. In the interim, the animal must be cared for).
Socially responsible investing—that which aligns an investor’s personal beliefs and faith with their investments—has gained in popularity. As a result, so have ways to invest with social conscience.
COVID-19 turned millions of you into stay-at-home workers. You had to create space for desks, computers, printers, fax machines, and office supplies. Some of these expenses weren’t paid by your employer. In addition, your utility bills, internet access or telephone expenses may have increased during that time. And while expenses increased, your income most likely didn’t.
Although the name is changing, the legacy continues: Schott Financial Management—formerly Tomlinson Wealth Management—brings to Prescott three generations of financial expertise. Advisor Steve Schott, a ten-year veteran of the financial business and the son-in-law of Andy Tomlinson, will take the helm.
If you’re looking for a home loan or even trying to save a purchase, it’s a good bet to seek out a mortgage lender because they focus only on home loans. That means they know the home loan business inside and out.
In Prescott, the folks at New American Funding mortgage company say they left other financial institutions just for that reason.
I received a call from a retired attorney who was seeking advice about a threatening letter he received from the IRS. He said he had been working with a “tax person” on past IRS issues; sadly, she died in an accident a few months prior and he didn’t know who to talk to. The “Intent to Levy” letter showed an October 10 deadline for response or payment of $12,113. The man called me October 7.
As a group, financial advisors are aging, which means many of them are about to retire or at least start working fewer hours, just as doctors, dentists, and other professionals do.
While many of us understand what it is to inherit, some may not understand the legal and tax structures necessary to assure investments pass to heirs as intended. The transfer of assets to heirs is an important part of estate planning. One must understand the difference between a will and a trust document, the scope of a power of attorney, and why to list beneficiaries on an account.
Having a financial advisor as your coach can help you maintain focus. In good times and bad, an advisor can help you stay on track or show you how to recalibrate to reach your goals. He or she can guide you in creating actionable financial strategies to reduce debt, save for specific goals (such as college), and plan for retirement.