What Is a Financial Plan?
.What Is a Financial Plan?
Coryanne Hicks Thu, September 23,
A financial plan is the heart of the financial advising process. In a way, it's the map for your clients' money, there to guide them financially from where they are today to where they want to be. Without a plan, investors are just paddling in an open sea, hoping their direction and speed will be enough to get them to their destination.
Given the financial plan's importance to the planning process, advisors and clients alike must understand what a financial plan is and the key elements that make a good plan.
Certificate of Trust: Estate Planning
.Certificate of Trust: Estate Planning
Mark Henricks Fri, September 24, 2021
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to see all the details of the trust, such as identities of the beneficiaries. When financial institutions need trust documentation, a signed and notarized certificate of trust can fulfill this requirement while keeping other information about the trust private.
A financial advisor can analyze your estate planning needs, including what documents you need. The certificate of trust’s primary job is to attest that the trustor actually has control of the assets being placed in the trust. The certificate of trust is a legal document that may also be called a trust certificate, memorandum of trust or abstract of trust.
"Tidbits From TNT" Saturday 9-25-2021
.TNT:
LC: How Private Banking Clients Protect their Bank Accounts in the Bank’s Trust Department
I am reposting this again to remind everyone, FDIC is not important if your funds are in the bank's trust department.
Dear All TNT Dinar & Open Mic Family Members;
I would like to inform everyone about my experience as a current private banking client of Wells Fargo Private Bank.
I would like to put to bed about possible banks failures after you get your blessing from exchanging your currencies. You need to ask yourself this question, why do the wealthy customers don’t worry about their investments disappearing out of their accounts.
How to Change a Power of Attorney
.How to Change a Power of Attorney
Eric Reed Wed, September 22
Power of attorney is an important legal planning tool. It is commonly used for estate planning, medical management, financial management and much more. It’s also a flexible tool. You have the right to change or revoke a power of attorney at absolutely any time. Moreover, changing or revoking a power of attorney is extremely simple (by design). What follows is a general description of how to make that change, not legal advice, which should be sought from an attorney familiar with relevant laws in your state. Consider working with a financial advisor as you put together or modify your estate plan.
Power of Attorney, Defined
A power of attorney, also known as a letter of attorney, is a legal document that you sign to authorize another person to act on your behalf. The person who is giving his or her power is known as the principal, the grantor or the donor. The person taking on the power is known as the agent or the attorney-in-fact.
Can a Power of Attorney Transfer Money to Themselves?
.Can a Power of Attorney Transfer Money to Themselves?
Eric Reed Tue, September 21
For many families with elderly people or engaged in estate planning, power of attorney is essential, especially if the elderly person’s mental abilities are compromised. Having someone who can take care of legal and financial matters can make this part of life far easier.
However, power of attorney is a sweeping grant of authority. Depending on how you structure this grant, a power of attorney can – in some cases – transfer money and property to themselves. However, it is uncommon and only allowed in specific circumstances. Here’s a general overview of this topic. Keep in mind that power of attorney laws vary by state. It’s prudent to consult an attorney before making any decisions.
A financial advisor can help you understand if there are alternatives to creating a power of attorney as you engage in estate planning.
The US Has 10 Days Before It Defaults On Its Debt
.The US Has 10 Days Before It Defaults On Its Debt – What That Could Mean For You
Georgina Tzanetos Tue, September 21, 2021
The United States has historically been one of the most credit-worthy countries in the entire world. U.S. Treasury bonds are considered some of the safest financial instruments in international markets, and their movements are used as a benchmark for movement within the global economy.
The U.S. is also a debt nation — we all have some form of it, be it with monthly credit cards, student loans and mortgages. It’s hard to think of a world where you can’t just go to a bank and get a mortgage for your first house or open up even a low-limit credit card — but the reality is the U.S. is a privileged place in terms of the free-flowing credit most of its citizens run on.
A Different Way To Think About The Evergrande Collapse
.A Different Way To Think About The Evergrande Collapse
Notes From the Field By Simon Black September 21, 2021 Bahia Beach, Puerto Rico
On the evening of June 9, 1772, Alexander Fordyce was drunk out of his mind when he came stumbling home to his wife. As Fordyce was a widely respected London banker and senior partner at the firm Neale, James, Fordyce, and Down, this behavior was uncharacteristic… and his family was rightfully worried. The next morning Fordyce was gone. He had fled across the English Channel to France. And then the news struck-- his bank had gone bust and was closing its doors.
By itself this shouldn’t have been a big deal; it was only one guy, and one bank. But Fordyce hadn’t simply made some bad investments with his own money. Nor had he simply made bad investments with his depositor’s money. Fordyce had borrowed HEAVILY, from just about everyone, and made a number of spectacularly terrible investments.
Can a Power of Attorney Change a Will?
.Can a Power of Attorney Change a Will?
Eric Reed Fri, September 17, 2021, 12:53 PM
Power of attorney is one of the most important legal forms for estate and elder care planning. Along with wills and trust documents, it is a critical document for arranging one’s affairs. A power of attorney cannot change a properly written will. However, such a person can make many changes to the assets surrounding that estate.
Here is how it works. Estate planning can get complicated, quickly; working with a financial advisor goes a long way to simplifying the challenge. Estate planning can get complicated, but working with a financial advisor is one of the best ways to clarify and even simplify the challenge.
How To Help Someone Who’s Struggling Financially
.How To Help Someone Who’s Struggling Financially
Laura Woods Mon, September 20, 2021
Someone you know is in the midst of financial hardship, and you’re not about to sit back and watch them struggle. You want to intervene, without overstepping, but you’re not sure what that looks like.
Approximately one-quarter (27%) of U.S. adults are frequently concerned about paying their bills, according to a 2021 survey conducted by the Pew Research Center. Additionally, 19% worry almost every day about paying their rent or mortgage, while 18% are anxious about their ability to buy enough food for their household.
Clearly, the person you know is not alone with their money issues, but thanks to you, a reprieve may soon be headed their way.
You’re Suddenly Rich — So How Do You Handle Your Money Now?
.Opinion: You’re Suddenly Rich — So How Do You Handle Your Money Now?
Published: Sept. 18, 2021 By Fritz Glasser and Meghan Railey
The job of managing, protecting and passing on your net worth can be daunting. When you suddenly come into a lot more money because of an inheritance or other windfall, the lifestyle changes and associated financial decisions can be overwhelming. The reality of having to manage, protect, and pass on your net worth can be daunting, leading to the natural question: “Where do I begin?”
Here are four tips to help you begin managing, protecting, and increasing your wealth more effectively:
Iraqi News: Traveling with Iraqi Dinars Worth Over $10,000 USD
.Iraqi News Traveling with Iraqi Dinars Worth Over $10,000 USD
Edu Matrix: Sep 19, 2021
Iaqi News Traveling with Iraqi Dinars worth over $10,000 into or departing from the United States; The law, the consequences for IQD Investors
US Custom and Border Protection US LAW ON CARRYING CURRENCY INTO OUR OUT OF THE US Hi guys: Sandy Ingram here: I am traveling this week from Mexico to Miami and then to a Caribbean Island. This is a part of my “slowly traveling the world” agenda while waiting for the Iraqi Dinar to do something.