Financial Tips

Data suggest that only 35% of members of credit unions have a will and /or trust. Read another way, 65% of credit union members have not taken the steps to secure their legacy for their families, leading financial management decisions up to the state or courts.

In the journey of life, we often prioritize our present needs over future uncertainties. However, one crucial aspect that many tend to overlook is planning for what happens after we’re gone. Creating a will and trust might not be high on your list of priorities, and it often falls into an “I don’t want to think about it” category, but it is an essential step towards securing your legacy and ensuring that your loved ones are taken care of according to your wishes. It is a gift you can provide them.

Understanding the Basics
A will is a legal document that outlines how you want your assets to be distributed after your death. It allows you to specify who will inherit your property, money, and possessions, as well as appoint guardians for any minor children. Without a will, your estate will be distributed according to the laws of your state, which may not align with your intentions.
On the other hand, a trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries according to your instructions. Trusts can provide more control over how and when your assets are distributed, offering flexibility in managing inheritance, especially for minors or individuals who may not be financially responsible.

Ensuring Your Wishes Are Honored
One of the primary reasons for having a will and trust is to ensure that your wishes are honored after your death. Whether you have specific sentimental items you want to pass on, or you want to provide financial support for family members, a will allows you to clearly state your intentions. This clarity not only helps avoid potential disputes among family members but also provides peace of mind knowing that your legacy will be carried out as you desired.

Protecting Your Loved Ones
Creating a will and trust is not just about distributing assets; it’s also about protecting your loved ones during what can be a challenging time emotionally. By appointing guardians for minor children in your will, you ensure that they will be cared for by someone you trust. Additionally, a well-structured trust can safeguard assets for beneficiaries who may not be able to manage them on their own due to age, inexperience, or other reasons.

Minimizing Estate Taxes and Legal Complications
Proper estate planning through a will and trust can also help minimize estate taxes and avoid legal complications that can arise when there is no clear plan in place. By strategizing how your assets are distributed and managed, you can potentially reduce the tax burden on your estate, leaving more for your beneficiaries. Moreover, having a legally sound will and trust can streamline the probate process, saving time and expenses for your loved ones.
In conclusion, while it may be uncomfortable to think about our mortality, planning for the future through a will and trust is a responsible and caring decision. It’s a proactive step towards ensuring that your legacy is preserved, your loved ones are protected, and your wishes are honored long after you’re gone. Take the time to create your will and trust today—it’s one of the most important gifts you can give to yourself and your family.

The Wheelhouse Difference – Member Program
Wheelhouse Credit Union offers Members estate planning through our partner Love My Credit Union, a leading online digital estate planning service. Over 700,000 estate plans have been created using their secure, 100% online program. Customized, legally binding estate plans are built by attorneys and Member support is available six days a week. Get started for as low as $159 with your Wheelhouse Member Discount. Click here for more information.

As summer hits its stride, the idea of financially preparing for the holidays might feel like overkill. Consider this: money is the most cited source of stress during the holidays, with 58% of US adults worrying about overspending or not having enough money.

July is an ideal month to assess your financial picture and make mid-year adjustments that will help you cruise into the holiday months with fewer concerns. To make planning easier, here is a seven-item checklist you can use as your guide:

1. Review Your Budget

With a customizable budgeting worksheet or free app, identify areas where you may be overspending and eliminate costs or comparison shop if possible. Budgeting isn’t about guilt, rather it is a way to ensure you’re saving a little each month – ideally 10% of your income. Less still counts.

2. Automate Savings

Consider the “set it and forget it” approach to allocating savings so that when peak holiday spending season comes around, you’ve avoided (or at least minimized) high interest credit card balances that can put a damper on the season and coming year. Look into opening a holiday-specific savings account at your financial institution and start saving now.

3. Strategize Debt Repayment

Review the balances and interest rates of your credit cards, loans, and other debts. Tackle high-interest payments first (so you’re able to put more toward principal in the long run). Explore a debt management program which can help you eliminate debt faster.

4. Check Your Credit Report

Request a free copy of your credit report from AnnualCreditReport.com. Review the report for any inaccuracies or signs of identity theft. Dispute any errors you find, which could be a contributing factor to a lower score.

5. Revisit Investments

If you have any investment accounts, assess whether your allocations still align with your long-term goals and risk tolerance. Market conditions often change, and your investment strategy should account for these fluctuations.

6. Maximize Retirement Contributions

If you have a retirement account, check your contributions, and see if you have any room in your budget to increase them. This especially applies if your employer offers matching contributions, as it’s essentially free money. The sooner you invest, the more time your money has to grow.

7. Review Insurance Policies

Ensure that your health, auto, home, and life insurance policies still meet your needs. Life changes such as marriage, the birth of a child, or significant purchases might necessitate adjustments to your coverage or comparison shopping for more favorable rates.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

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In a perfect world, summer would be a time for children and parents to soak up the sun and enjoy a slower pace. As most of us know, work calendars don’t align with school calendars. Summer camp is a lifesaver for busy households, and costs add up quickly, leaving many families feeling financially burdened. Here are ten strategies for cutting costs this season:

1. Camp Scholarships

Many summer camps offer scholarships or financial aid for families in need. Chat with camp staff to determine your eligibility and submit any required documentation.

2. State Subsidies

Depending on where you live, some states offer income-eligible subsidy programs for qualifying families. Start your search online for local organizations that can steer you to the proper application forms.

3. Day Camps

Day camps can be significantly cheaper than overnight camps since they don’t include accommodation expenses. Look for day camps in your area that offer similar activities and experiences to overnight camps.

4. Sibling + Group Discounts

Do you have more than one camper in your household this year? Or perhaps even other children in your parent group that could add to the headcount? Look for camps that offer sibling and/or group discounts.

5. Community Programs

Most community recreation centers offer year-round low-cost or free programs for children, including day camps, sports leagues, or even virtual experiences led by online educators. Beyond rec centers, check out local offerings at YMCA or Boys & Girls Club.

6. Flexible Payment Plans

Research camps that offer flexible payment plans, allowing you to spread out the cost over several months rather than paying a lump sum upfront.

7. Partial Weeks

Does your schedule allow for partial weeks at camp? Many camps offer the option to enroll two or three days per week (or even on a per-day basis) instead of a full week session. This can make camp attendance more manageable in the short-term, especially if you have summer travel plans.

8. Pack Your Own Supplies

Camps often charge extra for snacks, meals, and supplies. Save money by packing your child’s snacks and lunch each day, and ensure they have necessary supplies like sunscreen, bug spray, and water bottles.

9. Flexible Spending Accounts

Some employers may allow allocation of FSA funds to cover expenses if the camp is considered a qualified dependent care expense. Check your specific plan to confirm whether summer camp expenses are reimbursement eligible.

10. Volunteer Opportunities

Some camps offer discounts for families willing to lend their time (similar to co-op programs where parents can assist in classrooms). Helping with administrative tasks or coordinating activities has the secondary benefit of enriching your resume.

You’re not alone when it comes to crunching the numbers. Connect with your financial institution to see what resources we offer and consider free financial counseling with our trusted partner, GreenPath Financial Wellness, if you need support in building your summer budget.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

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