Money Matters 01.28.2022

Money Matter$

JANUARY 28, 2022

THE PRESS

Homeowners insurance

How to write a living trust

Experts say choose carefully and review plans often

One of the important steps in estate planning

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Finding Balance in 2022?

We come into this world headfirst and go out feet first; in between, it is all a matter of balance.

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– Paul Boese

new year always brings a new vigor, new enthusiasm, new hope. I have an extra skip to my step. I get butterflies in my

tummy. I am so excited to see what the next year has in store for me.

We started out 2022 with a bang! Right out of the shoot we tried out our new motorhome for New Year’s weekend. My husband and I have been looking for the perfect RV for 3 years now. In November we finally came across one in Florida. We were thrilled. But before we could get our act together the sales guy told us it was under contract. We were terribly disappointed.

So, when we got a call on December 10th saying the other buyer was not able to get financing so it was back on the market, we didn’t hesitate. We gave them a deposit; made plane reservations and we flew out on December 14th to go get our new second home.

None of this was planned. It was spur of the moment. It was so spontaneous. We, and everyone we know, thought we had lost our minds. “You’re doing what?”. “You’re going where?”. “Don’t they have those for sale closer to home?”.

My husband and I met in our fifties, as we planned our wedding, we discovered that everyone had a rule for everything, so we adopted a motto.… ‘no rules after 50’. Any time someone told us ‘That isn’t how you are supposed to do that’, we said “well, that is how we want to do it”. Whether it was party in our room till 4:00 am the night before; to cocktails for guests before and during the ceremony; to a second heavy, greasy, meal at midnight to help alleviate any possible hangovers; in the words of the immortal ‘ol Blue Eyes, we did it our way So back to the motorhome, we took possession on December 16th. It took us every bit of 7 days to drive back across the country, although I must admit we did stop to see our friends in Dallas for a day. We arrived back in town on the eve of Christmas eve (Thursday).

Everyone was arriving on Friday for festivities. We had very few decorations up, no tree, and no groceries.

I put in an order for Christmas dinner. Our son went to the grocery store with a very long list. My husband and I got out a little Charlie Brown tree and the biggest ornament we could find. We wrapped a little blanket around the bottom of the tree, hung the ornament on the top branch, and yes, you guessed it, the whole tree bent over just like Charlie Brown’s. We put all the presents on the floor around the table.

It was all perfect.

Our generation spent much of our working lives working excessively. The 70’s, 80’s, 90’s and the 2000’s, so far, were about ‘bigger, more, and more frequently’. Our kids remember us working, climbing the corporate ladder, moving to a bigger house, buying a new, prettier car. Work-a-holic was a moniker we wore with honor.

As we move into retirement age new and interesting thoughts have been occupying my mind.

Building a swimming pool, buying an RV, 4-day work weeks, coloring with my grandbabies. Where are these thoughts coming from? I am the ultimate work-a-holic.

I don’t have an off button. What is happening?

I know many of you do or have felt the same confusion when these thoughts crept into your minds. Starting to slow down? Stopping to smell the roses? Enjoying the friends and family we are with, without our minds wandering back to what all needs to get done at work tomorrow? It feels good. It feels strange, but it feels good.

I read article after article about people not having enough saved for retirement.

25% of Americans have no retirement savings at all. Yeah, that’s a problem.

For those who do have savings the average amount is $65,000. Yeah, that’s a problem.

Boomers have a reputation of having too much debt. They come into retirement with credit card debt and car loans, and mortgages. Yeah, that’s a problem.

But…I hear the stories, firsthand, from the couples who have been married for 40 years with plans to travel and see the world when they retire, but on his 66th birthday he passes away before they have a chance to go on that first cruise. Or the spouse who finally retired and 6 months later passes away. Or major illness or incapacity. It is devastating.

I work with these people every day. I help these people who have lost their spouse and don’t know how they are going to make ends meet, something they never imagined they would have to deal with in retirement. I hear the anger, the sadness, the disbelief, the fear.

So, what and where is the balance? Of course, we need to be saving, both for emergencies as well as for retirement. And we, as a generation, need to learn how to relax and enjoy the view.

Many of us have had the opportunity to own real estate. Over the last 40 years, real estate in California has increased in value substantially. This provides opportunities to us that may allow us to find the balance we are in search of.

I offer reverse mortgages. This is one avenue from which we might be able to find that balance. There is also “downsizing”, “upsizing”, “right sizing”, or even home equity lines of credit, or cash out refinances.

Any of these options might be the perfect, or nearly perfect, solution for you to be able to enjoy a little less work, and a little more down time.

Note that I say, “a little less work”. Nothing says you have to quit work. We are talking about balance. If you love working, or love what you do, that is fabulous. That is where I am in my life. I love educating people about the reverse mortgage programs out there and the ever-changing benefits they offer.

Also note that we recognize that there are many options available to you. We work hard to educate as many people as we can on the benefits the reverse mortgage program can bring to you and your family, and we also acknowledge that it won’t be the best solution for everyone.

The reverse mortgage program is evolving and growing. There are many new opportunities available in 2022. ♦ We can now lend to people 55+ years of age.

Really? Yep! ♦ The FHA maximum claim amount is now $970,000… almost a million dollars! Amazing! ♦ The jumbo maximum loan amount is now $6,000,000. Wow!!

One downside to the upcoming year is that we are starting to see interest rates rise. We also are expecting to enjoy somewhat less appreciation this year.

All that to say, it is better to do your research sooner rather than later. Let’s chat soon. We will

JANUARY 28,2022

Beth Miller-Rowe has been in the mortgage industry for 38 years specializing in reverse mortgages for the past 12 years. Beth has degrees in economics and business administration. provide the in-depth education on all the ways a reverse mortgage may meet your needs/wants, and then you make the decision. If it is right for you?

Great! If not, that is okay too.

Let’s make 2022 the year that we all learn how to stop and be still, smell the coffee, enjoy the view, and remember that finding the balance is what life is all about.

Cheers!

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3478 Buskirk Ave., Ste. 1000 Pleasant Hill, CA 94523

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*Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out.

Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency. **American Pacific Mortgage Corporation is not financial service company or licensed tax advisors; the material provided is for informational and educational purposes only and should not be construed as investment, tax and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors. We are not financial or tax advisors, please contact your financial professional for your personal financial situation.

JANUARY 28, 2022

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How to ensure your home has good insurance DAWNMARIE FEHR

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omeowners’ insurance is something most people have, but may not think

about until disaster strikes.

Once the dishwasher floods the kitchen, or a storm brings a tree through the roof, you are confronted with a policy that may be outdated and not fit your current needs.

Mark Murray, an insurance agent with State Farm, said homeowners should take the time to review their policies occasionally, and look for a few specific things.

“You want to make sure you are with a company you trust and a highly rated company that will be there in the event of a loss,” Murray said. “Insurance is a promise, and the promise is ‘we will be there on your worst day,’ so you want to make sure you are doing business with someone who has the financial ability to fulfill that promise. That’s why going with a cut-rate or off-brand is sometimes risky.”

During his two decades with State Farm, Murray has helped many East County homeowners find a policy to fit their needs. Though homeowners’ insurance is not required by law, it is required

Photo courtesy of Metro Creative

A quality homeowners’ insurance policy often eases the burden when disaster strikes. by lenders, so anyone with a mortgage likely has a policy. Murray said finding a balance between the monthly premium and the deductible in the event of a loss is something people should spend some time considering.

“You need to be careful of how high your deductible is, and does that

amount fit into your budget if there is a loss,” he said. “The industry standard for a deductible is 1% of the dwelling amount, meaning if you have a $500,000 dwelling amount, your deductible would be $5,000. Most people go with a higher deductible because it lowers the premium, but what you have to be careful of is

what are you comfortable with if there is a loss? If your pipe explodes and you have water in your kitchen, what are you comfortable with spending? You just have to choose a deductible that fits your budget in the event of a loss and fits your premium.”

Murray noted another benefit of homeowners’ insurance is a good policy will offer coverage not just on your property and structure, but also personal property that is lost or damaged. He said anything you want the insurance company to replace – from TVs to jewelry – will need to be documented with photos or receipts.

“When it comes to personal property, people have to be reminded that if there’s a loss, they want to make sure they have cataloged personal property by picture or by receipts, for two reasons,” said Murray.

“First, the purpose of remembering what may be missing and second, proof of ownership. That’s something to be aware of. It’s not just a wish list, you will need to prove you lost it. The insurance company will ask you to document everything you lost and then show proof of ownership, especially on larger items.”

Mark Murray’s State Farm Insurance Agency is at 2051 Main St., in Oakley. For more information, call 925-679-1500, visit www.markmurray.org, or email mark@markmurray.org.

Wishing You a Happy New Year!

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WE OFFER A WIDE VARIETY OF MORTGAGE PRODUCTS INCLUDING: REVERSE MORTGAGES (PURCHASE & REFINANCE), FHA, CONVENTIONAL, VA, USDA, JUMBO, HIGH BALANCE AND DOWN PAYMENT ASSISTANCE

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© 2021 Preferred Rate - Partnered with American Pacific Mortgage (NMLS# 1850) • 141 Sand Creek Rd., Suite C • Brentwood, CA 94513 • Branch NMLS# 2085568 • For informational purposes only. • No guarantee of accuracy is expressed or implied. • Programs shown may not include all options or pricing structures. • Rates, terms, programs and underwriting policies subject to change without notice. • This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval.

• Some products may not be available in all states and restrictions may apply. • Equal Housing Opportunity. • Licensed by the Dept. of Business Oversight under the CRMLA. • For licensing information, visit NMLSConsumerAccess.org

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JANUARY 28, 2022

How and why to write a living trust DAWNMARIE FEHR

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state planning can be difficult

Creating a living trust allows for the easy transfer and distribution of property in private, without the intervention of a court of law.

to tackle, but ensuring your property and other assets are

distributed according to your wishes after you are gone is an important step to take for your heirs.

One way to do that is placing assets in a living trust. Trusts are designed to allow easy transfer and distribution of property in private, without the intervention of a court of law.

“The importance of having a living trust and the reason it is called a living trust is it is effective immediately,” said Ruth Buzzard of The Buzzard Law Firm in Brentwood. “The people who create a trust are creating a little corporation. You transfer all of your assets to you as trustee of that trust, and when you die, you avoid probate by the fact that you didn’t own anything. The trust owned it.”

Buzzard said avoiding the costs and delays of probate court are the biggest selling points of a living trust. It prevents children and spouses from spending large amounts of money to create conservatorships or guardianships and simplifies a

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complicated process. During her 33 years of legal service, Buzzard said she has seen plenty of regret.

“It’s a terrible scenario when you see a parent with dementia or something, and the kids are trying to handle things.

But they’ve waited too long because now the parent can’t set up anything because they’re not competent, and it costs a lot of money to get the conservatorship and set up the accounting,” Buzzard said. “When the time comes – and it will come – and you need someone to take care of things for you, these documents are prepared to handle any and all circumstances that

might come up as we age, including health care directives. Our office prepares a comprehensive plan to cover multiple situations.”

Though they can simplify things for those of us left behind, trusts themselves are still complicated and should be set up by someone experienced in estate planning. Michael Amthor of East County Family Law Group said it would be a mistake to attempt to set one up without the help of an attorney.

“Talk to an attorney, at least, and get some advice, because there are plenty of services where people try to do it on

their own and usually there isn’t a lot of advice,” said Amthor, noting each family can have its own individual needs. “Many people try to do it on their own but there are a lot of traps and problems when they do that. The main one is people might set it up, but don’t fund the trust, which is a big step.”

Funding the trust is essentially transferring all assets into the name of the trust.

Missing that important step, Amthor said, makes the trust almost useless. With 27 years of legal experience, Amthor said if he recommends anything, it’s planning ahead.

“We see clients who regret not planning ahead of time,” he said. “We see clients for probate because someone didn’t do estate planning, or at least didn’t do it effectively. We also do representation, which is helping someone through the process of taking care of an estate that hasn’t been planned for.”

The Buzzard Law Firm is located at 729 First St., Suite D, in Brentwood. For more information, call 925-516-7459 or visit www.law-offices-of-ruth-n-buzzard. business.site/.

East County Family Law Group is located at 1181 Central Blvd., Suite A, in Brentwood. For more information, call 925-516-4888 or visit www.eastcountyfamilylaw.com.

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The cost of living might be on the rise. But individuals can combat that increase in various ways.

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How to account for a rising cost of living

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ost of living is a significant component of financial planning. The cost of living

may dictate where people live and work, and a high cost of living can influence how individuals spend their free time.

Data indicates that consumer prices rose 4.1 percent and 5.3 percent in

August 2021 in Canada and the United States, respectively. Similarly, a 2020 survey from TD Ameritrade found that 47 percent of Americans say that cost of living is the biggest threat to their financial security and long-term investments. It’s worth noting that the survey was conducted before the COVID-19 pandemic hit. Since the onset of the pandemic, the cost of living has increased considerably. see Living page 7B

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Start thinking about financial planning now

F

inancial planning has become

Learning some key components of

unpredictable, so it is critical to keep your

a catch phrase in recent years,

financial planning can help people have

long-term perspective and remember why

more money on hand to help them achieve

you’re investing in the first place,” said

their short- and long-term goals.

David Roche, senior financial adviser and

and it’s something many

consumers may not fully understand.

“Markets tend to be volatile and

principal with Apex Securities & Asset

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925-516-APEX www.ApexSecurities.net 8660 BRentwood Blvd., Suite G, BRentwood StockS • Municipal BondS • Mutual FundS iRaS • 401kS • BuSineSS RetiReMent planS David S. Roche

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A recent study commissioned by GuideVine that polled 1,000 Americans 30 and older about their finances found that many lack knowledge of basic financial terms. In addition, the study found that numerous people feel completely lost in regard to having a solid plan with their money. Financial planning can be intimidating, but learning the basics of sound money management can help people secure their financial futures.

According to the online learning resource WiseGeek.com, financial planning is a process of setting objectives, assessing assets and resources, estimating future financial needs, and making plans to achieve financial goals. Investing, risk management, retirement planning, tax requirements, and estate planning are key components of financial planning.

To get started with financial planning, the financial guide and online resource Ramsay says individuals will need to see where they stand financially, establish financial goals and create a plan to reach those goals. The best way to complete this task is through the help of a financial planner that can make sure that all avenues are being explored, especially for financial novices.

“We believe it’s important to review your investment plan at least yearly to make sure that you’re on track for your goals,” said Eric Soiland, senior financial advisor and partner with Apex Securities & Asset Management.

It’s important to note that financial planning may mean different things to different people. For some, planning may revolve around saving for a child’s college tuition but still having enough money left to retire. Another person may be looking to save extra money to invest in a business venture. Others who are living paycheck to paycheck may need help reevaluating their spending so they can grow their savings.

One of the key components of financial planning is to begin doing it as soon as possible. A financial plan can be instituted at any age, and goals can be revisited as life changes occur.

Financial planning strategies are something anyone can learn and utilize to secure their financial futures.

To get your finances on track, call Apex Securities & Asset Management at 925-5162739 or check out their website at https:// fa.wellsfargoadvisors.com/apex-securities.

Apex Securities & Asset Management is located at 8660 Brentwood Blvd. in downtown Brentwood.

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JANUARY 28, 2022

Living from page 5B Though the fight against a rising cost of living can feel like an uphill battle, individuals can take steps to prepare for such increases, and can combat that increase in various ways.

Apply lessons learned during the pandemic.

A recent Pew Research Center analysis of U.S. government and Eurostat data found that roughly 9.6 million workers in the United States lost their jobs in the first three quarters of 2020. That period coincides with the onset of the COVID19 pandemic. When forced to confront sudden and unexpected job losses, millions of individuals learned how to get by on less income. Cost-saving measures adopted during the pandemic can be continued or reimplemented, helping individuals to combat higher energy costs and other rising expenses.

Look for a new job or fresh ways to make money.

A rising cost of living is a concern for people from all walks of life, but it may be especially concerning for retirees or individuals with costs like childcare that can be hard to pare back. In such instanc-

MONEY MATTER$ es, individuals can look for a new job or fresh ways to make money. According to the Q3 2021 CNBC/Momentive Small Business Survey, 50 percent of small business owners say it’s gotten harder to find qualified people to hire compared to a year ago. And nearly one-third of survey respondents indicate they have open roles they have not been able to fill for at least three months. Individuals can explore local employment opportunities in an effort to find a new, more lucrative job that can help them combat a rising cost of living. Others who want to remain in their jobs can look for part-time work to supplement their existing income.

Consider relocating.

The pandemic forced many companies to transition overnight from in office working to remote working. That trial by fire could have lasting results. A 2020 survey of 317 chief financial officers and leaders in the finance industry found that 74 percent will move at least 5 percent of their previously on-site workforce to permanently remote positions after the pandemic ends. The survey, conducted by Gartner, Inc., also found that nearly onequarter of respondents will move at least 20 percent of their on-site workers to permanently remote positions. That could make it possible for millions of working professionals to relocate to regions with a lower cost of living than their current towns or cities.

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JANUARY 28, 2022

Avoid financial peril after a job loss

L

Contact your credit card company

osing a job can be devastating.

Even in a strong market, companies can go out of business

Many companies have programs designed to help customers facing financial hardships. Reach out promptly to let them know you may be anticipating missed payments. It is better if you initiate contact rather than going into default. The same tactic can be used for mortgage or rent payments.

or reduce payroll. Being let go can initially

A job loss can come as a shock. However, with levelheadedness and smart planning, many people can avoid dire financial situations in the wake of a layoff.

tug at one’s pride, and after a layoff sets in, it may cause individuals to start worrying about their financial futures.

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While many people can survive and may even enjoy a few weeks of rest and relaxation after a job loss, financial concerns may surface soon thereafter. A 2017 GOBankingRates survey found that more than half of American adults have less than $1,000 in their savings accounts. Financial planners typically advise people to have at least three month’s worth of earnings socked away for emergency situations, like a medical issue or a job loss. Even though the survey also found more than a quarter (27 percent) of respondents have $10,000 or more saved, that might not be enough to survive a job loss for six months or more.

These strategies can help professionals who recently found themselves out of work avoid financial difficulties.

Assess your budget carefully

You naturally will have to make concessions that impact finances, particularly spending. Cut back on non-necessities like dining out, gym memberships, streaming subscriptions, and other luxuries. Avoid adding other new debt.

Apply for aid benefits There may be government benefits, such as low-cost healthcare or food subsidies, that can help you get through financial difficulties until you get back on your feet.

Involve the entire family

Get references

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Leave on amicable terms and ask your former employer for a reference. You should not burn any bridges, as a good reference can be invaluable as you look for your next opportunity.

It can be embarrassing to lose a job, but look to family for support. Children may not need to know every detail, but they can have a cursory awareness of family finances and understand they may have to cut back until Mom or Dad is working again.

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Our office takes a comprehensive approach to Estate Planning. If you pass away intestate (without a will/trust) the State of California has statutory provisions that will divide your estate, often these provisions are not aligned with your wishes. As you mature and acquire assets, don’t forget to plan for how those assets will be managed and divided upon your departure from this world.

Trust Administration: After your loved one has passed and you have been left in charge of handling their affairs, the task can be daunting. Let our office guide you through this process effectively and minimize the stress you are already going through due to your loss.

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Lightning may not strike twice, but plan ahead for another job loss by prioritizing savings in the future.

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Before cashing in investments or retirement accounts, tap your emergency fund first. If you have any tangible assets, like an unused car or a boat sitting idle, sell these items for cash to tide you over.

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Explore the benefits of pet insurance

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nsuring the safety and well-

a big responsibility. Pets need

Insure any age or breed of pet

shelter, food, water, and routine medical care at the very least, and some extra TLC can always do a pet good as well.

Pet health insurance providers will cover older animals. However, premiums will be lower the earlier you insure your companion animal.

Arrange a payment plan you can afford Photo courtesy of Metro Creative

Pet insurance often is a smart investment for those looking for peace of mind and an affordable way to care for their companion animals. and illnesses. Plans that also include wellness options, like My Pet Protection with Wellness from Nationwide, tend to be broader and may cover preventative visits, flea and tick products, spaying and neutering, and even dental cleanings.

Pet insurance often is a smart investment for those looking for peace of mind and an affordable way to care for their companion animals. And there are several benefits to getting pet insurance. Many people are not financially prepared for an

emergency pet bill that could cost several thousand dollars. Pet insurance premiums, which are paid over time, can refund a good percentage of out-of-pocket costs to the pet owner. Here’s a look at some of the benefits of pet insurance.

Pick whichever veterinarian you prefer

Unlike human health insurance

Payment plans for pet insurance can be paid monthly, quarterly, semi-annually, or annually depending on the plan and policy holders’ preferences. That makes it easier to fit pet health care into your budget.

Ensures all health needs will be met

Some pet owners may push off or pick and choose treatments for their pets depending on the cost of these procedures. Pet insurance may be the difference between getting your pet the care he or she needs or delaying getting pets the help they need.

– Courtesy of Metro Creative

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plans that may require you to stay in a specific network of providers, pet insurance policies enable you to pick any veterinarian you prefer.

being of a companion animal is

New pet owners may experience some sticker shock after bringing a furry friend home.

According to a Harris Poll conducted in the spring of 2020 on behalf of TD Ameritrade, dog owners spent nearly twice as much on their pets as cat owners – $1,201 versus $687 – in a single year. One area that can be particularly costly is health care, especially if the pet has a chronic illness or suffers an injury. Pet insurance is an increasingly viable option for those looking to defray medical costs for their pets and safeguard them in the process.

Like other types of insurance, pet insurance is something pet owners purchase hoping they will never have to use it. The TD Ameritrade survey found Millennials or Generation Xers reported spending from three to 20 times more on pet insurance than Baby Boomers.

Pet owners have various options for insuring their animals. Certain plans cover only veterinary bills that pertain to accidents

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MONEY MATTER$

WWW.THEPRESS.NET

JANUARY 28, 2022

How to determine if it’s time to downsize

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Moving into a smaller home is a difficult decision that’s unique to each homeowner.

eople work hard to save enough money to purchase their homes. And the

hard work doesn’t end there. Once homeowners settle into a new home, they may set their sights on renovations that suit their individual needs. Even

homes and see how many rooms they still use consistently. If much of the home is unused, seniors can probably move without hindering their daily lives.

when buyers find a home that needs no such work, maintenance requires homeowners’ utmost attention.

All that hard work is perhaps one reason why seniors may be a little reluctant to seek a smaller home as they advance through their golden years. In addition to the sweat equity homeowners put into their homes, all the memories they’ve made within their walls can make it harder to put a home on the market.

Moving into a smaller home is a difficult decision that’s unique to each homeowner.

Seniors who are not certain if that move is right for them can consider three key factors to make a decision that’s in their best interests.

Cost: Perhaps no variable affects

senior homeowners decisions to move into a smaller place as much as cost. No one wants to outlive their money, and going

Market: The real estate market is

Photo courtesy of Metro Creative

Moving into a smaller home requires careful consideration of a host of variables. No two situations are the same, so seniors should exercise due diligence to determine if such a move is right for them. to a smaller home can help seniors reduce their monthly expenses significantly. Even homeowners who have long since paid off their mortgages can save substantial amounts of money by moving to a smaller home, or even an apartment or condominium. Lower property taxes,

reduced insurance premiums and the need to pay for fewer repairs are just some of the ways such a move can save seniors money.

Space: Many people love the extra space that single-family homes provide.

But seniors can take a walk through their

another factor to consider when deciding if the time is right to move. A sellers’ market can help seniors get the biggest return on their real estate investment, potentially helping them make up for meager retirement savings. For example, home prices have skyrocketed across the country during the COVID-19 pandemic, making that a great time for sellers to put their homes on the market. Seniors selling to move into a smaller place may capitalize on such spikes since they won’t be looking to turn around and buy larger, equally expensive homes once they sell their current place. If the market is down and seniors can withstand the work and cost a little longer, it may be best to wait until things bounce back in the sellers’ favor.

– Courtesy of Metro Creative

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consumers use credit to their advantage as they look to

gain from this vital component of financial planning. ♦ Recognize the factors that affect your score. A credit score is generated using a formula that takes various factors into consideration. These factors include payment history, credit use rate, length of credit history, and credit inquiries, among others. Each variable is important, but paying balances in full and on time each month is a great way to build a strong financial reputation in the eyes of creditors. In addition, avoid overusing credit, especially if you cannot pay balances in full each month. ♦ Check credit before looking for a job.

One easily overlooked benefit of being a smart credit consumer is its impact on individuals’ ability to find a good job. The Consumer Financial Protection Bureau urges individuals

to check their credit reports before they begin looking for a job so they can correct any mistakes that may be on their reports. That’s because some employers look at applicants’ credit reports as part of their background checks. Smart credit consumers recognize that monitoring their credit is just as important as using it wisely. Consumers can access reports from each of the three main credit reporting agencies (Equifax, Experian and TransUnion) for free once every 12 months. ♦ Don’t wing it. Much like successful retirement planning is often the culmination of decades of hard work, strategizing and saving, becoming a smart credit consumer involves commitment to a well-developed plan to use credit. Impulsive use of credit can quickly compromise individuals’ credit histories and financial reputations, so develop a plan to use credit wisely and stick to that plan. A successful credit use strategy should be rooted in paying bills on time, and ideally in full, each month to avoid potentially costly interest charges. Identify any bad credit use habits and do your best to eliminate them.

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hese strategies can help

MIKE’S ESTATE PLANNING MINUTE

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Be a smart credit consumer

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JANUARY 28, 2022

By Michael J. Amthor, Esq.

HAVE YOU TALKED WITH YOUR FAMILY ABOUT MONEY? YOU SHOULD. HERE’S WHY.

I have discussed the importance of estate planning many times in these articles.

Saving money, peace of mind and making things easier for those you leave behind are just a few of the benefits. However, with estate planning typically comes difficult conversations with family members that does not come natural. Subjects such as who you want to be in charge of your estate after death, who should receive your assets and end of life issues are just the beginning. Nine out of 10 Americans consider it important to have a financial plan but almost half have difficulty discussing finances with loved ones. There are three reasons for this: It can be overwhelming, it can be awkward and talking about a future plan is difficult when you don’t have one in place. The statistics tell an interesting story.

38% of people do not even talk to their spouse or partner about the other’s financial situation before getting married. 55% of those without a financial plan say they are not confident in their retirement and a full 86% of us do not feel they have saved enough for retirement. It starts with a conversation and

sometimes we just need a little help to take that first step. When I talk to clients about estate planning, I do so without making them feel guilty or being ashamed. The most important step you take is talking with someone. I reassure my clients that it is never too late nor too early to start talking about finances after death. Most of my clients have a very real sense of accomplishment and relief because many have been putting it off for years. I cannot emphasize enough the peace of mind my clients walk away with when we complete their estate plan and they know this important issue has been handled. Make a commitment to yourself and talk to your family today about these issues. Keep it light and do not take it too seriously. Your next call should be to my office and we will put your plans into action.

If you have questions on this or any other estate planning topic, call me at (925) 5164888. East County Family Law Group, 1181 Central Blvd. Ste. A, Brentwood – Advertisement www.eastcountyfamilylaw.com

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