In fiction, the reading-of-the-will scene typically sparks drama and intrigue. But in reality, most of us hope our estate plan will have the more humdrum effect of providing for our loved ones with a minimum of fees, fuss or furor. Unfortunately, common estate planning mistakes and misconceptions may undermine our good intentions. Steer clear of the following blunders.
- Having no plan. Without an estate plan, you leave your assets to be distributed according to state law.
- DIY estate planning. A poorly drafted estate plan can leave families in a bigger muddle than no plan at all.
- Unclear estate planning. Be sure all of your assets that pass outside of a will are coordinated with your estate plan to avoid causing confusion.
- Overlooking trusts. A trust is an estate planning tool through which assets are passed directly to heirs.
- Neglecting disability planning. A sound estate plan will provide for the possiblity of your becoming physically or mentally incapacitated.
- Poor communication. Alert the people you've named as trustee, executor or guardian to the role they may one day play.
- Assuming your estate plan is finished. Review your plan annually to make sure that it still reflects your wishes.
You can read more about these 7 Estate Planning Mistakes in the current edition of our Money Wisdom Newsletter.
Attend our free webinar on Estate Planning with attorney Eric Prichard. on Tuesday, May 15th from 12 - 12:45 p.m. The webinar will help you gain a better understanding of these three important aspects of your estate plan.
- Why you should have an estate plan to protect your family's future.
- How a revocable trust often enhances your family's financial security.
- How an estate plan can reduce or eliminate estate taxes.
Eric Prichard is an attorney with Brown & Brown, P.C., a Bedford, Massachusetts law firm where he concentrates his practice in estate planning, probate, elder law and special needs planning. He is the author of numerous articles on elder law and special needs planning and has developed content for several nationally recognized elder law and special needs planning websites. Eric is admitted to practice in Massachusetts and the U.S. District Court, District of Massachusetts, and is an active member of the Massachusetts Bar Association and the National Academy of Elder Law Attorneys.
Remember about 10 years ago when everyone wanted a huge SUV--the giant eight seater, the leg room, the twelve-miles-to-the-gallon fuel economy. I got caught up in all the hype too. In 2002, I bought a Supercharged Nissan Frontier Crew Cab that got a whopping 16 miles to the gallon. Today, I’m driving a Suzuki SX4 Crossover. The combined car payment, additional insurance, and gas for the SX4 adds up to less than just the gas for the Frontier!
My how times have changed.
Today, with gas prices at an all-time high, people are eschewing giant sports utility vehicles in favor of something more sensible--smaller, eco friendly cars. And why wouldn't they? Here are three reasons why driving a more economical car makes sense.
Your pocketbook
The headlines are everywhere: Gas prices are soaring and there's no end in sight.
It's a fact that smaller cars get better gas mileage. And better gas mileage means you get to save more of your hard-earned money for things that really matter--like renting Red Box movies or filling your Kindle Fire with the latest best-sellers.
But that's not all. In addition to saving on gas, here are three other ways driving a smaller car will save you money:
1) Tires. The last set of tires for my Nissan set me back $528. I priced tires for my Suzuki SX4 at $79 each or $316 – a saving of $212. And my Suzuki gets an awesome 32-miles-per gallon, twice that of my truck.
2) General maintenance. Of course it costs a lot more to get a pick-up truck tuned up--there's simply more automobile to be taken care of.
3) Insurance. Here's a general rule that has always held true for me: The bigger the car, the more I've paid in insurance. When I got my Suzuki, my insurance stayed about the same even while upgrading to full coverage and I didn't even need to switch to one of those online insurance providers.
The environment
Driving a smaller car doesn't only save you money, it also saves the environment. Filling up fewer times a month saves fossil fuels. Smaller cars also emit less carbon dioxide into the atmosphere. More economical cars cause less damage to roads and freeways, which reduces the need for so much road construction.
Yes, driving smaller, eco-friendly cars are just plain good for the environment.
Your image
Okay, I can admit it. It’s much cooler to drive around in a nice crew cab pick-up truck. But today, the coolest of the cool--the people in the pages of People magazine, for example--drive eco-friendly cars. And who doesn't want to be like them?
Get some more great tips on how to save money, go green, and be cool from Chrissy Gehlback, our partner with Enterprise Car Sales.
On April 22, 1970, Earth Day was started in San Francisco, California. It's a day that celebrates nature and ways people can help protect it. Each year, America and more than 100 other countries join together to celebrate Earth Day and "go green."
Green spaces such as parks, forests and fields provide places to relax and have fun. They also provide food, shelter, and produce oxygen for cleaner air.
Some ways we can help protect Earth's green places include:
- Re-use bags for buying food at the grocery store
- Recycle cans, bottles, and paper
- Turn off lights when you leave a room
- Use less water when showering and brushing your teeth
- Plant a tree
At Hanscom FCU, we like to help people go green too. There's several ways for you to make a difference on Earth Day and every day. Our members can use online and mobile account access and bill payment rather than driving to a branch or using paper checks. They can even deposit paper checks from home and get statements online instead of in the mail so less paper is used. Using debit cards instead of checks saves paper too.
Finally, we offer a ½% discount on any auto loan for a hybrid vehicle. The rate reduction applies to new or pre-owned hybrids as well as refinanced loans. You get this discount in addition to our ¼% reduction for automatic payment from your Hanscom checking account.
Don't have a hybrid in mind? You can still receive a rate reduction of ¼% for any vehicle with an estimate of 30 MPG or more as determined by the U.S. Department of Energy and published at www.fueleconomy.gov*.
*Combined highway and city.
Hanscom FCU Board Member Ray Phillips braved the sweltering heat to again run the Boston Marathon as Elvis! Even with the unseasonably high temperatures, he and teammate Andy Martin were able to keep their cool and finish strong.
Ray's finish net time was 5hr 59min 58sec. His finish gun time was 6hrs 3min 3 sec. Congratulations Ray!
We'd like to thank everyone who helped us raise over $20,200.00 for the EasCorp Boston Childrens Hospital "Kids at Heart" campaign this year!
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Why would anyone want to pay an ATM fee? Yet last year more than 7.1 billion dollars were spent on ATM fees across the United States.
What are those fees and how do they work? There are two sources of ATM fees.
The first is a surcharge or convenience fee. It is charged by the owner of the ATM itself. These fees appear on the ATM screen. You must enter YES to agree to it. It is withdrawn from your account along with your cash and shows up on the receipt. Many financial institutions reimburse their customers for these fees. Because we are member owned, we have a different philosophy - one that doesn't reward the bad behavior of charging surcharge fees. When Hanscom FCU members access their account from an ATM in our network, they never pay a surcharge.
The second source of ATM fees is a foreign fee that is charged by the issuer of your ATM card. This charge will appear on your monthly statement.
When you use an Hanscom FCU ATM and Check card, you get 10 free transactions per statement period with our Free Checking account, after which, the fee is $1.00 per transaction. With a Premier Checking account, you never pay a foreign fee.
Hanscom FCU has built the largest network of surcharge free ATMs that we know of - over 90,000 ATMs across the country and around the world.
Avoiding ATM Fees is simple and just takes a little bit of planning on your part. Here are three steps you can take to avoid them.
- Plan ahead. Use our All in One Locator to find the surcharge free ATMs nearest your home, office, vacation spot - where ever you are. Type in a zip code, address, or even a famous landmark and instantly see all the surcharge free ATMs nearest you. With a network of over 90,000 surcharge free ATMs we've made it easy to stay in the network and avoid surcharge fees. You can even download directions to your GPS or mobile device.
- Next, don't just grab $20 and go. Plan your spending. Get out enough cash to cover the spending so that you don't have to use an ATM multiple times in one trip.
- And, if you find yourself at the threshhold of 10 transactions per statement period, you can always use your debit card with PIN at a store and get cash back with the purchase. There are no fees for this.
There is really no reason to ever pay an ATM fee again to access your money. Those seemingly little fees do add up over time.
Check out our video to learn about the different types of ATMs, where they come from, and get more tips on how to avoid them.
by Tom Becker, VP Lending
Love your car...hate your payment? You can refinance your vehicle loan and save.
Did you take advantage of the President's Day Sales and purchase a new vehicle? You still love your car, but by now, you've made your first payment and you're thinking, "Can I refinance my car?".
Yes you can! Refinancing a vehicle is quick, easy, and could save you a lot of money each month - which could add up to hundreds of dollars over the life of the loan. Here are a few of the benefits:
- Lower your monthly payment and save hundreds of dollars in finance charges
- Drop your current auto loan rate by 1/2%, 1%, 2% or even more
- Additional discounts available for hybrid vehicles
- No application fee
- No title transfer fee
We've helped hundreds of members save money. We'd like to help you, too. Let us evaluate your current loan and reduce your monthly driving costs. Take advantage of this opportunity using the option that's the most convenient for you:
- Online at www.hfcu.org - Apply in 10 minutes or less and get a decision in 30 seconds.
- By phone - Call us anytime at 800-656-4328 and select option 4. We can serve you 24 hours a day, seven days a week.
- At a branch - For a list of our branch hours and locations, visit www.hfcu.org.
When fees are hidden behind fancy titles or taken in the form of minimum requirements and lessened service, a "free" checking account isn't really free at all.
The title of a Wall Street Journal article of March 1st says it all, "Big Bank Weighs Fee Revamp".
The article goes on to say, "Bank of America pilot programs in Arizona, Georgia, and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account. Other account options being tested in those states carry monthly charges of $9, $12, $15, and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to a memo."
Free checking doesn't mean you'll escape fees. You can still get charged for nonsufficient funds, balance inquiries, and stop payments. Protect yourself by asking for a schedule of fees and compare.
You can still be tempted by the word "free" but watch out for hidden fees, a lack of surcharge free ATMs, higher fees for bouncing a check, and account requirements that can cost you money.
See how our rates and fees compare.
13th Annual Children’s Hospital Pledge Drive
Hanscom FCU Board member Ray Phillips is preparing to run his 13th Boston Marathon – all to benefit over 300,000 patients at Children’s Hospital Boston.
Of the many kids who benefit from the extraordinary pediatric care at Children's, we are particularly grateful for the miracles they have performed on sixteen year old Andy Martin Jr.
Andy has been our patient partner on the Kids at Heart Marathon Team for the last twelve years. During this time, Board Member Ray Phillips and Andy Martin have developed a strong bond by completing the marathon together and are now the longest serving marathon team. In fact, it is Andy's goal to enter the marathon's push-rim wheelchair division when he turns eighteen in 2014.
As part of our commitment to Andy and thousands like him, we have again pledged to raise funds for Children's and the miracles they perform daily. On April 16th Patriot's Day, Ray will run the Boston Marathon and cross the finish line with Andy for the thirteenth time.
If you would like to help support our effort, please click here.