April 2021
Financial Planning

“In this world nothing can be said to be certain, except death and taxes” ~ Benjamin Franklin

What adds even more salt to the wound is when these two things coincide:  when something we have failed to do in planning for the inevitable (or something we did incorrectly) results in leaving behind an estate with a big expensive mess.

Over the course of the next several months, we are going to highlight several estate planning tips from some of the attorneys we have worked with over the years to help you narrow down problem areas in your plan.  Of course, if you have not created a trust or will or put in place beneficiaries, we could start with that being your first priority! 

Most wills and trusts take into consideration the obvious areas of your life to be concerned about.  What they sometimes fail to address are the nuances, those simple things that can make life very challenging for your loved ones when you pass away. 

This month’s priority:  utility bills.  What does that have to do with estate planning you ask?

Well, let us share a cautionary story out of Tucson with a family member whose husband took care of all those pesky bills.  It was only his name on the utility bill.  So when she went to pay the bill, when she went to move the bill into her name – they wouldn’t even talk to her.  In fact, they shut off her electricity in the middle of the summer!  She didn’t have any idea what the online account information was – login or password – and the City of Tucson wasn’t going to help her figure it out.  It took the intervention of one of our state legislators to get the City to come to her assistance and get the utilities turned back on in her name.  An extreme example, to be sure! 

And think about this same scenario; what if she needed to renew a driver’s license right now?  What do they ask you to bring into the MVD as part of your proof of residency…that’s right:  a copy of a utility bill.  All these little details that you never think twice about but suddenly have created a huge hassle.

So your April homework:

1. Check all the account titles on your utility bills (electric, gas, cable, cell phone, Netflix, home warranty) and add your spouse or a responsible adult child to the account.

2. If you have set up electronic payment of these bills, make sure your spouse knows how to access the account, including login and password. And like all online security, make sure you have a safe place to keep this information from unwanted access.

Such a simple thing to do to make life easier for those you love.  Next month we talk about social media!

If you have questions, please contact us.

MARKET UDPATE
COLLEGE AND TAX PLANNING
401(K) ALLOCATION

To download the April 2021 Newsletter: CLICK HERE