Dealing with Unexpected Death

By
Mike Loo, MBA
October 11, 2018
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How much time have you spent thinking about your future death? If you’re like most people, probably not much. Thinking about your death or that of a loved one can bring up plenty of unpleasant emotions, but having a plan to take care of the details can ease some of the stress in a time of grieving. So if you’ve lost someone close to you or just want to create a plan for the future, follow this checklist to help you deal with the financial side of an unexpected death.

Organize Documents

In the aftermath of a loved one’s passing, his or her will is not the only document you will need. In order to do things like request benefits or change the name on car titles, you will also need copies of the following:

Birth certificate

Death certificate

Marriage certificate

Social Security card

Automobile titles

Property Deeds

Insurance policies

Bank, investments, and retirement account statements

If you want to plan ahead, ask yourself: Do you have an organized filing system, or are all your important documents strewn about in different places? As you organize your family’s documents, make sure the appropriate people have access to the information they will need in the event of an unexpected death.

Notify The Appropriate Contacts

There are a few people you will need to contact who will be able to help you through the process of taking care of the deceased’s finances. As soon as you are able, reach out to their financial advisor, insurance agent, attorney, and accountant. These professionals are trained to know how to handle an unexpected death, and they will be able to direct you to the right sources of information and help you make the best decisions possible.

Take Care Of Immediate Financial Needs

When someone close to you dies, there are many time-sensitive tasks that need to be taken care of. These tasks often have a financial element involved. For example, when making funeral arrangements and covering burial expenses, be sure to review life insurance policies and look for any pre-arrangement details or last wishes the deceased may have left. Some expenses may be covered, which will save you a financial headache. Speak to the deceased’s financial advisor to see if there are any easily accessible funds set aside for bills or debt payments that cannot be deferred.

Review Benefits

Surviving family members may be entitled to certain benefits, such as Social Security benefits and perhaps pension benefits, life insurance, and annuities. Contact the human resources department of the deceased’s employer, who can explain and document the following benefits that may be available to you, including:

Life insurance

Healthcare, or extended healthcare coverage through COBRA

Compensation due, such as stick options or unused vacation pay

401(k) or pension

Depending on your relationship to the deceased, you may need to apply for Social Security survivor benefits, update insurance beneficiaries, and apply for settlement.

Manage Their Estate

Finances can get messy when someone dies. Our financial lives can be complicated, so use this list as a starting point for closing accounts, updating information, and taking care of the countless details. Look into whether the deceased had any of the following accounts and contact the institution:

Checking Account

Savings Account

Brokerage Account

IRA

401(k)

403(b)

Health Savings Account

Flexible Spending Account

College Funds

Don’t forget about debts. Debts don’t disappear when someone passes away. Investigate the following and make sure those who are now responsible for these debts are aware of the creditor’s name, outstanding balance, name on the debt, loan terms, and the amount, timing, and method of payments.

Mortgage

Home Equity Line of Credit

Automobile Loans

Personal Loans

Student Loans

Credit Cards

Make sure you don’t forget about recurring household expenses, such as utilities, and how and when to pay them: .

Property Taxes

Electricity

Sewer

Water

Natural Gas

Garbage

Telephone

Cable TV

Internet Service

Landscaping

House Cleaning

Homeowners Association Dues

Other organization membership dues

Work With A Trusted Advisor

Handling the details after the death of a loved one can be overwhelming, but you don’t have to do it alone. Financial professionals are experienced with these situations and can guide you through the steps that apply to your unique circumstances. They will not only help you take care of pressing problems and concerns, but can also help you feel more secure in a time of financial change. A financial advisor can make sure your affairs are in order, update your financial plan, and implement appropriate strategies to help you stay on track financially.

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By
David McDonough
September 23, 2019

There have been countless news stories about how Millennials are different than previous generations, including their relationship with debt. The principles on debt – the difference between good and bad debt and how to make sure your money works for you – haven’t changed. What has changed are the ways to prepare for retirement and the mountains of student debt that many millennials are struggling under. This large debt slows down their ability to build toward their financial independence, which is a road that many have to pave on their own.

First off, preparing for financial independence has changed. One’s golden years are no longer secured by a pension. More and more people are accepting that preparing for retirement rests solely on their shoulders. The look of retirement has changed as well, with some expecting to continue working because they want to, not because they need to, as well as some embracing the FIRE movement and planning to retire well before 65. For many, the financial landscape that people are planning for has changed.

One of the things that hasn’t changed is what we have historically considered “bad debt”. Credit card debt, high car payments and other depreciating assets, can be harmful to your bottom line. These expenses don’t increase your net worth and often simply distract you from your long-term goals of financial independence. It’s a good idea to keep expenses in this category to a minimum.

Good debt, on the other hand, is money you borrow to ultimately increase your wealth. Historically, student loans for higher education and real estate have fallen under this category as they were seen to be investments that would bring sizable returns in the future. As with any investment, though, you need to critically examine your likely return to make the right decisions. If you are looking at taking student loans for higher education, the goal is for that education to secure a position that will provide you a greater salary. However, if you take out a $100,000 loan to enter a profession that generally generates an annual $40,000 salary, which doesn’t seem to be the best return on your investment. This is the lesson Millennials are laboring under. With $1.5 trillion in outstanding student loan debt[i], Millennials are struggling to make ends meet, let alone build for the future.

Like a series of dominoes, consequences of financial decisions can be far-reaching. Yes, real estate can be a building block to your financial freedom. Yet, many Millennials are delaying buying a home due to their significant outstanding student loan debt[ii]. Additionally, if you’re looking to buy a house that requires a mortgage that leaves you with little funds to contribute to savings or other investments, it may no longer be a good debt option.

In the end, everyone should be looking for ways to invest in their future. You need to be mindful about your money and how it’s working for you. While it’s good to make sure that you’re not throwing your money away, you also want to make sure that your debt is worth the expected rate of return. Everyone has multiple goals, both short-term and long-term. If you plan the right way, you can make sure that the money you have today can work for your dreams for tomorrow.

[i] https://www.cbsnews.com/news/student-loan-debt-i-had-a-panic-attack-millennials-struggle-under-the-burden-of-student-loan-debt/

[ii] https://www.forbes.com/sites/ellenparis/2019/03/31/student-loan-debt-still-impacting-millennial-homebuyers/#6a8ff1073e78

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.

By Trilogy Financial
August 1, 2023

A romance scam, also known as an online dating scam, is when a person gets tricked into believing they’re in a romantic relationship with someone they met online, when in fact their other half is a cybercriminal using a fake identity to gain enough trust to ask — or blackmail — them for money.

Oftentimes, a romance scammer starts on dating sites or apps. But scammers have increasingly started finding targets on social media, too.

After connecting with someone through a fake profile, the scammer will strike up a conversation and start building a relationship by regularly chatting with them. Once they start to trust the romance scammer and believe they have a truthful relationship, the cybercriminal will make up a story, ask them for money, and vanish.

Types of Romance Scams

Some of the most common internet dating scams include:       

Fake Dating Sites: Scam dating sites claim to be legitimate but are actually filled with scammers or underpopulated. These websites are created to mine your information.

Photo Scams: Scammers will convince their target to send their personal information in exchange for intimate photos.

Military Romance Scams: The scammer will pose as a military member, likely deployed. They build trust by using military jargon and titles, then ask for money to cover military-related expenses, such as flights home.

Intimate Activity Scams: The scammer connects with their target on multiple social media websites. Once they become closer, the scammer convinces them to undress and then threatens them with the recordings.

Code Verification Scams: Scammers will send a fake verification code through email or text, posing to be a dating app or website. Once clicked on, it will ask for their personal information, including Social Security number and credit cards.

Inheritance Scams: Scammers will make their target believe they need to get married in order to get their inheritance. In this case, they will ask them to help pay for something like airfare.

Malware Scams: Malware is also common on dating sites. In this case, the recipient will interact with a scammer who sends them a website that looks legitimate; however, it's a page that includes malware.

Tips To Avoid Losing Money To a Romance Scam

  • Protect yourself and older loved ones by raising awareness. Although this can be an uncomfortable topic, make sure you, your family and your friends are familiar with romance scams. The more you know about these scams, the better prepared you are to prevent being a victim.
  • Check in on older loved ones. Scammers are seeking to target those living alone or grieving the loss of a spouse as they are more vulnerable.
  • Limit what you share online.Scammers can use details shared on social media and dating sites to better understand and target you.
  • Do your research.Research the individual’s photo and profile using online searches to see if the image, name or other details have been used elsewhere.
  • Go slowly and ask lots of questions.Don’t let the individual rush you to leave a dating service or social media site to communicate directly.
  • Listen to your gut.If the individual seems too good to be true, talk to someone you trust.
  • Don’t overshare personal information.Requests for inappropriate photos or financial information could later be used to extort you.
  • Be suspicious if you haven’t met in person.If the individual promises to meet in person, but consistently comes up with an excuse for cancelling, be suspicious.
  • Don’t send money.Never send money to anyone you have only communicated with online or by phone.

Think you’ve been scammed?

  1. Stop communicating with the individual immediately.
  2. Talk to someone you trust and describe what’s going on.
  3. Report the incident to local law enforcement.
  4. Submit a fraud complaint with the Federal Trade Commission.

Dating scams can have devastating consequences on individuals seeking love and companionship online. It's crucial to be aware of the red flags and take necessary precautions to protect yourself from falling victim to these fraudulent schemes. Even if it’s too late to recoup losses, details may help others from becoming a victim.

 

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