Blog   Tagged ‘financial planning’

Summer InSight: Retirement, Cash Flow, Loans and the Economy

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Summertime marks the mid-point of the year, so now is a good time to take a moment to check in on your full financial picture, including a review of your goals and progress you’ve made toward milestones. Statistics show almost four million Americans anticipate retiring in the next 15 years, and there are key considerations that can help anyone prepare, whether retirement is right around the corner or 20 years away.

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We encourage everyone to have a solid plan for retirement, which begins with understanding your core numbers: anticipated age of retirement, how much income you’ll need to maintain your current lifestyle after retirement, and the value of your assets and cash savings. Having a clear picture of your current and future states makes establishing priorities simpler. Keeping these numbers in mind as you make other financial decisions ensures your goals and choices remain in alignment.

While retirement planning is critical for your future, there will always be plenty of present-day matters to attend to. This issue of InSight covers several topics related to life events and the economy. Beth Brown, senior vice president and senior wealth advisor, discusses steps to consider when you are faced with an unexpected financial windfall to help ensure your plan supports your objectives. Shelly Addington, vice president and private banking client manager, provides an educational construction loan overview, including what you can expect from the process from start to finish. And KC Mathews, UMB Bank executive vice president and chief investment officer, delivers an economic analysis that covers the impacts of political and policy shifts.

For more details on these and other financial matters, read the full Insight issue or visit our Private Wealth Management page.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services for consumers across UMB's footprint. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Dana earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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Money mistakes newlyweds should avoid {infographic}

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With the annual summer wedding season behind us and the fall season kicking off, here are 6 money mistakes newlyweds should avoid.
budgeting advice for married couples

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Estate planning and how to avoid probate

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probate and wills

In a recent blog post, we discussed what might happen if you pass away without a will and what might happen with a will. When you pass away owning property in your sole name (regardless of if you have a will or not), your assets might need to go through probate in order for your heirs to inherit your property. Having a will does not avoid probate—it just determines who will receive your property. If you die owning property in your sole name without a will, your estate still passes through probate—but who receives your property will typically be determined under the laws of the state where your primary residence is at your date of death (the “intestacy laws”).

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Probate is a court process to provide for an organized way of winding up a deceased person’s affairs. During this process, a personal representative or executor is appointed by the Probate Court to supervise the collection of your probate assets, payment of your final bills and taxes, and distribution of your assets according to either your will or the intestacy laws. This may or may not be what you intend and might be more expensive than if you made other plans in advance.

Avoiding Probate

There are ways to distribute your property at your death according to your wishes without going through probate. While the techniques might vary from state to state, these typically include:

  • titling property jointly with another (“joint tenants with rights of survivorship”)
  • creating a beneficiary deed for real estate
  • adding a “transfer on death” or “pay on death” designation to assets, such as bank or investment accounts, or by beneficiary designation for assets such as your retirement plan, IRA or life insurance
  • creating a “revocable” or “living” trust and retitling your assets in the name of your trust

The trustee holds the legal title to the property owned in the revocable trust, not you as owner. The trust property is held by the trustee for your benefit during your lifetime.  You can choose to serve as your own trustee as long as you are able. At your death, the property held in the trust is distributed by the successor trustee of the trust to those family members, friends or charities you name in your trust agreement, similar to the instructions you can leave in your will.

A Living Trust

There are many advantages to creating a living trust:

  • Control: You can be your own trustee during your lifetime and then you name a successor trustee (such as a bank) to serve after you cannot or do not wish to serve.
  • Flexibility: You can typically change the terms of the trust at any time while you are living. If you become disabled, your successor trustee can step in and pay your bills, manage your investments and allow you to avoid “living probate” where otherwise a court appointed conservator might be needed to manage your affairs. You can create trusts for your minor children or grandchildren to be created after your death, hold assets in further trust for disabled or disadvantaged beneficiaries and even create trusts for charities.
  • Privacy: The terms of the trust and its assets and values are typically private, unlike a probate proceeding, which is a public matter where your will (if any) and list of assets are filed with the court and open to inspection by anyone.

Your living trust would be part of your overall estate plan, which would likely include a “pour over will” (just in case assets weren’t retitled into your trust’s name at your death), powers of attorney for financial and healthcare decisions and a living will.

 

Be sure to consult with an experienced estate planning attorney to discuss what estate plan is right for you under the circumstances.  We also recommend discussing your options with a wealth advisor who can assist you with your financial goals, working together with your attorney and other trusted advisors.

 

 

UMB is not providing you with any legal or tax advice.  You need to consult with your own legal and tax advisors to determine what estate plan is best for you and how the laws of the state governing your estate might affect you given your specific circumstances.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Teson is a Senior Vice President and Private Wealth Management’s Senior Legal Counsel at UMB Bank. She is responsible for managing Private Wealth Management’s Legal, Fiduciary Tax and Real Estate and Unique Asset teams. She joined UMB in 1992 and has been a licensed attorney for 32 years. She is also a Certified Financial Planner.



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Benefits of a will

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A will allows you to protect and distribute your property owned by you at your death* through a written legal document. By detailing who should inherit what, you try to ensure that your possessions are distributed by your wishes, rather than state laws.  Remember, having a will does not mean that your estate will avoid probate.
Benefits of Having a Will

*Your will only affects property owned by you at your death titled in your sole name. It typically does not affect property which is owned as joint tenants with rights of survivorship, which passes by beneficiary deed or designation, including “Pay on Death” or “Transfer on Death,” or which is owned by a trust.

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UMB is not providing you with any legal or tax advice.  You need to consult with your own legal and tax advisors to determine what estate plan is best for you and how the laws of the state governing your estate might affect you given your specific circumstances.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Teson is a Senior Vice President and Private Wealth Management’s Senior Legal Counsel at UMB Bank. She is responsible for managing Private Wealth Management’s Legal, Fiduciary Tax and Real Estate and Unique Asset teams. She joined UMB in 1992 and has been a licensed attorney for 32 years. She is also a Certified Financial Planner.



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UMB Insights: Funding a Trust

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We’ve already walked you through the process of estate planning. Today, we’ll explain how to fund that trust and give you an important reminder to update it as your life changes.

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Ms. Gattis joined UMB in 2009. As a Senior Financial Planner, she is responsible for working with clients to insure that they are finding a solution to reaching their unique financial goals. Ms. Gattis has 20 years of experience in the financial industry. Prior to joining UMB, she served as a Private Client Manager for US Trust. Ms. Gattis earned Bachelors in Human Resource Management and Masters in Business Administration degrees from Wichita State University.



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