Peoples Bank will be closed on Monday, September 7th in observance of Labor Day. Customers may bank online 24/7 at TheRealPeoplesBank.com. Our offices and customer service center will reopen on Tuesday, September 8th. Enjoy your long weekend!
Most of us could use help finding a way to spend less on having family fun. Here’s a helpful roundup of the best vacation money saving tips we could find.
For decades, families all over the world have done two things to help save money for vacation: set aside a little each month in a special account, and collect all their pocket change in a jar during the year. You would be surprised how much you can save in just a few months or a year.
Another age-old technique is to round up a coupon book. The Visitors’ Center in most destinations offer a trove of discounts for hotels, restaurants and attractions; often you can pick up discount offers at these locations without spending a dime.
Many families visit places offering free admission such as the National Air and Space Museum and National Museum of History in Washington DC. The US National Park Service also has days of free admission; most of their parks don’t even charge admission. (Trivia fact: Only 127 of the 407 national parks usually charge admission.)
Hotel freebies can also save you money. Look for the ones with complimentary breakfast. Most hotels don’t charge for internet service, but if they do, consider finding one that doesn’t, and find out before you book. Some hotel chains offer programs that include kids stay-and-eat-free plans and complimentary refreshments for worn out parents.
How about getting rid of your excess “stuff” to fund a vacation? Yard-sales held on the 1st Saturday of the month tend to do better than those held at other times, and selling items via online sales sites can contribute nicely to a vacation fund.
The best way to save money? Regularly.
By far, the most effective way to save money is to have a plan that you can maintain. For decades Peoples Bank has been helping families save for vacation with automatic draft to savings accounts. Talk to any banker, or use our friendly online banking system to set up a funds transfer plan that works for you. (You can even apply for a savings account online to get started now!) Directing $15 every week into a savings account can add more than $780 in 12 months by the time you factor any interest. See our simple Savings Goal Calculator to get an idea of how a savings plan could work for you.
Saving money for more family fun on vacation doesn’t have to be a lot of work, and doesn’t cost a lot of money. The return on investment can be phenomenal!
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings, and undermine your financial, tax, and estate planning strategies. Planning ahead can ensure that your health-care wishes will be carried out, and that your finances will continue to be competently managed.
Should you become incapacitated without the proper plans and documentation in place, a relative or friend will have to ask the court to appoint a guardian for you.
It could happen to you
Incapacity can strike anyone at any time. Advancing age can bring senility, Alzheimer’s disease, or other ailments, and a serious illness or accident can happen suddenly at any age. Even with today’s medical miracles, it’s a real possibility that you or your spouse could become incapable of handling your own medical or financial affairs.
What if you’re not prepared?
Should you become incapacitated without the proper plans and documentation in place, a relative or friend will have to ask the court to appoint a guardian for you. Petitioning the court for guardianship is a public procedure that can be emotionally draining, time consuming, and expensive. More importantly, without instructions from you, a guardian might not make the decisions you would have made.
Advanced medical directives
Without legal documents that express your wishes, medical care providers must prolong your life using artificial means, if necessary. With today’s modern technology, physicians can sustain you for days and weeks (if not months or even years). To avoid the possibility of this happening to you, you must have an advanced medical directive.
There are three types of advanced medical directives: a living will, a durable power of attorney for health care (or health-care proxy), and a Do Not Resuscitate order (DNR). Each type has its own purpose, benefits, and drawbacks, and may not be effective in some states. You may find that one, two, or all three types of advanced medical directives are necessary to carry out all of your wishes for medical treatment. Be sure to have an attorney prepare your medical directives to make sure that you have the ones you’ll need and that all documents are consistent.
A living will allows you to approve or decline certain types of medical care, even if you will die as a result of the choice. However, in most states, living wills take effect only under certain circumstances, such as terminal injury or illness. Generally, a living will can be used only to decline medical treatment that “serves only to postpone the moment of death.” Even if your state does not allow living wills, you may still want to have one to serve as an expression of your wishes.
Durable power of attorney for health care
A durable power of attorney for health care (known as a health-care proxy in some states) allows you to appoint a representative to make medical decisions for you. You decide how much power your representative will have.
Do Not Resuscitate order (DNR)
A DNR is a doctor’s order that tells all other medical personnel not to perform CPR if you go into cardiac arrest. There are two types of DNRs. One is effective only while you are hospitalized. The other is used while you are outside the hospital.
Protecting your property
Without someone to look after your financial affairs when you can’t, your property could be wasted, abused, or lost. To protect against these possibilities, consider putting in place a revocable living trust, durable power of attorney (DPOA), or joint ownership arrangement (or a combination of any or all options).
Revocable living trust
You can transfer ownership of your property to a revocable living trust. You name yourself as trustee and retain complete control over your affairs. If you become incapacitated, your successor trustee (the person you named to run the trust if you can’t) automatically steps in and takes over the management of your property. A living trust can survive your death. There are, of course, costs associated with creating and maintaining a trust.
Without someone to look after your financial affairs when you can’t, your property could be wasted, abused, or lost.
Durable power of attorney (DPOA)
A DPOA allows you to authorize someone else to act on your behalf. There are two types of DPOA: an immediate DPOA, which is effective immediately, and a springing DPOA, which is not effective until you have become incapacitated. Both types of DPOA end at your death.
A DPOA should be fairly simple and inexpensive to implement. However, a springing DPOA is not permitted in some states, so you’ll want to check with an attorney.
A joint ownership arrangement allows someone else to have immediate access to property and to use it to meet your needs. Joint ownership is simple and inexpensive to implement. However, there are some disadvantages to the joint ownership arrangement. Some examples include: (1) your co-owner has immediate access to your property regardless of incapacity, (2) you lack the ability to direct the co-owner to use the property for your benefit, (3) naming someone who is not your spouse as co-owner may trigger gift tax consequences, and (4) if you die before the other joint owner, your property interests will pass to the other owner without regard to your own intentions, which may be different.
How is incapacity determined?
Incapacity can be determined in one of two ways:
- Physician certification – You can include a provision in a durable power of attorney designating one or more physicians who will make the determination. Or, you can state that your incapacity will be determined by your attending physician at the relevant time, whomever that might be.
- Judicial finding – The court may be petitioned to determine incapacity. After a proceeding where medical and other testimony will be heard, a judge will decide whether you are incapacitated according to the legal standards in your state.
Contact our Peoples Investment Services, Inc. representative at 828-464-5620 or www.raymondjames.com/PeoplesInvSvcs. This information, developed by an independent third party, has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other government agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015
In some circles, the debate over college education can be volatile and has all the features of a gripping novel: huge financial stakes, strong emotions from hormonal teenagers (and their equally hormonal parents), and the very real potential of short- and long-term success or ruin. And that’s leaving out the different ways that parents, children and other interested parties even define success or failure.
Peoples Bank wants to be the benevolent and grandfatherly influence here, so while not taking up the debate, we do want to offer some suggestions that will help reduce the emotional and financial stress that choosing a college can bring to your family.
The ACT compiled a helpful web page about choosing a college with five simple steps. (Yes, the same ACT who stressed you out from elementary thru high-school with their “assessment tests”. This is them making it up to you.) Of the five steps, four include very good information that we think help not only make the process more efficient, but help you feel good about taking the fifth and final step, “make the final decision”. You should review the website when you have time, but here are some highlights from it:
- The first step is the Identify Important Factors in Choosing a College, making a list of items to consider when evaluating and comparing different college options.
- One of the resources on this site is the “Career Planning Process” within the Think About Your Reasons for Going to College step, which includes the comment “decide what you want from life and use college as a tool to help you get there”.
- In the List and Compare step, they include the ACT Profile tool to help you collect information about colleges, rank them, and suggest you talk to professionals in the field you’re interested in to see what they have to add to the discussion about college.
- Questions to Ask on a Campus Visit step has some useful questions, such as asking students if they could register for the class they want, and how successful graduates are at finding a job.
Choosing a college is often a tough process for a family. The decision process itself is not the only complicated thing, so are the environmental variables. The cost of a college education takes one’s breath away. And it’s not like a college degree can guarantee a job these days. Added to the mix is that a whole lot of people have found better alternatives in trade school or technical school enrollment. Recently The Simple Dollar updated their blog post on just this issue, “Why You Should Consider Trade School Instead of College”. Famously, some of the world’s richest and most successful people never finished college. There is even a website devoted to the famous, rich and successful people who were high school or college dropouts.
Peoples Bank knows how hard it is to make and then execute the decision about college. We know that money is just one part of the equation. So, while we have people standing by to help you with the family’s financial matters, we will continue to support you and your family in its effort to thrive and be happy, no matter what. That is what you should expect from a bank for Real People.
For more information, see these helpful links:
- How to Choose a College (the ACT): http://www.actstudent.org/college/choosing.html
- Ways to Minimize the Borrowing Costs for College: https://blog.peoplesbanknc.com/ways-to-minimize-the-borrowing-costs-for-college