The right tools for the job.
Think about all the time you’ve wasted and the stress you’ve felt trying to find bills, statements, and receipts. An easy way to solve this problem is to keep all of your financial papers in a file cabinet, separated by category. Name and organize the categories in a way that makes sense to you. Here are a few suggestions to get you started:

• Brokerage account statements
• 401(k) plan statements
• Bank statements
• Payroll statements
• Tax returns and information
• Receipts
• Retirement account documents
• Mortgage or lease agreements
• Loan documents
• Credit card statements
• Insurance policies
• Bills (separated into “to be paid” and “paid”)

Your filing system can be as complex or as basic as you like. You may decide to create subcategories within your file folders or simply stick with a few general categories. And, don’t forget to keep those receipts for tax purposes. The 2015 tax season could be easier if you get organized now.

To cut down on the amount of paper you have to organize, consider taking advantage of an electronic filing cabinet for account statements and other documents. Your financial advisor or tax professional may have such a system in place. Remember, keep it simple! Whatever filing method you choose, the system has to work for you in order to work at all.

Get into the habit. Once you have a place for everything, take time to gather all of your documents and put them in the right spot. As you receive bills and statements, be sure to file them promptly. You may discover that keeping track of your bills encourages you to take a closer look at your expenses. Plus, having all of your documents handy when tax time rolls around is priceless!

Here are some tips to help you stay organized in a few key areas:

• Your bills. For recurring bills, you may find it worthwhile to set up automatic payments online with your bank. Just remember to track these payments as you would any other transaction. Making a list of your automatic payments and storing it in your filing system is a smart move. Try placing reminders on your calendar so you remember to pay bills on time to avoid late charges or delinquent entries on your credit report. If you have many bills due at the same time every month, consider saving ahead so you have enough cash on hand when needed. Managing your debt and paying off credit cards monthly goes a long way to creating financial freedom.

• Your will. Although you might try to avoid thinking about your will, it’s important to keep it up to date in case the unexpected happens. Store the original in a safe as copies are not enforceable. Keeping your will with birth certificates, marriage certificates, life insurance policies, and other such documents will help you keep track of them. Consider purchasing a fireproof safe which you can keep in your home and be sure to inform a family member of its location. Depending on the size you need, they are priced at about $20 and go up to about $100, and can be purchased at a local office supply store or online.

• Your advisors’ information. To save yourself time searching for their phone numbers, create a list of contact information for your professional advisors, such as your financial planner or investment advisor, attorney, and accountant. Consolidating this information will also help your loved ones locate important numbers in case of an emergency.

Stick with it!

Getting organized may seem like a daunting task, but devoting a bit of time to it each day will benefit you in the long run. Soon, you’ll find that organization has become a habit, and you won’t want to return to the stress of a cluttered financial life. While it may take a few hours to get started, in the end organizing your documents frees up your time and energy to focus on doing the things you enjoy. Maintaining integrity around your finances can give you the freedom to start impacting your savings goals — or completing some of those other resolutions!

Beth Jones, RLP®, AIF®, CeFT ™ is a Certified Financial Transitionist, a Registered Life Planner and independent Financial Consultant with Third Eye Associates, Ltd, a Registered Investment Adviser with offices in NYC, Washington, DC and New York’s Hudson Valley.

She can be reached at 845–752-​​2216 or at:
www​.thirdeyeassociates​.com. 

In an attempt to shed some light on the subject, Roll recently spoke with  RosaLee Charpentier of Family Advocates in Kingston, NY, who kindly agreed to respond to a few questions.

Firstly, RosaLee, can you tell us: What is Elder Law?

It’s an area of an attorney’s practice that focuses on legal issues affecting older persons?

Can you give us some examples?

The list is long. I can start by saying that it includes legal issues relating to the multitude of government, insurance and assistance programs serving older people. Some have income requirements, including Social Security, SSI, SNAP, HEAP, VA Benefits, Temporary Assistance, STAR, Medicare and Medicaid. There are others, of course, and you have to be clear about what the acronyms mean. It also includes future-care planning and advanced directives, each containing several important legal topics ranging from long-term care, asset and income protection, to estate planning, wills, health care proxies and the NYS Durable Power of Attorney. Finally, it includes the same legal issues confronted by everyone: consumer issues, fraud and hospital patients’ rights.

That’s quite a list. What do you focus on in your practice?

All of it. Because I’m a lawyer, I start with an inquiry into why the person has come to me: who referred them, what questions do they have and why do they think they need legal advise. Then, I like to do a brief assessment of the individual’s situation in several areas; health and personal well-being, socialization and family contacts, employment and economic status and hopes or dreams for the future. After that it’s really about providing information and advice on specific topics of interest or need.

What needs to be done to protect oneself or one’s loved one when getting older and at what age?

That’s really a two-fold question. First, we have to determine who is being represented by the lawyer; the young person who is concerned about the senior or the senior citizen? The answers are often quite different depending on whose interest the lawyer is serving, especially when it comes to asset protection, long-term care and estate planning. Your second inquiry relating to when does Elder Law become relevant to you is answered by simply saying “it depends”. Some things, such as advanced directives, health care proxies and wills, can be appropriately addressed at any age. We are all subject to life’s twists and turns and having prepared yourself legally for such things never hurts. It’s the crystal ball we’re lacking but, from a legal point of view, whenever you have something to protect, you are best-advised to be ready and plan ahead. I made my first will when I bought my first house. I had just turned thirty. I’ve changed it since then to correspond with new needs and circumstances. Other things, like understanding Medicare and Medicare buy-in programs, become relevant when we’re in our sixties and generally around retirement. It never hurts to get advice early, be thoughtful and prepared. Waiting until the last minute nearly always produces a sad or misdirected outcome.

Where does one look for Elder Law advice?

There are lots of options and more popping up every day. You can certainly use the internet or yellow pages to find a full range of private attorneys. You can call your local or State Bar Associations that all offer lawyer referral and information services; sometimes there is a small fee for a first consultation. You can call your County or State Offices for the Aging. These agencies offer a great source of information for anyone interested in Elder Law and may even have an attorney on-staff to answer basic questions or provide direct advice; each county is a little different.

And finally, RosaLee, how does one find you?

Yes, Thank you, I work at the non-profit agency Family Advocates, Inc., located in the YWCA at 209 Clinton Avenue, Kingston, NY. It’s our goal and mission to provide individualized legal advice and representation to senior citizens in the Hudson Valley with an emphasis on independence and empowerment. I look forward to helping anyone with legal questions or needs relating to older New Yorkers. I can be reached at (845) 339‑8080 or rlc831@earthlink.net.

The featured image is by renowned illustrator Elwood H. Smith 

RosaLee Charpentier is Executive Director and Lead Attorney of Family Advocates. She has been practicing law since 1986. It was Ms. Charpentier’s vision that lead to the creation of Family Advocates in 1995.

Spring is in the air.  As the flowers come into bloom and the temperature ticks upward, you may experience a feeling of renewal. That’s often what spurs people to do their spring cleaning—a great idea.  But while you’re at it, why not do some cleaning in your financial life as well?  Even if you recently took a look at your finances as you prepared for tax season, there may be some items that could use attention.  Following, are some commonly neglected areas:

Emergency fund

If you don’t have one, starting an emergency fund should be on the top of your spring cleaning to-do list.  Some say you should have three months of expenses readily available in case you and your family encounter the unexpected such as a job loss or large expense. It may take longer to find employment or to recover from a financial setback in the current economic environment, so you may want to increase your savings to six months of expenses.

I don’t like “formulas” and recommend you take a look at your life to determine what is the appropriate amount for your emergency fund.  What are your fixed expenses, excluding discretionary spending?  Are there any expenses that you pay once a year?  Do you expect to replace any large ticket items in the next year?  By planning ahead, you can be better off having an emergency fund and never needing it than to experience the reverse scenario. This really paid off in 2008 and 2009 when the economy took a dramatic nosedive.

Credit cards

Review the terms and conditions of your credit cards.  Legislation that took effect in July 2010 caused credit card companies to alter their business practices.  Across the board, interest rates have increased and some credit limits have dropped.  In addition, some card companies have begun to charge additional transaction fees and implemented new service charges.  These seemingly small changes can add up to real money, so you want to be aware of them.

You were likely notified of changes impacting your cards, but if you’re like many people, you probably didn’t pay attention to the notice you received.  While card companies must disclose changes to their terms prior to enactment, it’s your responsibility to review the terms to stay informed.  You may also find them on your bank website or obtain them by calling its customer service department.

You may discover that you’re not happy with the new terms of some cards.  Your first instinct may be to terminate the agreement, but be careful about hastily closing accounts.  This can lower your credit score, especially if you close older accounts with lengthy credit histories.  Rather than close an account, use the card for small purchases and pay off the balance quickly.  This will maintain your credit score and keep the card company from closing your account for nonuse.  In some instances, you may be able to negotiate better terms.  Check with your bank to find out.

Bank fees and services

Banks have new rules limiting what they can charge for certain services (e.g., overdraft protection and fees).  As a result, many have instituted new charges or increased others to make up for potential profit loss.  Your bank may have quietly announced some new or higher fees that you may not be aware of.  Of course, it’s a good practice to read all bank notifications carefully, but you can catch up now by looking into whether your bank has instituted or increased monthly maintenance charges, check and deposit return charges or ATM/electronic fund transfer fees.

Review every account, even if they all reside with the same bank.  The terms can vary from institution to institution and from account to account within the same institution.

Credit report and score

A good credit rating can be critical.  Businesses inspect your credit history when evaluating your applications for credit, insurance, employment, and even leases.  With so much in the balance, it is important to check your credit report for accuracy at least annually and to watch for credit fraud.

Fortunately, it’s easy to check your report, as you are entitled to one free annual report from each of the three major credit reporting agencies—Equifax, TransUnion, and Experian. You may consider using a website such as www.annualcreditreport.com to gather this information, but be sure you choose a site that doesn’t charge you for the report itself.  You may also use a credit monitoring service or site, but be wary of the terms of service.  Read the fine print!

Investments and Insurance

Take the pulse of your financial accounts regularly.  This includes reviewing your investments, insurance policies, annuity contracts, retirement plans, and educational savings accounts.  Are you on track to achieve your goals?  Do you need to make adjustments?  Discuss your investment allocation, risk tolerance, and objectives with your trusted professional adviser.  If you don’t have one, make this the year you get a trusted adviser.

Review your beneficiaries once a year to be sure they are up to date.  Financial life spring cleaning may take some effort, but checking these off your list will free you up to enjoy the season. You’ll feel relieved, knowing that you’ve taken important steps to secure your economic future.

Beth Jones, RLP^® is a Registered Life Planner and independent Financial Consultant with Third Eye Associates, Ltd, a Registered Investment Adviser located at
38 Spring Lake Road in Red Hook, NY.
She can be reached at 845.752.2216 or  www.thirdeyeassociates.com. 

Matt Taibbi by Griffin Lotz/Rolling Stone

With his wife of 52 years, Sandy Lewis, 74, runs Lewis Family Farm, the only USDA-certified grass-fed organic farm in the nation; the farm is cow/calf. As such, Lewis breeds, raises, and markets organic, grass-fed beef. For decades, Lewis was a successful block trader, arbitrageur, investment banker, and consultant, influential on Wall Street and in Washington. He was known for his work with the Securities and Exchange Commission (SEC). He was fired by some of Wall Street’s most reputable firms: Salomon Brothers & Hutzler, White Weld & Company, Dean Witter & Company (for appearing on the McGovern national letterhead, no less), and from Merrill Lynch for defying his CEO at the White House and SEC. From his own firm, he initiated and negotiated the merger between American Express and Shearson Loeb Rhoades, as covered in The Year They Sold Wall Street (Houghton Mifflin, ed. Nan Talese). In 1977, he was consultant to the SEC and helped the chairman run the market structure hearings of that year. In 1980, he founded S B Lewis and Company, a general and limited partnership and member of the NYSE, which had meteoric returns for 10 years and established Lewis as one of Wall Street’s most brilliant investors.

All the while, he continued to call for transparency on Wall Street and spoke against corruption. In 1989, Lewis pleaded guilty to three criminal counts and was barred from Wall Street for life. President Clinton pardoned Lewis on his last day in office, the only time in history a Wall Street figure has been pardoned by a president. In 2006, the SEC vacated Lewis’s lifetime ban in its entirety, another unique action, after a related injunction was vacated by U.S. District Judge William C. Conner, who had placed it at the SEC’s request in 1990. Conner described Lewis’s actions as “market vigilantism in which Lewis in no way personally profited,” and wrote, in his decision, that “federal regulations now outlaw the very practice that his actions were designed to thwart.”

Lewis has written for the New York Times, Bloomberg News, and other leading publications, and has worked with journalists since 1970 to shine a light on practices he will discuss at Bard. Today, he argues that our financial system needs an overhaul. From banking fraud to grass-fed beef, from market structure to the care of the most emotionally disturbed children, Sandy Lewis will speak from his heart and with candor. From age 10 to 16 Lewis was with Bruno Bettelheim at The Orthogenic School of The University of Chicago, where he worked for a year after his stay. Bettelheim was known for his work with the most disturbed. Lewis is an expert in teen addiction and founded the nation’s most successful treatment center in Mendham, New Jersey. Lewis speaks with authority and force.

For more information please call 845 758 7649

Featured image by Fred Conrad for the New York Times

If you’re still managing your finances the old-fashioned way, you could be missing an opportunity to invest in the future of the planet. Following are some easy strategies for nurturing a cleaner, healthier environment.

INVESTING IN A GREEN FUTURE

Most people tend to do things the same way and are slow to change, but consider the environmental impact of continuing business as usual. The amount of wasted paper generated by bills and bank statements alone is staggering. A recent Javelin Strategy and Research report described the financial paper chain from U.S. households as being long enough to stretch around the globe more than 200 times.

Consider the potential benefit of all those households opting for electronic bill paying and banking. According to a study by Javelin Strategy & Research, “2007 Online Banking and Bill Payment,” all-green financial transactions could:

• Reduce greenhouse gases as much as the removal of 355,000 cars from the road.
• Save enough energy to supply electricity to all residences in San Francisco for one year.
• Eliminate enough solid waste to fill 56,000 garbage trucks.

BEING GREEN IS EASIER THAN YOU THINK

We have an urgent need to reduce waste. Switching to paperless transactions is a pretty simple way to do a lot of good. In most cases, green financial practices provide practical benefits, too. Online financial management not only minimizes clutter but also provides access to tools that promote efficient, organized money management.

1. Online banking—Using electronic statements and debit cards can conserve tons of paper, and they can save you lots of time and trouble. You can track your balances in real time on your bank’s web site and transfer funds from your desktop. If a debit card is not your style, order checks made from recycled paper (www.checkgallery.com). Direct deposit saves paper and cuts down on trips to the bank, and direct deposit paychecks generally clear faster.

1. Electronic bill payment—You can arrange online payments with most banks today. Bills from public utilities, mortgage and credit card companies often note the availability of this option. (Central Hudson Gas and Electric will plant a tree for each customer who switches to electronic billing.) With bank bill pay, you enter the amounts you owe each month on your bank’s web site. The bank then transfers funds from your account to your designated payees. Many service providers allow you to make payments from their websites, or offer automated bill payment, which saves time and helps to ensure against late fees and damaged credit ratings.

1. Playing it safe—Tales of phishing scams and internet security breaches make us all concerned about the safety of online banking and bill payment. But according to the Javelin Strategy & Research report, most people overestimate the risk of online fraud. Approximately 90 percent of cases of identity theft begin offline—with acquaintances or family members who steal victims’ bank statements or a copy of their password. The public’s perception of increased risk has inspired most banks and financial institutions to install the highest level of data protection allowed by law.

1. Read your statements and online financial communications carefully. And, monitor account activity and report any unexpected changes immediately. Never respond to e-mails requesting your credit card numbers, computer password, or other sensitive information.

SMART GREEN INVESTMENTS MIGHT ALSO BENEFIT
YOUR FINANCIAL HEALTH

The potential of environmentally responsible policies to build shareholder confidence, reduce energy and liability costs, and capitalize on new markets continues to fuel a greener corporate world. The number of options for supporting green business practices has grown steadily.

Before modifying your investment strategy, make sure you’ve done your homework. Meet with your financial adviser and explain your primary environmental concerns as well as your financial goals. If your adviser steers you away from the conversation or suggests that sustainable investments under perform—it may be time to consider a new adviser who is willing to customize an investment strategy specifically for you. We will discuss integrating your life and your money next month.

EVERY LITTLE BIT HELPS

A little foresight and awareness can go a long way in saving the planet. The following list highlights some additional ways to make your financial life a little bit greener:

1. Go digital. Send electronic invoices, customer service inquiries, and other financial communications whenever possible. Saving financial information to PDF files to help eliminate hard copies is another great way to prevent waste.

1. Think before you print. If printing a hard copy is absolutely necessary, save it and use the other side for another document.

1. Keep it clean and safe. Avoid toxic waste and encourage paper mills to develop more eco-friendly practices by buying chlorine-free paper. Changing from petroleum-based inks to products with a soybean or linseed base decreases pollution.

1. Stop the rising tide of pre-approved credit offers and junk mail. Opt out of credit offers online at www.optoutprescreen.com or call 888.5.OPTOUT (567.8688). Say no to junk mail at www.dmachoice.org.

Going green is a process that deserves thoughtful consideration in light of your own personal objectives, and not all of the options outlined here will work for everyone. Be sure to consult your financial adviser—and your own conscience—to decide what makes the most sense for you. If you don’t have an adviser, get one!

Beth Jones, RLP® is a Registered Life Planner and Financial Consultant with Third Eye Associates, Ltd, a Registered Investment Adviser located at 38 Spring Lake Road in Red Hook, NY. She can be reached at 845–752-2216 or www.thirdeyeassociates.com.

This article outlines how to secure your online presence on each of the major social networking sites—Facebook, Twitter, and LinkedIn—as well as on blogs. Although no one likes to think about death, collecting the necessary information ahead of time and sharing your wishes with a trusted individual can save your friends and family stress and confusion down the road.

Facebook
Via the Facebook website, friends and family members can report the death of an account holder. They can either request to have the account “memorialized” or removed entirely.

• Memorializing an account: This option allows the profile to be viewed by those whom the account holder had confirmed as “friends.” Friends may post on the deceased’s wall, but no one can log into the account once it has been memorialized.
• Removing an account: Only immediate family members of the deceased may request the complete removal of a Facebook account.

Both options require proof of death, which can take the form of an obituary or news article. Other information that may expedite the process includes:

• Full name on the account
• E-mail address that was used to create the account
• Networks associated with the account
• URL of the profile
• Account holder’s date of birth

For more information, visit Facebook’s Help Center at www.facebook.com/help and type “deceased user” into the search box.

Twitter
Upon the passing of a Twitter user, the account can be deleted by notifying Twitter of the death. To remove a Twitter account, the following is required:

• The deceased’s username, or a link to the account profile page
• Link to the obituary or news article regarding the death

This information can be e-mailed to privacy@twitter.com or faxed to 415.222.9958. It can also be sent via mail to:

Twitter Inc.
c/o Trust & Safety
795 Folsom Street, Suite 600
San Francisco, CA  94107

For more details, go to the Twitter Help Center at http://support.twitter.com and type “deceased user” into the search box.

 LinkedIn
To report the passing of a LinkedIn member, the site’s Verification of Death Form must be completed and submitted. The form requires the following information:

• Account holder’s e-mail address
• URL of LinkedIn profile
• Date of death
• Death notice

The Verification of Death Form can be submitted through the LinkedIn website or faxed to 402.715.4536. For more information, including instructions for downloading and submitting the form, visit the LinkedIn Help Center at http://help.linkedin.com and type “Verification of Death Form” into the search box.

Free blog accounts
The various free blog services have different processes for dealing with deceased account holders. If you use a blog service, check its policies for removing accounts and collect any necessary information (typically, the blog’s URL and the URL to the login page, along with your username and password).

Selecting the executor of your virtual estate
To secure your social media presence after you pass away, it’s a good idea to leave the information for each account with someone you trust, such as a close friend or family member. Or, because they already handle much of your personal information, you may wish to have your financial professional or attorney oversee your accounts. Whomever you choose should be aware of the specific requirements for each site and your wishes.

Of course, deciding what will happen to your online presence is just a small piece of an overall estate plan. If you haven’t yet considered a will and other end-of-life preparations, your financial advisor can help you make a comprehensive plan to ensure that everything is taken care of for your loved ones.

Beth Jones, RLP^® is a Registered Life Planner and independent Financial Consultant with Third Eye Associates, Ltd, a Registered Investment Adviser located at 38 Spring Lake Road in Red Hook, NY.  She can be reached at 845–752-2216 or www.thirdeyeassociates.com 

With the New Year upon us, you’ve probably made—or thought about making—some resolutions. “Getting organized” is a common goal, but you may not have considered it in terms of your financial life. Though it’s often overlooked, getting your financial documents in order can be an important step toward achieving your overall financial goals. Resolve to get your documents in shape, and you’ll position yourself to reap rewards now and in the future.

The right tools for the job.
Think about all the time you’ve wasted and the stress you’ve felt trying to find bills, statements, and receipts. An easy way to solve this problem is to keep all of your financial papers in a file cabinet, separated by category. Name and organize the categories in a way that makes sense to you. Here are a few suggestions to get you started:

• Brokerage account statements
• 401(k) plan statements
• Bank statements
• Payroll statements
• Tax returns and information
• Receipts
• Retirement account documents
• Mortgage or lease agreements
• Loan documents
• Credit card statements
• Insurance policies
• Bills (separated into “to be paid” and “paid”)

Your filing system can be as complex or as basic as you like. You may decide to create subcategories within your file folders or simply stick with a few general categories. And, don’t forget to keep those receipts for tax purposes. The 2012 tax season could be easier if you get organized now.

To cut down on the amount of paper you have to organize, consider taking advantage of an electronic filing cabinet for account statements and other documents. Your financial advisor or tax professional may have such a system in place. Remember, keep it simple! Whatever filing method you choose, the system has to work for you in order to work at all.

Get into the habit Once you have a place for everything, take time to gather all of your documents and put them in the right spot. As you receive bills and statements, be sure to file them promptly. You may discover that keeping track of your bills encourages you to take a closer look at your expenses. Plus, having all of your documents handy when tax time rolls around is priceless!

Here are some tips to help you stay organized in a few key areas:

• Your bills. For recurring bills, you may find it worthwhile to set up automatic payments online with your bank. Just remember to track these payments as you would any other transaction. Making a list of your automatic payments and storing it in your filing system is a smart move. Try placing reminders on your calendar so you remember to pay bills on time to avoid late charges or delinquent entries on your credit report. If you have many bills due at the same time every month, consider saving ahead so you have enough cash on hand when needed. Managing your debt and paying off credit cards monthly goes a long way to creating financial independence.

• Your will. Although you might try to avoid thinking about your will, it’s important to keep it up to date in case the unexpected happens. Store the original in a safe as copies are not enforceable. Keeping your will with birth certificates, marriage certificates, life insurance policies, and other such documents will help you keep track of them. Consider purchasing a fireproof safe which you can keep in your home and be sure to inform a family member of its location. Depending on the size you need, they are priced at about $20 and go up to about $100, and can be purchased at a local office supply store.

• Your advisors’ information. To save yourself time searching for their phone numbers, create a list of contact information for your professional advisors, such as your financial planner or investment advisor, attorney, and accountant. Consolidating this information will also help your loved ones locate important numbers in case of an emergency.

Stick with it!

Getting organized may seem like a daunting task, but devoting a bit of time to it each day will benefit you in the long run. Soon, you’ll find that organization has become a habit, and you won’t want to return to the stress of a cluttered financial life. While it may take a few hours to get started, in the end organizing your documents frees up your time and energy to focus on doing the things you enjoy. Maintaining integrity around your finances can give you the freedom to start impacting your savings goals—or completing some of those other resolutions!

Beth Jones, RLP^® is a Registered Life Planner and independent Financial Consultant with Third Eye Associates, Ltd, a Registered Investment Adviser located at 38 Spring Lake Road in Red Hook, NY.

She can be reached at 845–752-2216 or www.thirdeyeassociates.com.