The Importance of Reviewing Your Beneficiaries

by Marylove Moy 19. November 2014

Beneficiaries

September was Life Insurance Awareness Month but in my mind every month is an awareness month! My time spent in the Financial Services world has taught me many things; one lesson that I learned from clients is the importance of reviewing one’s beneficiary designations on personal documents, investments, retirement plans and insurance.

I know of one individual who was married and divorced at a young age. She was a teacher in a local high school who remarried in her early thirties. Fast forward 30 years when she tragically passed away in an automobile accident. It was determined that her ex-husband of her brief early marriage was the recipient of her retirement plan (over $1,000,000) because she never updated her beneficiary forms!

I encourage everyone to commit to review their designations. These decisions can be complicated because of many factors such as estate tax laws, Social Security and Medicaid eligibility to name a few. It is always wise in an important financial decision to consult with a trusted attorney, accountant, knowledgeable family member or friend or a financial advisor.

The LPL Financial Advisors at 1st Mariner Financial Services would be happy to review your beneficiary papers with you. We work very closely with knowledgeable outside estate attorneys to help you access the advice you need. Please take the time to go over your designations; your loved ones are too important to leave their future to chance.

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

www.finra.org / www.sipc.org

 

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Toys for Tots: Everyone Deserves a Holiday

by Stacy Tharp 18. November 2014

Toys for Tots

Each year around the holidays, the U.S. Marine Corps Reserve collects toys to distribute to less fortunate children through their Toys for Tots program. The goal of the program is to deliver, through a new toy, a message of hope to less fortunate children that will assist them in becoming responsible, productive, patriotic citizens.

Last year 57,000 toys were distributed to underprivileged children in the Baltimore region. This year, all of 1st Mariner Bank’s retail branches are collecting toys for the program. All of the toys we collect will be distributed to children in the Baltimore region.

If you’d like to donate a toy, stop in to any of our retail branch locations before December 12, 2014. Toys must be new and unwrapped. For more information about appropriate toys to donate, visit the Toys for Tots FAQ page.

5 Tips on How to Teach Your Children to Be Financially Savvy

by Renee' Anderson 13. November 2014

Financially Savvy Child

As a parent, it’s our job (yes, I’m a mom) to teach our kids. There is a lot they will learn in school, and they will probably have a lesson or two on financials in school, but as far as I’m concerned this is mostly on us as parents. So, what should we do? Here’s how I see it. You know the phrase “do as I say, not as I do?” Probably not the most fitting for this! Don’t’ get me wrong, those words have come out of my mouth a time or two. Or three. However, teaching by example is the way to get it done.

1) Pay in cash when you are able. Where learning how to use credit cards and manage your credit is also a good thing (and a whole different topic), let’s start with the basics here. We need to show our kids that if you want something, you have to give your money away for it. The easiest way to do that is to make a purchase, give the cashier your dollar bills and/or coins and have your child watch them hand you your purchase. Sounds trivial, but you have to start at the beginning.

2) Put spare change into a piggy bank for your child(ren). Once it’s full take them to the bank to cash in their coins for deposit. FOR DEPOSIT being the key words here. Put in their bank account and have them watch their balance grow. Okay, that’s not a ton of fun, so if you’d like, you can let them take a minimal amount and go buy a toy after making your deposit at the bank. Rewards are good.

3) Many schools partner with banks. Don’t just put that notice from the school off to the side in the “I don’t have time for this” pile. Read it and participate. Write a small check when the bank visits the school for your child to make a deposit themselves, and have your child help you fill out the deposit slip.

4) When your child wants an item, have them set a goal and work toward earning the money to pay for it. So, the next time your child falls to the knees in Target, or throws a fit while watching a commercial about the new sparkling Elsa doll or the latest edition of MarioKart, tell them they can buy it themselves when they have enough money.

5) Talk as you shop. While you’re putting groceries in your cart, explain to your child(ren) why you chose the bag of Kraft cheese instead of the Sargentto brand (Kraft is on sale this month so we can save some money).

So, set a good example and take time to explain things to your kids. It will pay off!

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