Retirement Accounts Archives

Person taking an uncashed check out of an envelope

Uncashed Checks Going Stale

When helping clients organize their finances, we typically start by sorting and reviewing their papers. Sometimes, we find uncashed checks. Determining if a check is valid depends on the type of check issuer, the issue date, the payee, and whether the payee still has an open bank account. Legally, banks are required to honor personal,…

Eddy & Schein Group|
September 19, 2024|

Cash Stashed Under the Mattress

When helping clients organize their finances, we often begin by organizing their papers and belongings. We find the most interesting things… including cash! Cash was king for older generations. They operated in a world without Venmo, Zelle, and other electronic transfers. So, if you help your parents with their personal finances and deal with their…

Eddy & Schein Group|
September 12, 2024|

Stock Documents Buried in Piles of Papers

If you’re responsible for a parent’s finances, have you discovered important stock documents hiding in their files or piles of papers and mail? These could consist of paper stock certificates, statements, or dividend checks possibly issued by transfer agents, such as Computershare or EQ Shareholder Services. Transfer Agents What is a stock transfer agent? A…

Eddy & Schein Group|
August 20, 2024|

senior woman with home care worker and New York Medicaid application

Selecting a Medicaid Pooled Income Trust

Using a Pooled Income Trust to qualify for Medicaid coverage. Several of our clients are concerned about their ability to continue receiving care at home after depleting most of their assets. They have substantial income from Social Security, pensions, and annuities and are concerned that it will disqualify them from Medicaid eligibility. Income above a…

Eddy & Schein Group|
April 15, 2024|

young adult in interview for job with employee benefits

Employee Benefits and Financial Security

As your young adult embarks on their professional journey, it becomes imperative to guide them through crucial decisions regarding employee benefits, retirement savings, and insurance. Discussions about financial well-being are essential in this era of diverse employment structures and a growing desire for work-life balance. Employee Benefits Understanding Benefits Packages Discuss the advantages of being…

Eddy & Schein Group|
March 5, 2024|

Mother helping daughter learn about major financial decisions when moving away from home.

Navigating Major Financial Decisions

As young adults leave home, their two most important financial decisions will revolve around their largest expenses – housing and possibly transportation. Your task is to help your child understand how the finances affected by these two decisions will shape their lifestyle and ability to afford it. So, in this second part of our series,…

Eddy & Schein Group|
February 22, 2024|

father explains money management for young adults

Nurturing Financial Wisdom and Money Management

What Would You Tell Your Younger Self about Money Management? Whether your children are facing life’s financial journey as recent college graduates, starting their first job, or even in an established career, your experience can be a valuable guide. Give your child the benefit of your knowledge of the crucial financial topics that young adults…

Eddy & Schein Group|
January 25, 2024|

Undermining a POA Could Lead to Guardianship

Attorneys and Daily Money Managers (DMMs) encourage individuals (principals) to prepare estate plans. This process includes appointing an agent under Power of Attorney, well in advance of a possible loss of legal competency. The appointed POA will have the legal authority to take full responsibility for the principal’s financial affairs. One goal of this process…

Eddy & Schein Group|
October 29, 2023|

Pre-Planning to Avoid Guardianship

If a person is deemed incompetent, ideally, their agent under Power of Attorney (POA) or their trustee will handle their financial matters. If the person has not selected an agent or trustee, they may end up in guardianship. Under guardianship, an individual loses their legal rights, and their decision-making rights are restricted. The court-appointed guardian…

Eddy & Schein Group|
October 28, 2023|

How to Handle Personal Finances After Divorce

by Ian Steinberg, a matrimonial and family law attorney with Berkman Bottger Newman & Schein, and Arlene Glotzer, Managing Director at Eddy & Schein Group Once your divorce is finalized and you are transitioning into a “new normal,” your role in your financial life may change. If you were the “monied spouse” and never paid…

Eddy & Schein Group|
October 28, 2023|

Working with Professional Advisors

When helping a family member or friend with their personal finances, you may meet with their investment managers, accountants, attorneys, and other professionals. Comprehensive information and timely interaction with these advisors can lead to advantageous financial outcomes such as reduced tax liability, more robust insurance coverage, easier estate administration, and more. Over our years of…

Eddy & Schein Group|
October 19, 2023|

An Estate Executor’s Financial Challenges:
Estate Assets

As an executor, your responsibility is to identify all assets. One of your first priorities will be to locate and secure the belongings and finances of the deceased person to prevent any loss or damage. These assets may include bank accounts, real estate, investments, insurance policies, and valuable items such as jewelry and artwork. The…

Eddy & Schein Group|
October 1, 2023|

Tools and paperwork for handling estate's finances.

An Estate Executor’s Financial Challenges:
Debts, Bills & Banking

An estate executor is responsible for managing the estate’s finances. This includes opening a bank account specifically for the estate and collecting any money owed to the deceased, paying ongoing expenses like taxes, utilities, and property insurance, as well as debts, and keeping detailed records of all financial transactions. Here are some situations we’ve encountered…

Eddy & Schein Group|
October 1, 2023|

An Estate Executor’s Financial Challenges:
Checks Received After a Death

Whether a decedent has a sizable estate or not, there are times when checks come in that have no home. If the decedent’s assets were not held in a trust, then bank accounts are effectively frozen at the owner’s death. Checks that arrive after someone dies can raise questions about what to do with them.…

Eddy & Schein Group|
October 1, 2023|

Tag: Retirement Accounts