Life & Career Archives | Page 32 of 81

Sep

2023

Strategies for Traveling With Children

By Julia Califano | Life & Career, money | No Comments

No matter your age or your experience, traveling can be stressful. Add kids to the equation and the stress levels multiply. Tickets, boarding times, strollers, snacks, tablets, and tantrums —- it’s a lot to manage. So much so, it can be easy to forget to enjoy the incredible experience of traveling itself.

But that doesn’t mean you have to give up on going on vacation until your kids get older. Whether you’re dreaming of taking your crew to a foreign country or just a nearby city, these tips for traveling with kids could make your next family getaway seamless and memorable (for all the right reasons).

8 Tips for Traveling With Kids

Fortunately, there’s a lot you can do before you ever leave home to help minimize headaches on the road and help ensure your trip is fun for both kids and grown-ups alike. Here are eight tried-and-true family travel tips to try.

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1. Pre-Book as Much as Possible

When it comes to tips for traveling with children, the more advance planning you can do, generally, the better. While you can’t anticipate every challenge you might face on the road, you can eliminate many of them by doing plenty of advance scouting.

Of course, it’s always a good idea to schedule transportation and accommodations far in advance to not only secure your reservations but also to potentially save some money.

Beyond the essentials, you may also be able to pre-book a lot of the activities you want to do, including sightseeing excursions and even meals. This can help ensure your family is experiencing a new place to the fullest and that the kids stay busy.

While having activities planned might be a lifesaver, it’s also ok to have a little bit of downtime and flexibility too. Exhausted children can be difficult to manage, so you might include some time for naps or relaxation to avoid meltdowns.

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2. Selecting the Right Places To Stay

Researching and booking the right hotel ahead of time might help you find one with fun features for the kids, like a pool or complimentary breakfast. You could also talk with the hotel staff once you get there to inquire about upgrades, cots for the kids, or extra pillows.

If you’re not interested in the hotel experience, you might consider staying in a vacation rental property, which could give your family more space and feel more like a home.

3. Packing Smart

When you’re traveling with children, especially more than one, you might have a lot of stuff to manage. Why make it more complicated by packing more than you need? You could plan out the days ahead of time based on any activities or travel and anticipate what you and your kiddos might wear each day.

If it’s a long trip or you need to pack lots of layers, you could roll the clothes rather than fold them, which might free up some space for those extra outfits your little ones (and maybe you!) might need in case of spills.
As for shoes, you might opt for slip-ons if you’re going through airport security and save the sneakers for the suitcase.

4. Getting the Kids Excited for Travel

You might want to talk to your kids before the trip about where you’re going, how you’re getting there, and what you’ll be doing. If your child is a first-time traveler, they may feel nervous doing something so new if they don’t understand what’s going on.

Even months in advance, you could talk about this fun trip on the horizon and all the cool things you will see and do when you get there.

5. Leaving Plenty of Time

While you likely want to minimize waiting time (and boredom), you also don’t want to have to rush. It can be wise to give yourself lots of time to spare, especially if you’re traveling by plane. This will not only give you plenty of time to check bags and get through the security, but might also give your kids some time to explore all the interesting things at the airport and get some snacks.

If you’re traveling by train or car, there may be fewer pressures, but it can still be wise to build in time for the unexpected. Whatever your mode of transport, you’ll want to make sure that all necessary documentation (for you and the kids) and any snacks, drinks, and essential medicines are easily accessible.

6. Bringing the Proper Gear

For the plane, you might take a backpack or bag that can hold everything you need. From baby wipes and hand sanitizer to chargers and snacks, all the little things could help you feel more prepared for any surprises. If your little one needs a stroller, you could consider swapping your day-to-day one out for something that might be easier to travel with.

If it’s a late flight and you need your kids to sleep in transit, you may want to bring small pillows or blankets to help them be comfortable. While new presents are fun and exciting (more on that later), you might also want to keep your child’s comfort toys or blankets nearby. They might feel more at ease if they have something familiar.

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7. Bringing Your Car Seat on the Plane

While it may seem like a major hassle to carry a car seat to the gate and onto the plane, the Federal Aviation Administration (FAA) recommends placing children under the age of two in an approved car seat and not in your lap. Kids can safely ride just like they do in the car — either rear-facing or front-facing.

Also, if you are renting a car at your destination, you’ll need a car seat once you arrive. Car rental companies often cannot guarantee that a car seat will be available.

8. Bringing Surprises — and Plenty of Snacks

Kids love surprises, so you may want to buy some new toys or coloring books to keep them occupied during travel time. Also be sure to have lots of their fave snacks on hand. It’s great if they are healthy (fresh and dried fruits are easy to take on the road), but if all rules go out the window and its candy and snacks galore, that’s fun too. And while some parents rarely let their kids watch TV, changing that up for travel time might be one great exception. TV shows and fun games on the tablet might be a nice activity to keep kids busy on a long flight.

Should You Wait Until Your Kids Are Older?

There are pros and cons to traveling with kids at every age. Babies are very portable and typically fly for free. Preschoolers, on the other hand, are out of diapers and naturally curious about everything, so they don’t need expensive vacations to keep them entertained.

Travelling tends to get easier when kids are school age — no more bulky car seats and strollers. They’re still naturally curious but also have more patience. Pre-teens and teens are sponges and can learn a lot through travel — this can be a great age to plan travel to other countries and more exotic locales. Letting them get involved in the planning can also keep them excited and engaged.

Recommended: Airfares: What You Need to Know

Enjoying Your Vacation

You’ve put in the time to plan a vacation your entire family will (hopefully) remember. Now you can get ready to enjoy it! But you might want to accept that some things will undoubtedly go wrong. No amount of planning and outfit coordination will allow you to avoid every single mishap or meltdown, and that’s okay. You can adjust the plan as needed so you and your family can still have fun on your trip.

The Takeaway

Planning ahead, packing smart, and having all the tools at the ready, from snacks to little presents, might lead to your best family vacation yet. Whether it’s your first time traveling with kids or your tenth, it’s always wise to be prepared.

Since travel isn’t cheap (especially with kids), you’ll also want to be financially prepared for your trip. You might want to think about what the trip will cost, set a savings goal, and start stashing cash in your vacation fund well in advance. If you want to earn a high rate and pay the lowest fees, consider opening an account at an online bank. Without the added expenses of large branch networks, online banks are often able to offer more favorable returns than national brick-and-mortar institutions.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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FAQ

What do you need when traveling with kids?

It depends on the child’s age, but these items can come in handy when you’re on the road:

• Extra clothes (in case of spills, accidents, or travel delays)

• Hand sanitizer

• Disposable wipes

• Refillable water bottles

• Disposable bags

• Healthy snacks

• Books, toys, and games

• Medicines

• First aid kit

What is the hardest age to travel with a child?

Every child is different, but kids between 12 and 18 months can be particularly challenging to travel with since they are typically mobile, don’t like to sit still for long stretches, and are too young to understand and follow directions.

What is the best age to take kids on vacation?

Every age has pros and cons but travel with kids generally gets easier after age six.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Sep

2023

Finding Jobs That Pay Off Student Loans

By Kayla McCormack | Building Your Career, Fresh Out of School, Life & Career, Student Loans, student_loan | No Comments

Jobs that help pay off a portion of student loans are becoming more common and for a good reason. The average federal student loan borrower has over $37,000 in student loan debt, while borrowers with private student loans owe nearly $55,000, on average.

Companies that help to repay a portion of student loans are in the minority, so you may have to do some research to get student loan assistance as a benefit. To help you, here’s what to know about what’s available, companies that offer this perk, and what you can do to try and negotiate for it.

Types of Job-Based Student Loan Assistance Programs

There are two types of student loan assistance you may receive through an employer: repayment assistance programs where your employer is a participant and repayment assistance benefits your employer offers directly.

Repayment Assistance Programs

Depending on your career field, you may be eligible to receive student loan assistance through a federal or state program. There are several programs for those working in public service careers, like the Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness programs, which cancel existing balances for eligible borrowers who meet certain requirements.

That said, these programs typically require you to commit to working in a specific job or a certain area (such as medicine, law, or military service, for example) for a set number of years, which can be challenging if you don’t enjoy the job or want to pursue a different career path somewhere else.

But if you fulfill your service obligation, you may get as much as your full student loan balance is forgiven.

Repayment Assistance Benefits

At the start of 2022, about 7% of employers in the U.S. offered student loan repayment assistance as a benefit, according to the Society for Human Resource Management. The terms of repayment assistance benefits can vary by employer. For example, some may offer to match a portion of the employee’s payments and others may simply pay a set amount toward an employee’s loan balance each month.

The amount you receive from a repayment assistance benefit may be less than what you might get through a government repayment assistance program. But you may not need to commit to a service obligation to qualify, and you may be able to negotiate how much you’ll receive.

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Types of Jobs That Offer Student Loan Forgiveness

In order to qualify for certain types of loan forgiveness, borrowers may need to meet certain employment requirements. Here are some of the jobs that could potentially allow someone to qualify for federal student loan forgiveness programs.

1. Federal Agency Employee

The federal student loan repayment program exists for employees of the federal government, and allows a portion of their federal student loans to be paid off each year. The benefit permits for up to $10,000 in payments each calendar year, not to exceed a total of $60,000 for any one employee.

In order to qualify for this student loan repayment assistance, the employee is required to sign onto a minimum three-year contract with the agency. If they leave the agency early, they’ll need to repay any benefits received.

2. Public Service Worker

If you work full-time in the public service sector for a qualifying organization, such as the government or a non-profit, you may qualify for Public Service Loan Forgiveness (PSLF).

To pursue PSLF, borrowers need to have Direct loans and be enrolled in an income-driven repayment plan. (If you have other types of federal loans, such as Perkins loans, you’ll need to consolidate them into a Direct loan to qualify.) Forgiveness is awarded after making 120 qualifying payments and certifying all employers.

3. Medical Field

The Association of American Medical Colleges maintains a database with information on loan assistance programs for doctors by state.

Medical professionals who work in certain underserved areas may also qualify for loan forgiveness through the National Health Service Corps Loan Repayment Program. In this program, medical professionals must commit to working for at least two years at an NHSC-approved site in a Health Professional Shortage Area (HPSA).

Refinancing medical school student loans may be another option to consider for medical professionals who are not pursuing any loan forgiveness programs. While refinancing would eliminate loans from any federal forgiveness programs, it could potentially allow borrowers to secure a more competitive interest rate.

4. Automotive Professionals

Professionals in the automotive industry may qualify for loan forgiveness through the Specialty Equipment Market Association (SEMA) Loan Forgiveness Program. To be eligible, you must work for a SEMA member business and have at least $2,000 in outstanding debt, among other qualifications.

5. Lawyer

In addition to PSLF, there are other lawyer-specific programs that provide assistance to lawyers paying off student loan debt. These include the Department of Justice Attorney Student Loan Repayment Program or John R. Justice (JRJ) Program.

6. Teacher

Student loan forgiveness for teachers is available. Teachers who work in special education are considered highly qualified teachers or work in underserved areas may qualify for the Teacher Loan Forgiveness Program. The amount of loan forgiveness available is dependent on the teacher’s area of specialty and can be either up to $17,500 or up to $5,000.

7. Peace Corps

Peace Corps volunteers may be eligible to defer their loans or pursue PSLF. Additionally, while on a qualifying repayment plan, payments could be as low as $0 per month while volunteering.

8. Veterinarian

Veterinarians who work in underserved areas may qualify for up to $25,000 in student loan repayment assistance through the U.S. Department of Agriculture’s Veterinary Medicine Loan Repayment Program. Eligible veterinarians must agree to serve in a NIFA-designated veterinarian shortage situation for a period of three years to qualify.

15 Major Companies that Repay Student Loans

Hundreds of large and small employers offer jobs that pay off student loans, but it’s not always easy to find out which ones provide the benefit. To help you get started, here are 15 well-known companies that repay student loans.

1. Abbott Laboratories

The company’s Freedom 2 Save program functions a bit differently than other repayment assistance benefits in that it combines efforts to pay off student loan debt and save for retirement.

Full- and part-time employees who qualify for the company’s 401(k) plan and contribute at least 2% of their eligible pay toward student loan repayment will receive a 5% contribution to their 401(k) account. Employee contributions to their 401(k) contributions aren’t required to receive these funds.

2. Aetna

In addition to a tuition reimbursement program, healthcare company Aetna also matches student loan payments for eligible employees who meet certain requirements. For full-time employees, the program matches student loan payments up to $2,000 per year, with a lifetime maximum of up to $10,000 for qualifying loans. For part-time employees, the program matches up to $1,000 a year, with a lifetime maximum of $5,000.

3. Ally Financial

Financial services company Ally provides $100 per month toward student loan payments, with a lifetime maximum cap of $10,000. The company also reimburses tuition up to $10,000 per year to help employees keep educational debt to a minimum.

4. Chegg

Education company Chegg has paid out more than $1 million toward employee student loan debt through its Equity for Education benefit. For entry-level employees through manager level, those who have worked at the company for at least 2 years receive up to $5,000 annually. Employees at the director or vice-president level can receive up to $3,000 annually.

5. Estee Lauder

The beauty company provides employees with $100 per month in student loan assistance, up to a lifetime maximum of $10,000.

6. Fidelity

As an employee of the investment brokerage firm, you may be eligible to receive up to $15,000 toward your student loan payments.

7. Google

Google matches up to $2,500 in loan payments per employee each year.

8. Hulu

Streaming service Hulu pays up to $1,200 a year per employee to match their student loan payments.

9. Live Nation

Entertainment company Live Nation Live Nation matches employee contributions of up to $100 per month, or $1,200 a year. The lifetime maximum is $6,000 in benefits. Employees must be employed with the company for at least six months to qualify.

10. New York Life

New York Life’s student loan assistance program, Vault Pay, contributes $170 per month over five years toward student loans that are in good standing. In other words, employees can receive up to $10,200 while enrolled in the program.

11. Nvidia

If you’ve graduated within the last three years, Nvidia will match your student loan payments dollar for dollar up to $3500 per month. The lifetime cap is $30,000 in assistance. To be eligible, you must be a full-time or part-time U.S. employee working 20 hours or more per week.

12. Penguin Random House

13. PricewaterhouseCoopers (PwC)

As a participating associate or senior associate, you can receive $1,200 in student loan payments each year. The company estimates that this benefit can help to reduce student loan principal and interest by up to $10,000, and shorten loan payoff by up to three years.

14. SoFi

As an employee with SoFi, you’ll get $200 each month in student loan repayment assistance. The company also provides free financial classes.

15. Staples

Eligible employees for the Staples student loan assistance program include active, full-time U.S. associates with at least one outstanding loan obligation. Participants must also have obtained or are in the process of receiving a degree from an accredited institution. The company pays $100 per month toward loan principal for 36 months.

How Is Student Loan Assistance Taxed?

If you receive student loan assistance or cancellation, it’s important to understand the tax consequences. Depending on the situation, you could be responsible for a tax bill.

The IRS typically considers canceled debt to be taxable income. That includes most student loan debt forgiveness or discharge, except for PSLF. However, the American Rescue Plan Act of 2021 exempts borrowers who are working toward loan forgiveness from having their forgiven balances taxed if their loans were discharged between January 1, 2021, and December 31, 2025. This only applied to federal taxes, though, and some states may still require forgiven student loans to be taxed as income.

As for employer-sponsored assistance programs, a temporary pandemic-era provision allows employers to contribute up to $5,250 per year in tax-free funds toward qualified education costs for employees. Any contributions above that amount are considered taxable income for the employee. However, this special tax treatment expires December 31, 2025, after which any amount of employer payments or reimbursements for education expenses or student loan repayment will be taxed as income.

💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Negotiating a Student Loan Repayment Benefit

If you’re looking for a job, keep an eye out for companies that repay student loans as an employee benefit. If you can’t find one, you can still try to negotiate the benefit into your total compensation. Here are some ways to do it.

Doing Your Research

Resources such as Payscale and Glassdoor can help give you an idea of the salary and benefits that may be available from various companies. Look at what the company you’re interested in typically offers as well as what you might get with a similar position somewhere else.

If anything, this process can give you a better idea of what you’re worth. But it will also give you a benchmark that you can use to negotiate for student loan repayment benefits, along with other aspects of your compensation.

Making Your Interests Clear

Helping a potential employer understand why student loan repayment is important to you can help set the stage for the entire conversation.

In addition to salary, employers can consider several other factors to make up your total compensation. So knowing what’s most important to you can help them make a more attractive offer.

Asking for a Signing Bonus Instead of Monthly Payments

While a signing bonus isn’t specifically designed as a student loan repayment benefit, you can use it that way. In fact, making a lump sum payment toward your student loans could help you accelerate your student loan debt repayment timeline.

Recommended: How to Negotiate Your Signing Bonus

Asking for the Opportunity to Revisit the Request in the Future

If you can’t manage to persuade a potential employer to provide you with student loan assistance, that may not be the end of it. You could ask for the chance to talk about your compensation again in six months or a year.

During that time, you may be able to prove to your employer that it’s worth the investment on their part. Or you may have planted a seed for the employer to create a student loan repayment benefit for all employees.

Making Student Loan Repayment a Priority

Whether or not you can find jobs that pay off student loans, you can still make it a priority to eliminate your student debt as quickly as possible. A student loan repayment assistance benefit can help you achieve that goal, but it can’t do it on its own.

As such, it’s essential to consider other options to save money, such as refinancing your student loans. While refinancing can be a helpful option for some borrowers, it won’t make sense for everyone. If federal student loans are refinanced, they’ll lose eligibility for federal programs and benefits, such as PSLF or income-driven repayment plans.

If you qualify, you may be able to reduce your interest rate or your monthly payment. With a lower interest rate you could potentially save money over the life of your loan.

The Takeaway

Many companies offer student loan repayment assistance as a part of their employee benefits package. Some jobs might also offer the opportunity for the borrower to apply for student loan forgiveness. For example, there are programs available for medical professionals, teachers, and those that work in the government or non-profit sector.

Another opportunity for managing student loans is refinancing, which could allow qualifying borrowers to lower their interest rates — making the loan more affordable in the long run. If you’re interested in refinancing, consider the options available at SoFi.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What careers pay off student loans fastest?

High-paying jobs may help borrowers repay their student loans quickly. However, some jobs may allow borrowers to pursue a loan forgiveness program. While these programs may not expedite the repayment process, they could help make student loan repayment more manageable.

What companies pay off student loans?

Companies including SoFi, Fidelity, Penguin Random House, and Nvidia all offer student loan repayment assistance programs. Specific benefits vary by company.

What kind of jobs qualify for student loan forgiveness?

The type of job that qualifies for student loan forgiveness may vary depending on the program. Jobs in the government or non-profit sector may qualify a borrower for Public Service Loan Forgiveness. Teachers may qualify for Teacher Student Loan Forgiveness programs. Some medical professionals may qualify for programs such as the National Health Service Corps Loan Repayment Program.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Sep

2023

Does Everyone Need an Estate Plan?

By Susan Guillory | Family Finances, Life & Career | Comments Off

The short answer is, yes, estate planning can be a smart move for everyone.

Though it’s not much fun to think about what will happen to your loved ones after you are gone, doing some estate planning early on, and readjusting it as needed throughout your lifetime, can help you prepare for the future and protect the people you care about.

One of the biggest reasons why is that without an estate plan, any assets you have may not go to the people you would have wanted to have them. And, if you have children, you won’t have a say in who becomes their guardian. Not having an estate plan can also create a lot of legal and administrative headaches for your family members and friends.

Contrary to what many people assume, you don’t have to be old, rich, or have children to benefit from making a financial plan for after you are gone.

Read on to learn what estate planning is all about and what you can do to get started.

What Is an Estate Plan?

Estate planning is deciding in advance and in writing who will get your assets and money after your death or in the event that you become incapacitated.

It can be as simple as designating certain people as your beneficiaries on your financial accounts. Estate planning also typically includes creating a will. It can also include setting up trusts and creating a living will that can be used should you ever become incapacitated.

Your “estate” is simply everything you own — money and assets, including your home and your car — at the time of your death.

Your debts are also part of your estate. Anything you owe on credit cards and loans may have to be paid off first by your estate before any further money or assets are distributed to your heirs.

Estate planning is not entirely about money, though. It may also leave instructions for how your incapacitation or death may be handled. For instance, you may not want to be kept on a life-support system if you were in a coma. You may want to be cremated instead of buried. These instructions can be included in your estate planning.

An estate plan may also include choosing a guardian for your children and any specific wishes regarding how you want them to be raised.

💡 Quick Tip: We all know it’s good to have a will in place, but who has the time? These days, you can create a complete and customized estate plan online in as little as 15 minutes.

The Importance of an Estate Plan

An estate plan can be beneficial no matter what your age, income, assets, or family status. Below are some key reasons why you may want to consider estate planning.

You Decide Where Your Assets Will Go

If you don’t have beneficiaries named in an estate plan, the courts will determine who gets your assets. That might be your closest kin (possibly someone you wouldn’t want to have your inheritance), and if you have none, the state may take those assets.

Likely you have someone who you would prefer to leave assets to, and if not, you can choose a charity.

You Have Children

If you have children, it’s important for you to consider how you want them cared for if you and your spouse were to pass away, and who you would want to be their guardians.

Your estate plan can even outline how you hope to pass on aspects of your life such as religion, education, and other values. You can also set up a trust so that your children receive an inheritance once they are 18.

It Can Help Avoid Legal Headaches

If you have beneficiaries you want to leave your assets to, having an estate plan and/or will can minimize the legal headache your loved ones have to deal with.

Without any kind of estate plan, a probate court may have to determine how assets are divided, and this can take months or years, delaying those assets making it to the people you want to have them.

It Can Help Prevent Family Conflict

Your family members may all get along well, but it’s a good idea to write a will so that things remain harmonious.

Regardless of the size of your estate, some careful estate planning can help prevent your family members from arguing over who gets what, whether it’s a small tiff or a full-on lawsuit.

It Can Ease the Financial Burden of Final Costs

Many people don’t consider planning their own funerals, and that may leave an emotional and financial burden on their loved ones.

A funeral can cost, on average, around $7,900, and a cremation about $6,900. Consider whether your loved ones would be in a financial situation to be able to afford to cover that expense, plus any others involved with your final arrangements.

Taking these final costs into consideration can be a part of your estate plan. You might decide to set aside funds to cover your funeral expenses.

You can do this with a “payable on death” account, which can be set up through your bank and allows the designated beneficiaries to receive the money in the account when you pass away.

Or, you might elect to purchase a prepaid funeral plan, which sends money directly to the funeral home to cover a casket, floral arrangements, service, and other aspects of your funeral. You may want to keep in mind, however, that prepaying for a funeral can lead to a loss of money if the funeral home goes out of business.

What’s Included In an Estate Plan

While your estate plan will be unique to your own situation, there are a few things you might consider including.

A Will

Your will is the actual document that outlines who your beneficiaries are and what they will receive upon your passing. It may also identify a guardian if you have young children.

This is also where you can identify the executor, who will carry out the terms of your will.

Recommended: What Happens If You Die Without a Will?

Life Insurance Policy

Having this policy information with the rest of your estate plan makes it easy for your family to file a claim with your insurance company upon your death.

A Living Will

Death is not the only situation in which you may be unable to make a decision. You may be alive yet incapacitated, and in this scenario it can be difficult for your loved ones to know what you want them to do.

Writing a living will can be highly valuable because it lays out how you want to be treated during your end-of-life care, including specific treatments to take or refrain from taking.

A living will is often combined with a durable power of attorney, a legal document that can allow a surrogate to make decisions on behalf of the incapacitated individual.

Letter of Intent

This letter is directed to your executor, and provides instructions for carrying out your wishes in regards to your will, and possibly also funeral arrangements.

A Trust

If you have a sizable inheritance for your beneficiaries and don’t want them to have access to all the funds all at once, you can establish a trust with rules about how and when they receive the money.

For example, you could stipulate that your children receive a fixed allowance each month until they graduate college or get married, or that they use the money for college.

💡 Quick Tip: A trust is a customized estate planning tool that can be helpful for your heirs in addition to a will.

Key Account Information

You might also consider providing account numbers and passwords for bank accounts, investment accounts, and other important accounts that your family will need access to. This can make life much simpler for your loved ones.

The Takeaway

Whether you have children and want to ensure they’re taken care of, or you’re single and would like your assets to go to certain people or a charity you care about, it’s wise to have a basic estate plan.

Having a financial plan in place in the event that you pass away or become incapacitated can protect surviving family members from unnecessary financial, legal, and emotional stress.

When you want to make things easier on your loved ones in the future, SoFi can help. We partnered with Trust & Will, the leading online estate planning platform, to give our members 15% off their trust, will, or guardianship. The forms are fast, secure, and easy to use.

Create a complete and customized estate plan in as little as 15 minutes.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPT0923004

Sep

2023

Different Types of Insurance Deductibles

By Jamie Cattanach | Family Finances, Life & Career, Terminology | Comments Off

Buying insurance coverage helps keep you protected from the full financial fallout of an accident or injury. But even with insurance, you’ll probably still be responsible for some costs when you file a claim.

An insurance deductible is the amount of money the insured party is responsible for at the time of loss or damage: it’s the cost you have to pay before the insurance company pays out its share.

Here’s what you need to know about the different types of insurance deductibles and other insurance-related costs you may face.

What Is a Deductible?

When you buy insurance, you’ll encounter several different costs depending on the type of coverage you’re purchasing. These may include monthly premiums, copays, out-of-pocket maximums, and possibly others.

The vast majority of insurance policies, whether they’re auto, health, or homeowners, carry a deductible. So what is a deductible, and how does it work?

The deductible is a sum of money you, as the insured party, are expected to pay toward a loss. Another way to think about it: It’s the amount the insurance company deducts from the total claim and asks you to pay.

For instance, say you get into a car accident in which you sustain $8,000 worth of damage and you have a $1,000 deductible. When you file your claim, you’ll pay $1,000 toward repairs and the insurance company will cover the remaining $7,000 (or up to whatever limits are laid out in your insurance contract).

Your deductible can be a fixed dollar amount or a percentage, depending on your individual plan and the kind of insurance policy you’re talking about. Homeowners insurance, for instance, is commonly offered with deductibles calculated as a percentage of the property’s total insured value.

It’s important to understand that your deductible is separate from your premium, which is the amount of money you pay each month in order to keep your insurance policy active.

Also remember that you may also be responsible for other insurance-related expenses, like copays or coinsurance, so always read the fine print carefully.

💡 Quick Tip: If you have a mortgage, a homeowners policy may be required by your lender. Surprisingly, unlike auto insurance, there is no legal mandate to carry insurance on your home.

Copay vs Deductible

With certain types of insurance — primarily health insurance products — you may be required to pay a copay each time you go to the doctor’s office or receive a covered service. This copay is separate from your deductible, and, generally, your copay doesn’t count toward your deductible amount.

As with other types of insurance, the health insurance deductible must be paid by the insured person before the insurance company begins its coverage. However, individual health plans may cover certain services, such as regular check-ups, even before the deductible is paid in full.

Here’s an example: Say you twist your ankle and visit your doctor, who orders an MRI. If your copay is $25, you’ll pay $25 at the office before or after you see your physician. If the total cost of the doctor’s care and imaging services is $1,000 and you have a $500 deductible, you may still be responsible for the full $500. Any copays you’ve paid along the way won’t be subtracted from your deductible.

Some plans may carry a coinsurance cost rather than a copay. The two are similar, but not identical. Coinsurance is an amount you pay when you receive a medical service, separate from your deductible. Unlike copays, which are charged at a fixed dollar amount, coinsurance is calculated as a percentage of the total cost of the service. Your plan might even include both copays and coinsurance.

All insurance policies are different, and your individual costs and experience may vary depending on the services you’ve received and the specific coverage you have. You can consult your insurance paperwork or contact your insurer for full details on what’s covered in your plan.

Out-of-Pocket Maximums

Health insurance policies in particular are subject to federally mandated out-of-pocket maximums. This is the highest total dollar amount you’ll have to pay toward covered healthcare over the course of a single year, including both deductibles and copays.

The out-of-pocket maximum does not include the amount you pay toward your monthly premium, however. Nor does it include out-of-network services or services that your plan expressly does not cover.

For 2023, the out-of-pocket maximum for a Marketplace plan can’t be more than $9,100 for an individual or $18,200 for a family. In 2024, that limit rises to $9,450 for an individual or $18,900 for a family. (The maximum is allowed to be lower, however, so consult your plan paperwork for full details.)

Do You Want a High or Low Deductible?

When shopping for insurance coverage, you’ll likely have a range of options to consider, including varying deductible costs. And when it comes to figuring out whether you want a high or low deductible, the answer is: It depends.

Generally speaking, the lower your deductible, the higher your premium will be and vice versa. This makes sense when you think about it. If you have a low deductible, the insurer will have to pay out a higher amount when you incur a loss. So in exchange for the promise of covering most of the costs when a claim is filed, the company expects you to pay more up front in the form of a higher premium.

While choosing a higher deductible can help you save money over time since your monthly premiums will be lower, it also means you’re assuming more risk. If something happens and costs are incurred, you’ll be responsible for a larger share of those expenses.

On the other hand, choosing a lower deductible means you’ll likely pay a higher premium each month. But you’ll also have less to worry about if you do need to file a claim, since the insurance company will cover more of the costs (assuming that all the damages and expenses are covered under your policy).

As with so many other financial matters, what’s right for you comes down to a number of factors, including your risk tolerance, budget, and even your lifestyle. If you participate in extreme sports, for instance, and are at risk for catastrophic injuries, you might want to pick a health insurance policy with a lower deductible and higher premiums.

Recommended: How Much Is Homeowners Insurance?

Zero-Deductible Insurance: Is It a Thing?

You may see ads for zero-deductible insurance policies and wonder if they’re too good to be true. While zero-deductible insurance policies do exist, they usually carry higher premiums than policies that do carry deductibles, and you may also be responsible for a one-time no-deductible fee or waiver.

Furthermore, some insurance coverages are required by state law to carry a minimum deductible, particularly when it comes to auto insurance.

Before you sign up for any kind of insurance coverage, be sure to read the contract thoroughly to ensure you understand what costs you’re responsible for.

Recommended: What Does Auto Insurance Cover?

Types of Deductibles

There are many different types of insurance policies with deductibles on the market. Common ones include:

• Health insurance deductibles

• Auto insurance deductibles

• Homeowners insurance deductibles

• Renters insurance deductibles

• Life insurance deductibles

The deductible amount varies by type of insurance, company, and plan, among other factors.

💡 Quick Tip: Online insurance tools allow you to personalize your coverage for homeowners, renters, auto, and life insurance — all with zero paperwork.

The Takeaway

Purchasing insurance is an important — and sometimes legally mandated — step toward protecting yourself from the high costs of personal accidents, property damages, and medical bills. But most policies involve set costs, including deductibles. This is the portion of the claim the insured party is responsible for paying.

Whether you’re comparison shopping or switching from your current plan, it’s important to understand what your deductible will be. Having a full picture of all the costs involved can help you find coverage that fits your life and finances.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

Insurance not available in all states.
Gabi is a registered service mark of Gabi Personal Insurance Agency, Inc.
SoFi is compensated by Gabi for each customer who completes an application through the SoFi-Gabi partnership.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPT0923002

Sep

2023

Do I Need a Trust?

By Pam O’Brien | Family Finances, Life & Career | No Comments

Where do you want your money and your assets to go when you die? It’s an important question to think about.

A trust might help ensure that the person or people you want to benefit from your assets will be honored. Using a trust can often provide tax benefits as well as the ability for assets to change hands outside of probate. This can all be done with the help of a trustee, a person given control of a trust so that they can legally administer it according to specific wishes.

Here’s how a trust works, the different types of trusts, and how to decide if a trust is right for you.

What Is a Trust?

The IRS defines a trust as “a legal arrangement which can help you to control your assets and possessions. Often, trusts can help to reduce taxes on your estate and speed up the process of allowing beneficiaries access to those assets.”

A trust can hold cash, stock, real estate, and any other assets. You might meet with an attorney who specializes in trusts to officially name your beneficiaries and dictate how you want the trust to be handled.

You could also apply special rules to your trust, like how often the beneficiary can receive a payment from it, or how the money can be used (say, for education expenses or to buy a home).

The beauty of a trust is that you get to decide and control how you want your assets to be used.

💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.

The Difference Between a Trust and a Will

After someone dies, the legal process to settle an estate and distribute assets, also known as probate, begins. The probate process goes through a court of law and a judge will validate any existing will for the distribution of assets.

If you have a trust, the probate process could be skipped, which might save time and ensure assets go to the chosen beneficiaries. (It’s important to note that if you die and don’t have a will or a trust, assets are distributed according to state law.)

Other major differences between a will and a trust include these factors:

• A will goes into effect only after you die. It’s also called a “last will and testament.”

• A trust can go into effect while you are still alive.

The Difference Between a Trustee and a Beneficiary

A trustee holds legal title to the property or assets of another person, the beneficiary. A trustee is responsible for administering the trust on behalf of those beneficiaries.

There are at least two two types of beneficiaries:

• One who receives income from the trust during their lives

• One who receives the remainder of the estate after the first set of beneficiaries dies

Choosing the Right Type

A Living Trust

A living trust is similar to a will, but not exactly the same. A living trust is a legal arrangement that you (the grantor) create during your lifetime (like a will), but instead you specify exactly the way you want your estate handled while you are still alive. A living trust might be used for people who have complex financial situations and more than one beneficiary.

When you die, the trustee you appoint carries out your instructions without having to go through the legal process of probate. A living trust might be more effective than a will in carrying out the transfer of assets according to your wishes. Types of living trusts include:

• A revocable trust. This gives you continued control and access to the assets in the trust as well as the option to make changes to beneficiaries or even revoke the trust whenever you want. A revocable trust keeps your decision-making flexible and fluid. Once you die, the revocable trust becomes irrevocable, and whatever wishes you’ve listed become final.

• An irrevocable trust. This cannot be changed, modified, or adjusted without the permission of the beneficiaries. That means that any assets transferred into an irrevocable trust cannot be taken back. Irrevocable trusts might be appropriate for those who want to permanently remove assets from their estate.

The IRS lists assets that are often included in an irrevocable trust as insurance policies, cash, and business investments. Once the ownership passes to the beneficiaries, the assets listed in the trust are no longer taxable as part of the individual’s estate.

Testamentary Trust

Then there is a trust that is not considered a living trust:

A testamentary trust is created by the person who writes a will, called a “testator.” These are not to be confused with living trusts. This type of trust would not go into effect until the death of the testator.

A Few Things to Consider

You may have to consider attorney fees if you set up a trust with the help of a lawyer — there are also options to set up the trust on your own online. A good trust attorney should know the best ways to make your trust as airtight and efficient as possible. You may want to keep in mind the potential ongoing costs of maintaining a trust as well.

For instance, depending on the type of trust established, the trust may become its own tax entity, and you might need to be prepared to pay an accountant to file a trust tax return each year. Should you elect to have a corporate trustee, where someone from a bank or trust company acts as trustee for the trust, there are typically ongoing fees associated with that service as well.

💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.

How to Choose a Beneficiary for Your Trust

Your beneficiaries will likely be members of your family. But a beneficiary of a trust can also be a group or an institution (like a nonprofit organization or a charity). Ultimately, your beneficiary is anyone or any group that receives beneficial enjoyment from your assets, like income, the ability to use property, or ultimate ownership, per your wishes.

Where to Hold a Trust

Setting up a trust could ensure that your beneficiaries get what you intended them to have before and after you die. The IRS recommends opening a bank account for a trust, which would require the following:

• Legal documents and identification that proves you are the legal trustee

• A Trust Tax ID number

When opening a trust bank account after the grantor has passed away, you typically need a new Trust Tax ID number to replace the Social Security number of the deceased grantor. This number will be used on every trust-related document going forward.

Trusts and Taxes

Establishing and funding trusts could help you remove assets from your estate and reassign ownership to others. This might help reduce income taxes on the assets if transferred to a beneficiary in a lower tax bracket, or help you reduce or avoid estate and gift taxes.

Are Trusts Only for “Trust Fund Babies”?

No, trusts are not only for trust fund babies. Although the common perception might be that trust funds are only for children of the super wealthy, that is not the case. A trust fund is meant to help you make sure your money goes to whom you want it to, and that it’s put to use the way you wish. If you have children or grandchildren, and you want your money to be used in a certain way by them, a trust might help you do that.

Financial Planning for the Future

When it comes to trusts, laws can change and they can also differ from state to state. You might want to consider consulting an attorney who specializes in trusts for the most updated direction and advice.

If you’re working on financial planning based on your specific financial goals and life situation and thinking about ways to save and invest for the future, you may want to consider setting up an investment account. You could also consider talking with a SoFi Financial Planner about such topics as budgeting and saving.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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