Tag Archives: Family

Homearama Workshop Series

This weekend begins Louisville’s annual home showcase event, Homearama! This highly anticipated event includes tours of custom built homes that are fully furnished, decorated, landscaped and feature the latest in building trends, technology and interior design (via https://bialouisville.com/signature-events/homearama/homearama/).

This year, Homearama takes place July 15-30, 2017 at Poplar Woods. Stock Yards Bank & Trust is excited to sponsor daily workshops as part of the two week event. These workshops are free with Homearama admission and range from landscaping topics to mortgage financing options. There are several to choose from and each workshop last about 30 minutes.

Please join us!

Homearama Workshop Series:

Saturday, July 15 – 11 am: “Outdoor Living/Landscaping” – House 6
Grant Jones, Jones Landscape and Design

Saturday, July 15 – 4 pm: “Technology in the Home” – House 7
Jason Stevenson, Automated Living & Perry Lyons, P.L. Lyons Architectural Builders

Sunday, July 16 – 2 pm: “Green Egg Grilling Demonstration” – House 7
Jim Graven, Steepleton

Monday, July 17; Wednesday, July 19; Friday, July 21 – 7 pm: “Current Design Trends” – House 7
Cherry House Design Specialists

Tuesday, July 18; Thursday, July 20 – 7 pm: “Mortgage Financing Options” – House 7
Melinda Golde, Stock Yards Bank

Saturday, July 22 – 11 am: “Outdoor Living/Landscaping” – House 6
Jeff Wallitsch, Wallitsch Nursery & Garden Center

Saturday, July 22 – 4 pm: “Technology in the Home” – House 7
Jason Stevenson, Automated Living & Perry Lyons, P.L. Lyons Architectural Builders

Sunday, July 23 – 2 pm: “Brownsboro Hardware Outdoor Grilling Demonstration” – House 7
Brownsboro Hardware

Monday, July 24; Wednesday, July 26; Friday, July 28 – 7 pm: “Current Design Trends” – House 7
Cherry House Design Specialists

Tuesday, July 25; Thursday, July 27 – 7 pm: “Mortgage Financing Options” – House 7
Melinda Golde, Stock Yards Bank

Saturday, July 29 – 11 am: “Outdoor Living/Landscaping” – House 6
Grant Jones, Jones Landscape and Design

Saturday, July 29 – 4 pm: “Technology in the Home” – House 7
Jason Stevenson, Automated Living & Perry Lyons, P.L. Lyons Architectural Builders

Sunday, July 30 – 2 pm: “Brownsboro Hardware Outdoor Grilling Demonstration” – House 7
Brownsboro Hardware

Please visit the Homearama website for additional information.

8 Ways to Protect Your Data Online

The American Bankers Association is highlighting eight tips to help online users protect their data and guard against online threats.

“Cyber thieves are using social media profiles to gather personal information and use it to commit fraud,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy.  “It’s extremely important that consumers limit the amount of information they share online and stay away from using easily retrieved information — such as birthdates, pet’s names or school mascots — as answers to security questions.”

ABA is offering the following tips to help consumers safeguard their information online:

  • Keep your computers and mobile devices up to date.  Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
  • Set strong passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
  • Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from sources you are not familiar with.
      • Forward phishing emails to the Federal Trade Commission (FTC) at spam@uce.gov – and to the company, bank, or organization impersonated in the email.
  • Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security questions in the password reset tools. Lock down your privacy settings and avoid posting things like birthdays, addresses, mother’s maiden name, etc.  Be wary of requests to connect from people you do not know.
  • Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it.
  • Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
  • Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider doing business elsewhere.

Resource Information Provided by the American Banker’s Association

4 Essential Summer Activities

Looking to get away this summer without going too far? The city of Louisville has several attractions that can keep the whole family entertained. Here are 4 outdoor summer activities you don’t want to skip in Louisville:

  1. The Walking Bridge

This one is a no-brainer. The Walking Bridge is a great outdoor activity with the best views of downtown Louisville. Walk over to Jeffersonville and cool off inside various restaurants and shops.

  1. Nulu

Nulu (New Louisville) is an up-and-coming area in downtown Louisville in the East Market District. There is always something different happening, and summer weekends often involve local fairs, festivals, and flea markets.

  1. The Louisville Zoo

This Louisville classic is a wonderful place to enjoy a beautiful summer day. The Louisville Zoo is a great place for families to get up close and personal with various wild animals. Be sure to cool off at the Zoo’s recent addition of Splash Park.

  1. Falls of the Ohio

Discover the “largest, naturally exposed, Devonian fossil beds in the world” at the banks of the Ohio River. Located in Clarksville, Indiana, this quick trip involves hands-on learning that is sure to excite the family.

4 Tips to Avoid the Grandparent Scam

The next time you receive a frantic call from someone saying they are your grandchild and asking for money, make sure it’s actually your grandchild who’s calling.

According to the Federal Trade Commission, in 2016, impersonation scams ranked second as the most common consumer complaint, with more than 400,000 reported. The “grandparent scam,” is a form of financial abuse that deliberately targets older Americans using impersonation tactics.

To commit this crime, fraudsters call claiming to be a family member in serious trouble and in need of money immediately. The scammer might say he’s stranded or has been mugged, and call in the middle of the night to add to the urgency and confusion. Once the money is wired, the victim later finds out that it wasn’t their grandchild they were helping, it was a criminal.

In recognition of May as Older Americans Month, Stock Yards Bank & Trust offers older Americans these tips to help them prevent impersonation fraud:

  • Confirm the caller. Fraudsters are using social networking sites to gain the personal information of friends and relatives to carry out their crimes. Verify the caller by calling them back on a known number or consult a trusted family member before acting on any request.
  • Don’t be afraid to ask questions. Fraudsters want to execute their crimes quickly. The more questions you ask the more inclined they will be to ditch the scam if they suspect you’re on to them.
  • Never give personal information to anyone over the phone unless you initiated the call and the other party is trusted.
  • Never rush into a financial decision and trust your instincts. Don’t be fooled – if something doesn’t feel right, it may not be right. Feel free to say no and get more information before you send money to someone.

Resource Information Provided by the American Bankers Association

Betting, Hoping and Planning

by Neil Byrne, JD, LLM, CPA Stock Yards Bank Wealth Management & Trust


It is almost Derby time. So what better topic to discuss than betting?

According to the dictionary, a bet is defined as “an act of risking a sum of money on the outcome of a future event.” Hope is defined as “a feeling of expectation and desire for a certain thing to happen.” Finally, a plan is defined as “a detailed proposal for doing or achieving something.”

All of these concepts are wonderful in their own right, and can bring joy to individuals in the right context. It is fun to bet on the Derby, or to hope your tournament bracket wins your office pool. Unfortunately, too many people are unnecessarily making a bet on retirement security by simply hoping their savings, Social Security, and other resources will be enough.

Most people choose their career, their college major, and their home, not to mention their spouse, among various other important items in their life. What about retirement? How many people are hoping to be able to retire “one day” but haven’t put together a detailed plan for actually retiring? If you have not put together a plan, then you likely are not planning for retirement, but rather, are betting on retiring – one day.

Below are a couple of items to consider when putting together a retirement plan. While things like investment returns, basis, and tax rates are unquestionably important, for a moment, we suggest that you think “bigger picture,” and ponder how some more basic considerations can affect your successful retirement plan.

Your Needs and Wants
Even the age at which you retire is up for consideration. After all, setting a uniform retirement age is said to have been started in Germany by Chancellor Otto Von Bismarck, at least partially as a way for him to force troublesome government employees into retirement. Germany initially set it at 70, and then lowered it to 65*. Of course, whether that is true or not, neither Chancellor Von Bismarck, nor anyone else should really dictate when you retire. Naturally, taking retirement benefits that are only available at certain ages into account is an important part of the plan. But, with a little foresight, you can retire when it is appropriate for you.

After all, retirement is about you. To ensure that you are making the best decisions, you will want to have a good handle on your family dynamics, as well as your budget, assets, and liabilities. Do you have robust savings that can withstand unforeseen expenses? Have you considered what your wants and needs truly are? It may be appropriate to “bet” or “hope” for a dream item down the road, but we want you to plan for your true needs and wants in retirement.

Your Biases
Personal biases can have long-term consequences, and so, many people have a critical need for objective retirement advice. A 2008 book by Professor Dan Ariely, Predictably Irrational, explains many of our biases and how they affect several facets of modern life. Two sections of the book, however, are especially relevant here.

First, people like to procrastinate – big surprise. But, it is true, and it can harm your retirement readiness.

Second, people like to keep all their options open for as long as possible, even when inaction produces a negative outcome. Undoubtedly, financial planning can be complicated. Moreover, retirement planning forces you to make an avalanche of choices – when should I draw Social Security? When should I stop working? Is Long Term Care Insurance for me? And on and on . . .

These two biases can work together to turn a plan into a bet before you even realize it. Betting may be fun on the first Saturday in May, but leave the betting for the track, and the hoping for your tournament bracket. Let’s plan for your retirement.

*See: https://www.ssa.gov/history/age65.html AND http://mentalfloss.com/article/31014/why-retirement-age-65

The Importance of Financial Planning at Any Age

DISCLAIMER: THIS ARTICLE WAS WRITTEN BY ADVICENT SOLUTIONS. ALL RIGHTS RESERVED. ©2013, 2016 ADVICENT SOLUTIONS, AN ENTITY UNRELATED TO STOCK YARDS BANK & TRUST. THE INFORMATION CONTAINED IN THIS ARTICLE IS NOT INTENDED TO BE TAX, INVESTMENT, OR LEGAL ADVICE, AND IT MAY NOT BE RELIED ON FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES. STOCK YARDS BANK & TRUST DOES NOT PROVIDE TAX OR LEGAL ADVICE. YOU ARE ENCOURAGED TO CONSULT WITH YOUR TAX ADVISOR OR ATTORNEY REGARDING SPECIFIC TAX ISSUES.

It’s easy to think that a financial plan is only necessary when you need to make a big purchase or rearrange your portfolio. However, financial planning affects much more than your bank account, and a successful plan should follow you through all the stages of your life. In a financial climate where more than half of Americans don’t have a budget and just over 40 percent of baby boomers don’t have a will, it seems that many could benefit from planning. Yet the fact remains that just one out of three household financial decision-makers say they have any kind of comprehensive financial plan. Prevalent among the reasons to avoid planning are “I’m too young to need a financial plan,” “I’m too old to get a financial plan,” or “I’ve made it this long without one, so why get one now?” When these doubts are raised, it’s important to consider that your financial plan isn’t something that can be made and then forgotten about, nor should it only be remembered when you find you’re low on funds; to succeed, it will need to be fluid and change as your situation changes. Read on to discover the importance of financial planning at any age.

ON YOUR MARK, GET SET, GO! PLANNING IN YOUR 20s

As a 20-something, you probably think that you’re too young and have too few resources to warrant a financial plan. Before you write off financial planning using this logic, consider that your 20s are when you establish the financial base for the rest of your life. You’re likely earning your first salary and dealing with your first large sources of debt in student loans and car payments. You may be faced with buying your own insurance and investing on your own for the first time. You also have the widest range of financial goals in your 20s, as most of your major life events are still ahead of you. Meeting with a financial planner during this time can improve your financial literacy, helping you learn things like how to set up an emergency fund, make a spending plan and establish good credit. It can also help you set up a basic estate plan, something that’s easy to overlook in your 20s. It can be overwhelming when you’re starting out to be bombarded with all of the things you could be putting money toward. A financial plan can help you prioritize where your money should go by determining your most significant money goals and how to reach them.

Not only are these years a crucial time for financial education, but disregarding a financial plan could cause you to unintentionally squander the biggest asset of your 20s—time. With the power of compound interest, the money you save or invest now can grow exponentially, but wait another 10 years and you may have to contribute a lot more to achieve the same end result. Bottom line? The earlier you start saving and the longer you give your money to grow, the better. There’s no better time to start establishing good money habits than in your 20s, and that all starts with a financial plan

TAKE IT TO THE NEXT LEVEL. PLANNING IN YOUR 30s

If your 20s are to build a foundation for your own financial literacy, your 30s teach you how to cope when that foundation shifts and you find yourself dealing with new and larger challenges. A financial plan at this age can help you deal with some of life’s biggest transitions, such as starting a family or becoming a homeowner. These can bring on newer and bigger sources of debt, so a crucial aspect of financial planning at this time is to eliminate non-mortgage debt, such as paying off your car and student loans and paying down credit card debt. These big life changes may also trigger a need for expanded insurance coverage on your home or extended life insurance, if you have a family depending on you. For the same reason, you should review your estate plan, making sure you have a will, living will and power of attorney. You set up the basics of a financial plan in your 20s, and it’s time to reevaluate now that your earnings power has likely increased. You should set a more definite plan for retirement and focus on contributing a set amount each month rather than just maintaining an account. A financial plan can help you review and understand your asset allocation among various types of investments, aligning your investment decisions with your lowered risk tolerance and time horizon. It’s also a good time to check on your emergency fund, and make sure you have three to six months’ worth of income saved should an unforeseen crisis affect your life. Finally, a financial plan can help you direct some of your increased earnings to charity, as you may be approaching a time in your life when you feel stable enough to give back.

MAKE IT OR BREAK IT. PLANNING IN YOUR 40s

Your 40s are a crucial decade for building up retirement savings, and a financial plan can help you make sure you’re on track. While many will start a retirement account on their own, it can be hard to budget for both retirement and non-retirement savings. In fact, roughly one out of three U.S. adults have no form of nonretirement savings. Without financial planning, it can be hard to focus on saving for multiple goals and prioritizing the importance of those goals at different times in your life. For example, although paying for your children’s education may be a factor during your 40s, remember that while there are loans and scholarships available for college, the same is not true for retirement. So, while it’s important to save for both goals, you may have to put your own savings first by allotting more money to a retirement fund than to your child’s education. This can be difficult, especially since most parents are used to putting their children’s needs before their own. Having the third-party perspective of a financial advisor can be especially on the best way to reach multiple financial goals. Your 40s are also a good time to do an overall review of your plan. You may need to increase your insurance coverage, as the insurance offered through your employer may no longer be enough to cover you and your family in the case of a crisis. You will also want to review your estate planning documents and make sure your beneficiaries are up to date. And, since your earnings are likely peaking and this is truly the “make it or break it” time for your retirement savings, your plan should help you determine how to allocate more money toward your IRA or 401(k).

IN THE HOME STRETCH. PLANNING IN YOUR 50s/60s (preretirement)

During this phase of your life, retirement stops being a far-off, abstract concept and becomes real. You should engage in retirement planning with your spouse, including choosing a retirement age and discussing the types of activities you’d like to pursue during retirement. You may want to evaluate your health, as health and insurance needs can factor heavily into your retirement budget. You should be estimating your Social Security benefits and maximizing contributions to your retirement account, including catch-up contributions that you are now eligible for. Since many large expenses, such as your mortgage payment, may soon be behind you, you can push to eliminate a lot of your debt so you can head into retirement debt-free. To stay on top of all of these tasks, you can think of your financial plan during this time as a preretirement checklist, ensuring you’ve covered all of your bases so that you can enjoy the relaxation you deserve during retirement. In addition to checking off your preretirement tasks, it’s likely that a large part of your financial planning will focus on protecting the retirement savings you already have and creating an income strategy for retirement. Because you now have a lower risk tolerance and less time to recover from a dip in the market, your investment strategy will probably need to be more conservative. Ultimately, your financial plan can help you cross-reference your retirement needs and goals with your retirement income, and your financial advisor can help you project whether this income can provide for you throughout your retirement.

KEEP ON KEEPIN’ ON. PLANNING DURING RETIREMENT

You may think that once you reach retirement, you no longer have to worry about financial planning. After all, you’ve made it this far, right? However, there are many unique financial considerations for retirees, not the least of which is how to effectively transfer your wealth to the next generation. You should review your estate plan to make sure that everything is up-to-date and correct, and determine how you want your wealth to be allocated upon your death. Depending on your situation, this may include providing for family and/or friends, setting up trusts or making arrangements for an after-death charitable donation.

As your health needs change during retirement, a financial plan can also help you consider the impact of different senior living options on your budget and evaluate what kind of health care and insurance you need and are eligible for. Similar to your younger years, you will likely have a lot of planning surrounding cash flow issues and how to make the most of your income. Far from being over, financial planning can play a large role in your retiree years, helping you live out the remainder of your life comfortably and with peace of mind.

Stock Yards Wealth Management & Trust wants to be your partner in your financial journey. Our team of Financial Planners provides a process that is complete, from start to finish. We provide a comprehensive set of solutions that are customized to fit your individual needs. No matter what phase of life you are in, we provide the plan and the guidance to help ensure that you are on track to achieve your financial goals.

 

All You Need Is Love — And Financial Intimacy

It’s the season of love, but before couples taking the next step in their relationship, they should shape their financial plan. Stock Yards Bank & Trust reminds customers that taking the next step is not only a marriage of hearts but also a marriage of finances.

Stock Yards Bank & Trust suggests couples use the following tips to achieve financial intimacy:

1. Be mine, or yours? Will you and your spouse-to-be keep finances separated or combine them? Consider individual money styles, having one joint savings account and then separate accounts that you can use how you’d like. Making these financial decisions together will help you find a system that works for you.

2. Love’s Cost. Couples that tackle money problems together, and take mutual responsibility for solving them, will inevitably find that their overall relationships are better for it, so calculate your monthly costs and discuss how bills will be paid. Both may contribute to the bill payment, but who will physically write the check to pay the bills, monitor the investments and take care of the taxes. Consider setting a date every month to review and discuss finances.

3. Sharing Credit. It’s important that spouses are aware of the others’ credit situation. Marrying a person with bad credit will not drag down your stellar record. However, your other half’s credit will be factored in when applying for joint financing. Knowing ahead of time will help you to plan more strategically.

4. Cupid’s Arrow. Couples should develop a plan to shoot down existing debt, starting with the balances that carry the highest interest rates. Whether or not the pair works as a team or alone, debt must be tackled. Think twice before every purchase and ask yourself if it’s worth not putting that money in your savings. You’ll be able to eliminating frivolous spending this way while keeping your priorities top of mind.

5. Sweet Savings. Saving as a couple fosters teamwork and is essential in times of financial hardship. Decide how much you want to save as a couple and do it automatically from your paychecks. It’s important to be realistic when budgeting your monthly savings goal.
Resource information provided by the American Bankers Association.