In Perspectives

At a prior firm, one of my co-workers introduced me to a husband and wife who had been clients for many years.  The husband was planning on retiring in the next few years and they were going to begin working with me to financially prepare for that next step.  Never did they starve themselves from enjoying their money, but they were very dedicated savers and they kept an eye on their living expenses.

As I was introduced to the wife, she immediately raised both of her hands and created an X with her fingers.  “That’s a four letter word!”  She was referring to a budget.

Luckily she was joking and her playful personality was shining through.  She knew the importance of a budget, but like many others, had no interest getting into the details.  They always seemed to have enough money to meet their expenses while they were working.  And, her husband had always handled that area, which he would continue to do throughout retirement…

Unfortunately, the husband was in a terrible accident and passed away.  Distressingly the wife thought: Will I have enough for the next 20-30 years? Will I have to work for the rest of my life? Will I be able to live the same lifestyle I am accustom to? And, how am I going to do all of this without my best friend?

What was once a four letter word to her became the most important question; what are my expenses and can I support them?

A budget is simply a tool to measure the amount of expenses to support a certain lifestyle/household. Once a baseline has been established, you review it at least each year to ensure that your assumptions are in the original ranges or within close proximity.  Never will it be exact or even close to perfect, but without an honest first attempt, you are working without a very important measurement tool.

A budget is a living, breathing, ever-evolving piece of information.  As much as I would love to discuss all the other, more exciting areas of financial planning, a financial plan provides little value or insight without a detailed, well-thought out budget.  Heightening your awareness is the first and potentially most empowering step.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.


Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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