Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | Webster
Davis Motor Sales banner ad

Dave Says – September 30, 2012

KENTUCKY (9/30/12) - This week Dave will be discussing picking the right trustee and Dave’s thoughts about online banks.
 
Dear Dave,

I’m going through a divorce, and I’m about to buy a $600,000 life insurance policy. My 9-year-old daughter would be the beneficiary. I need a trustee, but how do I pick a good one? - Marie

Dear Marie,
First, your daughter wouldn’t be the beneficiary. You would leave it in a trust for her benefit. And I’m not sure I’d depend on an ex-husband to handle something that requires this much integrity. You’d be better off hiring a good attorney to execute the trust upon your death, or you can look for a bank that has a trust department.

Once you decide on a trustee, you must remember to clearly and specifically state what you want done with the money. Don’t say to invest the money appropriately, because what a banker views as an appropriate investment and what I view as an appropriate invest are usually very different. A banker might put the money in CDs, or certificates of deposit, while I’d probably look at something like mutual funds, which have a much better rate of return.

In many cases, a trust for a child is put in place to pay for their first car, a medical situation or their college education, but this is completely up to you. The balance of the money might go to them when they reach age 21, while they receive a monthly stipend for food and other essentials while they’re younger.

I’m proud of you for thinking ahead, Marie. I know divorce is hard, but your little girl is lucky to have such a good and caring mom on her side! - Dave
 
Dear Dave,
How do you feel about using an online bank for your emergency fund? - Jared

Dear Jared,
I don’t think that’s a problem at all in most situations. Just make sure you do a little research. Know who you’re dealing with and that they’ve got some strength. A bank that is known as a “click and mortar”—one that has a physical location as well as online—would be my preference. Some of them have great debit card programs that includes debit card rewards and high-interest checking accounts, too.

When it comes to an emergency fund, I like the idea of keeping it in a separate money market account. That way you get money market rates, plus you can attach check writing privileges to the account. Then when an emergency comes along, you don’t have to worry about shuffling money around. You can just write a check out of the account. Problem solved! - Dave

* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 5 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at www.daveramsey.com.
 
 
Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
2/6/2014 - posted
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
2/6/2014 - posted
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
2/6/2014 - posted
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
2/6/2014 - posted
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

July 28, 2014 3130

Madisonville Woman Arrested for Being a…

in Top Stories by Madisonville Police Department
July 28, 2014 2773

Madisonville Man Arrested for Endangering…

in Top Stories by Madisonville Police Department
July 30, 2014 2406

UPDATE: Waide Responds to Allegations of…

in Top Stories by Daniel Kemp
July 28, 2014 2316

Disagreement Over Killing Snake in House…

in Top Stories by Madisonville Police Department
July 28, 2014 1630

Two Injured in Vehicle Collision on…

in Top Stories by William Roundtree

Most Read Stories from Hopkins County

July 28, 2014 3130

Madisonville Woman Arrested for Being a…

in Top Stories by Madisonville Police Department
July 28, 2014 2773

Madisonville Man Arrested for Endangering…

in Top Stories by Madisonville Police Department
July 28, 2014 2316

Disagreement Over Killing Snake in House…

in Top Stories by Madisonville Police Department
July 28, 2014 1630

Two Injured in Vehicle Collision on…

in Top Stories by William Roundtree
July 28, 2014 1622

Madisonville Man Arrested for Assault,…

in Top Stories by Madisonville Police Department

Most Read Stories from Owensboro

July 28, 2014 965

Zuberer Takes Over at Quarterback for…

in News by Steve LeMaster
July 28, 2014 879

Dont Miss Out on a Howl of a Good Time

in News by Brittni Bunn
July 28, 2014 744

Instant Admissions Day is Aug. 1, 2014

in News by Bernie Hale
July 29, 2014 479

Happenings and Meetings - Daviess County

in News by Owensboro-Daviess County Convention & Visitors Bureau
July 28, 2014 389

Prosecutors Mull Over Whether to Charge…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

July 29, 2014 1431

Muhlenberg Woman Arrested in Identity…

in Top Stories by Sheriff Curtis McGehee
July 28, 2014 1249

Foot Pursuit Ends with Arrest

in Top Stories by Christopher Rogers
July 28, 2014 1155

Boys of Broad to Launch Video at Cinema 4

in Top Stories by Paul McRee, SurfKY News
July 29, 2014 1052

Muhlenberg District Court Fines Handed…

in Top Stories by Charles W. Riley II, SurfKY News
July 29, 2014 960

McLean County Man Charged for Alleged…

in Top Stories by Sheriff Curtis McGehee

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03