And the Executor Is: Choosing the Right Person to Carry Out Your Wishes
Choosing an executor is one of the most important decisions you make when creating a will. Your executor is the person responsible for carrying out the instructions in your will after you pass away. That may include managing estate assets, paying final debts and taxes, communicating with heirs, working with the court when required, and […]
A Penny Saved Is Two Pennies Earned
Benjamin Franklin is often credited with the saying, “A penny saved is a penny earned.” But the original line from Poor Richard’s Almanack, published in 1737, was actually: “A penny saved is two pence clear.” However you say it, the principle still applies: small savings can make a meaningful difference over time. At True North […]
A Look at Whole Life Insurance
Whole life insurance is designed to provide permanent life insurance protection with fixed premiums and a guaranteed death benefit. This protection remains as long as the policy remains in force. Unlike term life insurance, which provides coverage for a set period of time, whole life insurance is intended to last for the policyholder’s lifetime. In […]
A look at Diversification and Risk Management
There’s an old story about ancient Chinese merchants who managed risk by dividing their cargo among several ships. This is one of the earliest examples of diversification and risk management in practice. If one vessel sank or was attacked by pirates, the entire shipment would not be lost. The remaining ships still had a chance […]
All Municipal Bonds Are Not Created Equal
Municipal bonds are often viewed as relatively conservative investments, especially because they are issued by state and local governments. But as Detroit’s 2014 bankruptcy reminded investors, municipal bonds still carry risk. Not every bond has the same level of security, and understanding the differences can help investors make more informed decisions. The Two Main Types […]
A Living Trust Primer: What to Know Before You Create One
A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives. At True North Wealth Management, we believe estate planning works best when it connects with your broader financial picture. A living trust may help organize how your assets transfer, but you should […]
How Retirees Can Use AI to Start a Small Business
Artificial intelligence, often called AI, is changing how people work, communicate, and run businesses. For retirees who want to start consulting, freelance work, or a small business, AI can make the process feel more manageable. You do not need to be a technology expert to benefit from AI. Many tools now help with everyday business […]
Divorce and Financial Planning: How to Prepare Before You Make Major Decisions
Divorce and financial planning are often deeply connected, making divorce one of the most emotional and financially complicated transitions a person will face. While divorce rates in the U.S. have generally declined in recent decades, many couples still reach the difficult point where separation or divorce becomes a real possibility. The U.S. Census Bureau reported […]
The Cost of Keeping the Bank of Mom and Dad Open
Graduation season brings excitement, pride, and celebration. It can also bring a major financial transition for parents. For families who helped pay for college, graduation may mean that a large recurring expense is about to end. The question is what happens next. Do parents redirect that cash flow toward retirement, savings, debt reduction, or other […]
A Home Insurance Claim: Should You File or Pay Out of Pocket?
Homeowners insurance helps protect you from major financial loss. But that does not always mean you should file a Home Insurance Claim for every repair or every small amount of damage. In some situations, filing a home insurance claim may make sense. In others, paying out of pocket could be the better long-term financial decision. […]