One of the impacts that we’re seeing from COVID-19 is that more young people are engaging in estate planning and putting wills in place. In this episode of MoneyBetter, host Caitlin Moore chats with guests Kara Brostrom, Andrew Loudon, and Nate Wieting about why you should make sure you have a will in place — and what could happen to your estate and family if you don’t. They also discuss items you need to include in your planning that you may not think of, including stock options, family businesses, and more. Tune in to learn how to make those decisions and ensure you’re prepared, should the worst happen.

Contact our Guests:

Kara Brostrom

Andrew Loudon

Nate Wieting

Shownotes:

Key Takeaways:

The main reason people don’t get powers of attorney or estate documents in place is because they think it’s going to be expensive. But . . . it’s way more expensive if you don’t have the documents in place. We often encourage parents and grandparents to give [power of attorney planning] as a Christmas gift for their children and grandchildren who are young adults just because it’s so important.

If you don’t take back control and either establish a will and/or a will and trust for the benefit of your estate plan, then statutes are going to control. We look to Nebraska law, and it’s very interesting and typically not how people want assets to go when they pass.

You have to think about “what if.” What if someone dies in the wrong order? Our best advice is that the guardian who you choose — a family member or friend to be the legal parent — not be the trustee of the money . . . recommend considering an independent third party like Union Bank & Trust. UBT can be the trustee of the child’s trust while your family member is the guardian.

Delegation of parental authority: As a parent, you’re able to almost sign a power of attorney on behalf of your minor child . . . if you and your spouse is going out of town and you’re leaving the little ones with grandparents, you can say these individuals are going to be in control of my children for this time frame and the document is good for six months, or you can set a date time frame.

Other Key Tips:

• You have options for powers of attorney if you don’t want to nominate family or friends. Banks can serve as your financial power of attorney, and your family doctor can be your medical power of attorney.
• Own a business? Own a farm? Consider a prenup.
• Regularly check your beneficiaries on your accounts to make sure they reflect your current estate plan.

A wedding is a big milestone — not just for those embarking on the journey toward wedded bliss, but also for family and friends joining in on the celebration. With wedding season ramping up, the MoneyBetter team wanted to explore the financial aspects of wedding planning, especially when it comes to money and emotions. Our host Caitlin Moore chats with two of our own UBT employees about their wedding planning: Bailee Wellman, a newlywed who got married in June 2021, and Lindsey Deprez, whose wedding is planned for June 2022. We also talk about how wedding planning prepares you for marriage and how to have conversations with others involved about money and expectations.

Shownotes

Our quick tips:

• A longer engagement means more paychecks.
• Buy suits instead of renting tuxes when they are close to the same price.
• Send a survey out to your wedding party to see what they are comfortable with when it comes to spending expectations — and then go with the answer.
• If you’re jumping on the destination bachelor/bachelorette party trend, watch expenses and communicate openly with your wedding party on what they are comfortable spending.

Check out the ultimate wedding planning checklist and budgeting guide.

Bailee’s favorite vendors:

• Blush Bridal Boutique, wedding dress vendor: They were amazing to work with and just super encouraging and sweet.
• Ricky's Catering, caterer out of Hanover, Kansas: They made the process so incredibly easy, and they're also super affordable!
• HyVee, flowers and cake vendor: We worked with the one at 40th and Old Cheney, and Pam, the floral manager, took my ideas and ran with them and they were so incredibly beautiful. She did the flowers for the bridal party and several arrangements for the reception tables. The bakery did our cakes on a two-week notice after our previous plan fell through and delivered them to the venue. It required little work from us!

MoneyBetter Episode Highlights

3:23 | Bailee

“We worked from a spreadsheet… where we compared what we thought we might spend with each vendor and refer back to it… here’s how much we spent, what we still have to look at. We had a number that we said, we’re going to stay under this.”

7:38 | Lindsey

“I made an initial budget, thought we were doing great, and I was quickly reminded that things cost more than I think they do.”

9:07 | Lindsey

“There were some family members who put value on things that I didn’t necessarily put value on.”

13:45 | Bailee

“We did not want to inconvenience our wedding party at all with how much they were spending.”

18:04 | Lindsey

It’s so important to consider your wedding party’s expenses for being a part of your big day. Many of them aren’t local, and will have expenses for flights, hotel, possibly renting a car.

“We wanted to consider how this was going to impact them. We don’t want them to spend thousands of dollars for a weekend at our wedding.”

29:50 | Lindsey

The two sides of the coin:

“I went over budget on the dress, which is one thing I go back and forth with. Some days, I’m like, ‘We’re only getting married once.’ And then other days, I’m like, ‘You’re only going to wear the dress once.’”

38:30 | Lindsey

How much do certain things really matter?

"The guests aren’t going to remember if something was wrong or not done a certain way."

In this episode of MoneyBetter, we’re talking about money, shame, and the impact both can have on our relationships with others. Lots of people are struggling with shame around money, whether that’s shame about past choices or trying to live a lifestyle that looks good to others but isn’t one we can afford to sustain. Because we’re afraid to address that shame, we end up operating blindly and making financial mistakes that could impact our future. Our host Caitlin Moore leads the discussion with our guests to figure out how to identify internal and external factors, make more conscious decisions about spending as it relates to our values, and set boundaries within your social circle.

MoneyBetter episode highlights:

• “Ten seconds of vulnerability is all it takes . . . eases you and starts the conversation.”
• “You’re using hindsight to shame your past self. That’s literally not part of the equation at all.”
• “My worth as a human is not tied to my salary, the car I drive, the neighborhood I live in. Society may tell me that, but it’s not true, and that’s not what I believe is true about us as humans.”

Red more about shame and money here.

Caitlin watched the 20/20 episode about Anna Sorokin aka Anna Delvey. Learn more about her story here. And check out the show on Netflix.

Kate’s dream American Girl doll memorabilia includes a lot of Felicity — particularly her Christmas dress (one for the doll and a matching one for her) and all of Felicity’s furniture — as well as the American Girl of Today birthday party stuff, including the grill, patio furniture, and sheet cake; the American Girl of Today rollerblades; and the American Girl of Today Hanukkah outfit. And who could forget the doll travel set?

Where Caitlin spends all of her coffee money: Scooters and the Mill.

Looking for resources on healthier finances?

Have a question for one of our guests? Reach out!

Sam Dolezal, UBT

Kate Stous, UBT

Camille Sass, Revive Counseling LLC and Summit Equine Therapy LLC.

The holidays are a busy time for everyone, and sometimes it’s easy to lose sight of what they’re all about. In this special episode, MoneyBetter host Caitlin Moore talks with Lisa Guill, Communications Director at City Impact, to learn more about the Gifts of Love program, the impact of year-end giving on nonprofits, and the importance of getting involved year-round.

Shownotes:

3:11 – Our bottom line as a nonprofit isn’t about making a profit. It’s about the people that we serve. But we can’t serve the people that we serve if we’re not able to meet our budget. So it means a lot... to have community partners that are willing to give...

6:13 – We have so many people that come in and volunteer their time for different purposes and needs that we have. So someone who does not necessarily have the resources to give monetarily can support in other ways. There’s a sense of dignity for the giver, and if done properly, for the receiver.

9:06 – You can utilize the MyLNK app and ask, “What am I passionate about?” Then use the app to find the nonprofit that is doing what you’re passionate about and contact them.

13:30 – When you have volunteers that are invested in that way... it’s a partnership and it benefits everyone. It benefits a mentoring relationship, it benefits the student who has an opportunity to grow, who is maybe experiencing some doors opened.

20:44 – They can come to Gifts of Love and find those gifts for their kids at a price they can afford and get some great things to make their Christmas special, even if things are hard. And things were very hard last year, for everybody. It was incredible to see how the community rallied.

Do you know what blockchain is and how it relates to cryptocurrency? Have you already purchased NFTs to replace your baseball card collection? Either way, we recommend tuning in to episode 6 of MoneyBetter as we take a deep dive into all things cryptocurrency, from the financial side to the technical side to what it means for you. John Nellessen, a cryptocurrency hobbyist from our IT department, joins host Caitlin Moore to share how all of us can do cryptocurrency better. We get down to the basics and remind you: Paying millions of dollars for a GIF ain't it, fam.

Show Notes:

1:52: Blockchain is sort of like a distributed way of keeping records . . . is the best way for me to explain it. It’s virtually unhackable and supposed to be really safe. So the basic concept is nobody has all of the chain. And a lot of different people have pieces of it, and you put those pieces together in order to keep track of data. There are people who have computers . . . called mining rigs now, that do calculations . . . when that calculation is finished, they get a piece . . . of digital currency. You can mine any type of digital currency you want.

4:30: Within the last couple of years, I started looking at Bitcoin, kicking myself, because I could have gotten in when Bitcoin was a dollar, let’s say.

7:12: Bitcoin is actually just a digital currency now, so it’s trying to be like any other currency which is a store of value . . . and there are other coins that have other values.

10:12: I waited until I didn’t need a wallet to invest because my concerns about having a wallet. When Coinbase came online, which is a marketplace you can buy and sell various types of cryptocurrency. I waited until that was available for anybody to come in . . . I basically did it exactly the opposite way you’re supposed to do it, which is probably a good thing for people who are listening to this podcast or watching. I made a ton of mistakes. I didn’t research a whole lot . . . all I did was I went to Coinbase, I set up an account, I had in the hundreds of dollars some money . . . I didn’t need for something else . . . that’s probably the only thing I did right, I spent money I didn’t need for anything else.

12:50: Let that be a warning to everybody who’s thinking of investing . . . all of this is very volatile and you have to be willing to either ride it out or hope that you get in at the right time.

13:40: You have to have a tremendous amount of risk tolerance if you’re going to invest in cryptocurrencies.

17:49: So if you want to use your coins as a currency, you do have to find somewhere that will accept those coins . . . or using a marketplace you could trade it for any other currency.

22:22: You can start with however much you want . . . some of the cryptocurrency are $1 or less apiece, so you don’t need a whole lot of money depending on what type of coin . . . but all you’ll get is a percentage of one coin.

25:05: The argument against cryptocurrency is that it’s not a currency, at this point . . .

28:03: There are some spots where it does have some value, and it’s beginning to pick up steam.

What’s the difference between a 401(k), a 403(b), a 457, and an IRA? How do you grow your money when saving for retirement? Should you get involved with your company’s retirement savings plan? In this episode of MoneyBetter, Garrett Sutton, one of UBT’s retirement educators, joins host Caitlin Moore to answer these questions and more.

Then, we show you the power of starting early by talking with Curt Rohn, UBT’s creative director, about his own retirement savings. Curt started saving for retirement when he was 18 years old and plans to retire at age 53 (well, maybe 56). Hear his story about how saving a little can go a long way and how taking advantage of employer matches and other incentives can put you on the road to a great retirement savings.

Show Notes:

8:20: A Roth and traditional/pre-tax contribution, the big difference is going to be how it’s taxed. With a traditional pre-tax contribution, your contributions are going into the plan before you pay income tax on them, so your taxable income for a year is reduced by whatever amount you contributed to that traditional 401(k). But because we didn’t pay taxes on it when contributing it, that means we’ll pay income taxes on that money when we take a distribution, ideally in retirement. That’s going to include the money we contributed and any earnings that have been generated from the investments that we hold in that retirement plan. All of that will be considered taxable income when you take a distribution.

9:14: With Roth contributions, that’s going to be post-tax contributions, so your taxable income for the year as you’re making contributions won’t change at all. All that money goes in on a post-tax basis, because we’ve already paid taxes on that money as we were contributing it, then we get the reward for making that sacrifice early on. Our reward is that we get to take out the contributions and the earnings that were generated from the investments; all of that can come out tax-free, as long as it’s a qualified distribution . . .

30:14: It was my 18th birthday, literally, and my dad had been working with this financial advisor/investment guy . . . he showed up at our house . . . and he said, “hey I’m really glad you invited me over today to get started saving for your retirement.”

32:58: Every time you get a raise, proportionally increase your retirement savings. . .

We’re in the middle of “The Great Resignation” — a time when people are leaving their jobs for something new. That means that right now, there are a lot of opportunities if you’re looking to make the move. But how do you make yourself stand out in a market where so many people are going after new jobs? In this episode of MoneyBetter, host Caitlin Moore talks with UBT’s own hiring leaders, Anita Schinstock and Christie Wilcox, about best practices for applying for a new job, interviewing, and getting an offer. Then, we talk with Chad Theis, President of Zelle Human Resources, about your online presence as you seek new employment opportunities and what to do if a recruiter reaches out to you.

Show Notes:

4:15 — While you can control what you have to offer, what you can’t control as a candidate is the candidate pool and what you’re up against.

5:48 — It comes down to the basics; making sure your application is completed accurately. One of our biggest pet peeves... make sure you have perfect spelling and grammar. Have someone else review it. Take the opportunity to customize your resume, your cover letter, to the organization, to the position.

6:31 — A cover letter goes a long way.

7:49 — So be unique in your format but make sure that it works.

10:43 — I always go out and look at both your Facebook profile and your LinkedIn, so that’s something to be aware of, and I think a lot of employers are doing that. So make sure if you’re applying for a job, you’ve looked at those two especially... and make sure they’re appropriate for the job you’re applying for.

13:50 — If there’s an organization that you’re very much interested in and perhaps there are no postings at the time, it wouldn’t hurt if you know someone to reach out proactively to get your name out there... it does occasionally result in employment at the end of it... but maybe not right away.

25:45 — Don’t throw your current employer or your former employer under the bus.

38:09 — People ask us all the time, on LinkedIn, when someone sends an invitation to connect, should I accept it or not? I accept every single invitation that I get.

Lincoln is such a giving community. We have so many great organizations that roll up their sleeves and work hard to help thousands of individuals and families. As people who live and work here, we have a tremendous opportunity to give back to any cause we identify with. If we want to make an impact, there are a few key things we need to know: What areas are in greatest need right now? What are the values that align between people and organizations? Ultimately, how can I help?

In this episode of MoneyBetter, we talk with Angie Muhleisen, President & CEO of UBT, about the philosophy that drives UBT’s culture of caring. Then, Meagan Liesveld, United Way, and Mark Feit, Combined Health Agencies Drive (CHAD), share what’s going on in the community and how their organizations are supporting people in need, particularly as we continue to navigate the effects of a pandemic.

Show Notes

0:45: MoneyBetter’s Caitlin Moore kicks off the discussion with Angie Muhleisen, President & CEO of Union Bank & Trust, about her philosophy behind the bank’s culture of giving back.

2:10 — Angie: “The essence of our philosophy, of how we do business, and I really mean this: we care about each other, we care about our customers, and we care about the communities that we serve. I feel it in the depths of my soul…we need to give back.”

5:27 — Angie: “United Way and CHAD do such a great job of vetting who needs the funds. They study, ‘what are the needs in our community and how do we best fulfill them? Which agencies do fulfill those needs?’ It’s all about helping the human service needs in our community.”

7:07 — Angie: “I give to a number of nonprofits in Lincoln, and they each have their unique focus, their unique way of helping our community, and I love helping them.”

14:33 — Meagan: “Our nonprofit community is amazing, and we work to raise funds to support programming that they’re doing that makes all this possible for our community members.”

26:30 — Mark: “When COVID hit, all in-person activities were cancelled. We’ve all participated in some sort of fundraising event, and all of a sudden you couldn’t have those. So while the need increased, funding decreased.”

29:40 — Meagan: “I think there’s a little danger in thinking that because we’ve lost some of the visual signs of the pandemic, that the impact of the pandemic has ended and that the increased need during that time had gone away. The reality is our community is still really struggling.”

34:38 — Meagan: “It takes a whole team. Most families need to be connected to four nonprofits to meet their needs. That’s the interconnectedness of need. That’s why we believe in funding an entire network of nonprofits.”

36: 48 — Mark: “It’s really important for people to know how easy it is to give. With our partnerships, one dollar can help 64 agencies together.”

39:16 — Meagan: “It’s easy to go about our lives and not see the need in our community. Health and mental health needs are unseen. Food insecurity is often unseen. It’s our responsibility to each other…to be part of the solution.”