Rest Confident, Your Money is Safe and Secure at Kirtland Credit Union, a message from our President & CEO. Learn More

All Kirtland CU branches and locations will be closed on Monday, September 2 in observance of Labor Day.

Our TellerPhone service is experiencing intermittent issues.  We are working diligently to resolve. Please use our Online and Mobile banking services. We apologize for any inconvenience.

Phishing scams are on the rise – don’t get caught! Learn how to spot scams and more at our Fraud Awareness and Prevention Center.

If you have been financially impacted by the wildfires and floods in the Ruidoso area, we have options available to help. Call us at 1-800-880-5328 to learn more.

ROUTING NUMBER: 307070050

ACCOUNT ACCESS

We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.
Check out the Weekly Market Insights
BC-box-check_xxsm_kCreated with Sketch.

The Complex Waters of Aging Parents’ Finances

By Kirtland Financial Services

Facebook
Twitter
LinkedIn

As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents’ finances. As they move into retirement and beyond, their financial landscape can become complicated, making it necessary for us to step in. Here are some crucial areas to focus on:

Understand Their Income

Understanding your parents’ income sources is the first step in comprehending their financial status. This includes pensions, social security, retirement savings, rental income, and other assets.

Knowing where the money is coming from can help anticipate potential issues, such as a fluctuating income or the need for additional support.

Discuss Their Estate Plan

Having a conversation about your parents’ estate plans can be difficult, but it’s essential. This includes understanding their will, any trust arrangements, and their wishes regarding the division of assets. It’s also important to know who they’ve named as executors or trustees. Having these conversations early can prevent misunderstandings and legal complications down the line.

Plan for Healthcare Costs

Healthcare costs can skyrocket in old age, and it’s essential to understand how these expenses will be covered.

  • Are they enrolled in Medicare?
  • Do they have a supplemental health insurance plan?
  • Do they have long-term care insurance?


If not, it may be worth discussing these options and understanding what healthcare costs could look like in the future.

Be Aware of Potential Financial Abuse

Elderly individuals are unfortunately often targets for financial scams and abuse. It’s important to regularly check in on your parents’ financial transactions and be vigilant for any signs of suspicious activity. This can include unexplained bank withdrawals, sudden changes in their financial condition, or new, unknown ‘friends’ who show an unusual interest in their finances.

Your Financial Professional

A financial professional can be an invaluable resource for helping you manage your parents’ finances. They can help with everything from planning for retirement income to advising on estate planning and managing investment portfolios.

If your parents don’t already have a financial professional, consider helping them find one. Remember, it’s critical that this professional is a fiduciary, meaning they’re legally obligated to act in your parents’ best interests.

The Circle of Life

Navigating your parents’ finances can be a complex task, but it’s a critical part of planning for their comfort and security in their golden years.

By taking the time to understand their financial situation, planning for future costs, and seeking professional advice, you can help guide them through this stage of life with confidence.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.

This article was prepared by FMeX.

LPL Tracking #1-05373106

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

LPL Financial Form CRS

CRPC®️ conferred by College for Financial Planning.

LPL Privacy Policy | Make Appointment

Accounts
Member Services
Help & Support
About
On The Go
Apple
Android

Connect With Us

Facebook Instagram Linkedin Twitter

Routing Number: 307070050

6440 Gibson Blvd. SE, Albuquerque, NM 87108

Copyright. Kirtland Federal Credit Union 2024. All rights reserved

THIRD PARTY LINK DISCLOSURE: We may provide links to third party sites, independent from Kirtland Federal Credit Union. These links are provided only as a convenience. Kirtland Federal Credit Union does not manage the operation, content or any links contained inside of the website you are about to enter. The privacy and security policies of the site may differ from those of Kirtland Federal Credit Union.

To access your investment account – click the button below. The login page for LPL will open in a new window.

access your account

If you have access issues, CONTACT KIRTLAND FINANCIAL SERVICES.

Don't Be a Victim!

You need to know about credit union impersonation scams so you can avoid becoming a victim of these nefarious tactics.

Learn Now

Online and Mobile Banking will be unavailable on Thursday, July 25 from 4:00–7:00 a.m.

Member Login

Credit Card Rewards Points

REDEEM NOW