Moneywise Who inherits the proceeds of your 401(k)? Regardless of what it says in your will or any beneficiary designation form, your current spouse is automatically entitled to all of the proceeds in the account. If you want to leave the account to someone else, your spouse must file a written statement waiving rights to it. That applies to 401(k) accounts you have from previous employers as well. In most cases, the spouse becomes the beneficiary the moment you say "I do." Any prenup does not count. The spouse still gets the money. Who inherits your IRA accounts? In most states, your will does not affect who inherits any of your IRAs at the time of your death. The person who gets the cash will be the one named on the beneficiary form. It doesn't matter how long ago you named the recipient. A spouse you divorced 30 years ago will get the money if you haven't changed the beneficiary. Caution: Once you are married, you can't transfer the assets of a 401(k) to an IRA, but it can be done before you marry. Who gets your life insurance? Whoever is named as beneficiary gets the proceeds of life insurance, regardless of any will or remarriage. It's important to check your beneficiary every few years. Savings Bonds go paperless If you want to buy a U.S. Savings Bond after December 31, 2011, you will have to do it over the Internet. After that, savings bonds have to be bought through Treasury Direct, their Web-based program. But these bonds can never be lost. Right now, over $16 billion in unredeemed bonds no longer earn interest. |
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Innovation distinguishes between a leader and a follower. Steve Jobs: co-founder, chairman, and former CEO of Apple Inc.
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Should you let the beast run?
According to the U.S. Environmental Protection Agency, tests show it is more economical to turn a car engine off rather than let it idle if the time is to exceed 60 seconds. That's a longer time than normally spent at a restaurant or banking window.
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The Big 6 Keys to Buying a Home Now
1 Home prices have hit bottom or are very close to it. Especially where prices have experienced big reductions in the past couple of years, there will be little change this year or next, according to national economists.
2 Affordability is the highest in 20 years, since 1991. It's defined as the ratio of the median priced home to median family income. Economists at Fiserv Case-Shiller, which tracks home prices, say the ratio is now 2.6, down from a peak of 4.1 in mid 2005.
Renters considering homeownership are encouraged by the current difference between rent and the median monthly mortgage payment. It fell from $745 in 2005 to $102 now. Low vacancy rates will allow landlords to raise rents next year by up to 3.5 percent.
3 Mortgage interest rates are about as low as they can go. Recently, the national average 30-year fixed rate was 4.5 percent.
Adjustable rate mortgages are even cheaper and rates for jumbo mortgages are down as well.
4 It's a buyer's market. With many choices, buyers can find properties in good school districts or near their jobs. And shopping takes less time.
Some investors bought properties, remodeled, but can't find buyers. They may be willing to make deals.
5 Distressed properties and bank-owned foreclosures are good buys. Bank-owned properties sell for an average discount of 35 percent off the per-square-foot price of other homes for sale, according to Realty-Trac.
It could take two to six months to close on a short sale, but values are outstanding.
6 Homeownership is an attractive choice. It's a financial decision but there's more to it than that. When you own your home, you control your living environment, change the home as you see fit, and create a sense of rootedness in your community, according to Kiplinger's Personal Finance.
You don't have to deal with a landlord, and with a fixed interest rate, your payment will not rise because of inflation or rent increases.
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Welcome to Our November Newsletter
Thank you for signing up for our monthly newsletter. Each month we strive to bring you helpful and useful information about the world of banking, money and finance. In addition, we will delve into a wide variety of subjects depending upon a particular holiday, season or just select interesting information that can brighten up or improve your day. Now that the ghosts and goblins are behind us, we can turn our attention to the events taking place in November. First up is the celebration of Veterans Day.Our basic freedoms and our very way of life was built upon the blood, sweat and tears of the brave men and women who make up our armed forces. Veterans Day reminds us of just how much this special group of people means to all Americans. Please remember to "Thank" any members of Armed Forces you encounter in public, but especially think of these individuals during the month of November. Of course, the Thanksgiving Holiday will dominate our family activities during November. It is a time to count our blessings and be thankful for all the great things we share and enjoy in this great nation. 
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VSB Trolley to Participate in Six Area Christmas Parades
The soon to be "World Famous VSB Trolley" will be rolling down a main street near you during the months of November and December.
The trolley will be transformed into "Santa's Work Shop" with plenty of elves on board to keep toy production lines humming. In two of the parades, Gallatin and White House, the trolley will be carrying the official Santa Claus. Look for us in the parades and give us a wave. We may even drop a stick of candy in your pocket. Please come out and visit with our employees before and after the parades
Schedule:
Springfield November 19 2:00 PM
White House December 3 3:00 PM
Portland December 3 5:30 PM
Hendersonville December 4 2:30 PM
Gallatin December 10 12:00 Noon
Goodlettsville December 10 5:30 PM
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A Proud History:
Welcome home! Again and always, we remember The steely-eyed Color Guard snaps to attention and steps out briskly to lead a parade, or to begin a program. There are speeches, bands and events honoring those who answered our nation's call in all wars. And we remember them all. Our memories are long. We remember those who fought in the bloody trenches of France in World War 1, and we won't forget the aviators who brought victory to the skies for the first time. When the guns fell silent at the 11th hour of the 11th day of the 11th month in 1918, we hoped never to see another such war. But Pearl Harbor was bombed on December 7th, 1941, and we were propelled into another World War. Our young warriors were dispatched to places like Guadalcanal and Iwo Jima, and to snowbound Bastogne and the Ardennes. When guns fell silent this time, the entire world fell to its knees in gratitude and thanks. We remember those who answered the call after a thundering horde swarmed across the 38th parallel into South Korea and the horrors of winter many spent at a hellhole called Frozen Chosin. We think of the valiant warriors who stalked the rice paddies in Vietnam, hot and exhausted in the Iron Triangle. We remember and honor those who fought in the Persian Gulf and the war in Iraq and Afghanistan. To those who have come back to us, we say a hearty "Welcome Home" and we thank God for his blessings.For those that did not come home, we say"Thank You" for making the ultimate sacrifice for this country.
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A Symbol of Freedom is Located at the Sumner County Regional Airport
If you have ever driven by the main entrance to the Sumner County Regional Airport, located in Gallatin, TN, you probably noticed the white USAF jet fighter on display. This aircraft was dedicated in 1996 as a memorial to all individuals from Sumner County who served in our armed forces. This aircraft display ranks among the finest examples of military memorials in the country, thanks to the Gallatin VFW post who donated the funds to bring this great aircraft to Sumner County. The aircraft is a McDonnel Douglas F-4C Phantom II. During the 1960's and 70's this aircraft type was flown by the U. S. Air Fore, U.S. Navy and U.S. Marine Corp. A rare distinction for military aircraft. The Phantom took the fight to the North Vietnamese as a fighter bomber and as a "Dog Fighter". It held eight "World Class" speed, altitude and time-to-climb records for fighter type aircraft.It ranks among the "Great Planes" in all of aviation history. This particular F-4 served as a test aircraft at Edwards AFB, California. The red/white marking is indictative of aircraft serving in the Test Wing. The aircraft was moved by truck in 1996 from the "Bone Yard" in Tuscon, Arizona to Gallatin as a permanent memorial to our veterans.Some of our citizens may remember this aircraft on display at the Skyfest Air Show held in Gallatin June 1996. It was fitting as this Phantom stood right next to a Russian built MIG-17, its main nemesis in the Vietnam War.
This Veterans Day, go by to visit this great aircraft and remember our veterans.
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Even if You Pay All Your Bills on Time: ...
You could be bringing your credit score down without realizing it.
The main factors considered in creating your credit score is whether you pay your credit cards and bills on time.
But some factors that can shave points from your score are not as obvious and not as well known. They include:
* Ordering several new credit card accounts in a short period of time. Maybe you're just taking advantage of low-interest offers, but to credit scorers, it looks bad.
* Transferring a balance to a new card, then closing the old card account. It's OK to transfer the balance, but keep the old account open.
If you close it, you won't have as much total credit, and your credit-utilization ratio will increase. At CreditSmart.com, they remind you that the amount of debt you have is calculated for balances on individual accounts, as well as your overall credit limit.
* Charging a lot to a department store credit card. Say you have a $4,000 credit limit. You are buying new furniture, so you charge $3,500. Before that, you only owed $100 on your store card.
Now, you owe $3,600 on a $4,000 card, which means available credit on that account will be way down. It's not good for your credit score. And the store charges high interest rates.
Here's a better solution. Get a line of credit at your credit union or bank and charge the furniture on that.
* Other situations you might think are not related to your credit score include library book fines, parking tickets, back rents, medical bills and any other fees or charges you put off paying.
In time, they will be turned over to a collection agency. Even after you pay them, the collection will stay on your credit report for seven years.
For more information about your credit score go to our web site: www.volstatebank.com (home page) and click on "Know Your Credit Score.
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Coming Soon....Mobile Banking!
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