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Month: May 2023

How trusts can support loved ones with mental illness

How trusts can support loved ones with mental illness

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More than 50% of Americans will be diagnosed with a mental illness or disorder during their lifetime, according to the Centers for Disease Control and Prevention. Chances are, some of these individuals will be inheriting wealth at some point.

If a family member’s mental health issues may interfere with their ability to manage finances, answering these questions could help them create long-term financial stability.

Have I set up a trust?

Setting up a trust is one way to transfer wealth to a loved one and create financial stability for them. A trust enables you to leave specific instructions for trustees about how to care for your loved one and distribute assets.

Trusts can be especially helpful for transferring assets to loved ones who have a mental illness but are still able to function independently. While these loved ones are often independent, they may still have difficulty managing assets on their own, says Lillie Nkenchor, an attorney who does estate planning in New York. One example includes someone with depression. read more

2023 high school grads could take on $37K in college debt

2023 high school grads could take on $37K in college debt

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As millions of Americans with federal student loan debt hang in the balance, waiting to learn whether some of what they owe will be forgiven, the machine that has churned out this debt for decades is ready to welcome a new class of college students.

This year’s high school graduates could take on $37,300 in student loan debt in pursuit of a bachelor’s degree, according to NerdWallet analysis of data from the Department of Education. These graduates-turned-freshmen may not see alarming tuition increases, but any improvements won’t compensate for the doubling of higher education costs over the past 30 years.

Costs are down, but potential student loan debt is still excessive

The average tuition, fees, room and board at public four-year colleges was $23,250 in the 2022-2023 school year, down 5.4% from the year prior after adjusting for inflation, according to the latest data from the College Board. College costs have been growing more slowly for a decade now, and decreasing for the past few years.

These lower costs are reflected in how much students are borrowing. New college freshmen may take on less debt than those who began their college careers just a few years ago, but not by much. read more