Author Archives: VP of Marketing and Business Development Jessica

What is a Power of Attorney and Why Have One?

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The topic of estate planning can be difficult to think about, but it is an important one. An estate plan will designate how you’d like your assets distributed, provide your healthcare directives, and will protect your loved ones by minimizing conflict and ensuring their financial security. In this article, we will be discussing the power of attorney (POA) component of estate planning and why it might be important to have one.

A power of attorney gives you a say now – in how you wish to handle your affairs in the future, should you become unable to do so.1 A POA is a legal document that ensures your wishes (typically having to do with your assets), are carried out in a manner that you as the principal – approve of. It gives a trusted person (often referred to as an agent), the legal authority to handle these wishes. The person you designate as a power of attorney doesn’t actually have to be an attorney. Anyone you trust – such as a family member or friend, can serve in this role for you. You can even designate more than one person, assigning different responsibilities to each. 2

The power of attorney can go into effect upon your incapacitation or any other triggering event you specify. Individual states have various power of attorney laws, so it’s important to become familiar with your state’s specific regulations to make an informed decision. 2

There are also several different POA designations, so it’s best to become familiar with what is involved with each one – as well as when a certain designation may be needed.

General Power of Attorney: An agent under this agreement can serve any needs, as your state allows. They can do things like sign checks, sell property, pay bills or make bank deposits and withdrawals. A key limitation of a general POA is that it is no longer effective if the principal becomes incapacitated. Due to this, a general POA might be most effective for short-term needs or specific tasks.

Durable Power of Attorney: A durable POA will remain in effect even if the principal becomes incapacitated, allowing the agent to continue to make decisions when the principal is unable to do so. A durable POA remains in effect from the day it is executed and through the principal’s incapacity. This type of POA can ensure a seamless transition in decision making should the principal become incapacitated.

Limited Power of Attorney: An agent under this agreement can serve specific legal needs for limited timeframes.

Healthcare Power of Attorney (HCPA): Also known as a medical power of attorney, this document appoints someone to make medical decisions for you if you are incapacitated and ensures that your healthcare preferences are respected – even when you cannot communicate them. A HCPA is typically a spouse or family member who you trust, and who would likely recommend a course of action you would agree with. A backup agent should also be identified, in case your initial choice is unavailable or unable to act at the time needed.

What are the benefits of a POA and why have one?

  • Protect your interests now: Since a POA can only be executed when you are of sound mind, you can tailor your POA to your specific requirements and designate matters to continue to be handled as you currently wish in the present.
  • Ensure someone you trust will handle your affairs: Establishing a POA allows you to select a trusted person as your agent, giving you confidence in how your affairs will be handled. The agent will be making critical decisions and advocating on your behalf, therefore you’ll want to choose someone who shares your values and who will act as you would have.
  • Ease the burden should the unexpected happen: A POA provides clear direction on how decisions should be made and who is responsible for making them, thereby reducing conflicts and feelings of uncertainty among family members. It also provides reassurance that the principal selected an agent who is capable of honoring their wishes and acting in accordance with their values.

Creating a power of attorney is an important aspect of estate planning that will protect your wishes and the assets you’ve worked hard to grow over the years. No matter what your age or your stage in life, getting your affairs in order and your records organized is an essential part of financial planning. Estate planning can be complex, and the specific documents needed may vary based on your individual circumstances. It’s wise to consult with an attorney who specializes in estate planning to create a plan that aligns with your goals and complies with local laws. You’ll also want to make sure your financial planner knows the details of your estate plan. By including these details in your financial plan, you can ensure your end-of-life wishes will work as you intended.

Should you be thinking about your financial future and retirement, as well as estate planning – the First Financial Investment & Retirement Center will be hosting an exclusive no-cost virtual seminar on the Transitions to Retirement featuring a bonus segment on Estate Planning, on Wednesday, October 8th at 6pm.

(697533-1 and 622155)

You can also register for this session by contacting Maureen McGreevy, LPL Financial Advisor at 732.312.1534 or emailing maureen.mcgreevy@lpl.com

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. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. For individual estate planning advice, consult with an estate attorney.

Sources:

1 Forbes.com, November 19, 2024

2 Investopedia.com, March 23, 2023

LPL tracking #’s referenced: 676252, 513868, 653950

It’s Never Too Early to Start Holiday Shopping

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The holiday season always seems to sneak up faster than we expect. One moment it’s summer, and the next you’re staring at a December calendar packed with gift lists, travel plans, and expenses. The truth is, it’s never too early to start holiday shopping! In fact, starting earlier can make your holidays less stressful, more affordable, and a whole lot more joyful. Keep reading to find out why early shopping is a smart move.

1. Spread Out the Costs

Instead of one big financial hit in December, buying gifts gradually allows you to spread expenses across months – and hopefully even pay them off before the holiday season begins. This makes it easier to manage your budget, avoid dipping into savings, and keep credit card balances in check.

2. Take Advantage of Sales All Year Long

Black Friday isn’t the only time for deals anymore. Retailers now launch discounts earlier and keep them running longer. By shopping ahead, you can snag sales on everything from electronics to toys before the holiday rush begins.

3. Reduce Stress and Last-Minute Panic

There’s nothing worse than scrambling through crowded stores or watching “out of stock” alerts pop up online. Shopping early gives you more options, more time for thoughtful choices, and less of that frantic December pressure.

4. Avoid Costly Shipping Fees

When you shop early, you can take advantage of standard shipping timelines and avoid paying premium prices for expedited delivery. That means more money in your pocket for holiday fun!

5. Plan with Purpose

Shopping ahead of time allows you to be more intentional with your gift-giving. You can research, personalize, and even DIY gifts without feeling rushed.

How First Financial Can Help You Stay on Track

At First Financial, we know holiday shopping can put stress on your budget if you’re not prepared. Here are a few ways we can help you start early and shop smart:

  • Holiday Savings Club Account: Open a separate account just for holiday expenses, and make small, automatic deposits throughout the year.+ This way, you’ll already have money saved (that you probably didn’t even miss during the year!) to pay for seasonal expenses.
  • Budgeting Tools: Use our online and digital banking services to track your spending categories and set limits for gifts, travel, and entertaining.* Our website also features no-cost financial calculators and a budgeting PDF worksheet, to help you plan and manage upcoming expenses.
  • Low-Rate Credit Cards: Our credit cards come with competitive rates to help you manage costs responsibly. We also have a variety of options to meet your needs – including a card for those who are trying to build or repair their credit, or ones with rewards or cash back options.**

This year, give yourself the gift of peace of mind by planning ahead. Because when it comes to holiday shopping, it’s never too early to start!

For more financial tips and resources, be sure to subscribe to our First Scoop Blog.

 *You must have an account at First Financial Federal Credit Union (serving Monmouth and Ocean Counties in NJ), and be enrolled in online banking, to use our mobile application. Standard data rates and charges may apply.

**APR varies up to 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. Your First Financial Visa® Signature Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter. uChoose Rewards is a registered trademark of Fiserv Inc. Login to uChoose Rewards through Online Banking, by clicking on your Cash Plus Credit Card account to view current offers.

+A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details at firstffcu.com. Some restrictions apply, contact the Credit Union for more information.

Beware of Crowdfunding Scams: What You Should Know

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Crowdfunding platforms like GoFundMe, make it easy to contribute to worthy causes – but that ease can also open the door to scams. During times of disasters and emergency, there are spikes in fraudulent campaigns. In recent years, millions of dollars have been lost to fake charities and crowdfunding scams. These schemes prey on generosity during times of crisis, making it especially important to verify before giving. At First Financial, we believe in empowering smart giving. Here’s how to protect yourself and your finances before you click “donate.”

Red Flags – Spotting a Fraudulent Crowdfunding Campaign

  • Vague or inconsistent campaign details: Legitimate campaigns include clear names, addresses, and purpose. Scams often feature contradicting or minimal information.
  • No digital footprint: If you can’t find anything about the organizer or beneficiary online, proceed cautiously. Fake campaigns often lack verifiable details.
  • Organizer’s social presence is minimal or new: Profiles with few followers or that were recently created can be red flags, so proceed with caution.
  • Poor communication: Scammers will often ignore or give vague answers to your questions.
  • Pressure to act immediately: Messages demanding quick donations, especially citing urgent causes – are often phishing or scam attempts.

Vet Before You Donate

  1. Investigate the organizer: Search their name along with words like “scam,” “complaint,” or “review.”
  2. Understand the cause fully: Know exactly what the funds are for and whether there’s a refund policy if the project fails.
  3. Ask for proof: Request evidence that the beneficiary or project exists and that funds will be used as claimed.
  4. Consider giving directly: Donating straight to established charities may be safer and more transparent.
  5. Stay local: Support causes involving people you know personally or local community efforts that you can verify.
  6. Check platform protections: Many platforms offer refund guarantees if fraud is confirmed, and they monitor campaigns for suspicious activity.

What to Do if You Suspect a Scam

If you suspect a scam, report it immediately to the crowdfunding platform, then warn others by using comments or social media posts to spread the word and protect your community. You should also request a refund, as many platforms do have processes in place to return your money should a campaign prove to be fraudulent.

Additionally, crowdfunding scams should be reported to the FTC and your state’s attorney general.

Safe, Thoughtful Giving

Crowdfunding campaigns can support incredible causes, but that impact only holds when the campaign is authentic. Before donating – always pause, investigate, and verify. To stay up to date on the latest scams, subscribe to our First Scoop Blog.

The Pros & Cons of Letting Your Teen Have Their Own Credit Card

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As teens grow, so will their independence and desire to spend money. Here are some things to consider, as well as the pros and cons – when choosing what financial options may be available to your teen as they begin to build their financial independence.

Credit Card Pros:

  • Credit History Building: Allowing a responsible teen to be an authorized user on a parent or guardian’s credit card is a good way to start. If your teen is at least 18 years of age and can demonstrate independent income, or if they have a co-signer who is at least age 21 – they can apply for a credit builder card like our First Step Credit Card.* This will help them start building a credit score early, setting them up for future milestones like renting an apartment or financing a car.
  • Convenience & Cash Safety: Using a card is easier and safer than carrying cash, especially for online purchases.
  • Parental Oversight: With monitored statements and spending limits, you can review and guide your teen’s card usage and teach them financial responsibility.

Credit Card Cons:

  • Risk of Debt: Teens may overspend if not watched closely. High interest and large balances can quickly become problematic.
  • Credit Damage: Missed payments or maxed-out balances can hurt your teen’s credit score and potentially yours, if they’re an authorized user on your account or if you are a co-signer.

There are also some pros and cons for adding your teen as an authorized user on your credit card.

Authorized User Pros:

  • Credit Boost: Your teen will build their credit without needing a separate application.
  • Fully Supervised: You get to maintain control, get the statements, and manage spending limits.

Authorized User Cons:

  • Credit Entanglement: Your credit habits directly influence your teen’s, so any late payments or high credit utilization will affect both credit scores.

You’ll need to weigh out all the options and decide which might be the best fit for your teen and your household.

For younger adults between the ages of 14 and 23, First Financial offers a Student Checking Account – which comes equipped with their own debit card.** If you’re not quite ready to add your teen as an authorized user or for them to have their own credit card, having their own debit card would be a smart place to start.

Student Checking & Debit Card Perks:

  • Safe Spending: A student checking account with its own debit card, encourages budgeting and responsible habits without debt risk.
  • Visual Learning: Teens will gain real life experience tracking balances, spending, and earning — a practical path to financial responsibility.

Teaching Financial Responsibility Along the Way

It’s not just about having a card or not, it’s about creating a healthy relationship and mindset surrounding money.

  • Budgeting & Banking Basics: Start with allowances or part-time earnings, and show your teen how to prioritize needs vs. wants, and plan ahead.
  • Real Conversations Lead to Smart Habits: Open discussions about money and sharing household budgeting decisions will help teens feel included and more invested in learning.

Make the First Step with First Financial

We’re committed to empowering young adults and their parents, with financial tools and skills that will last a lifetime. Contact us today with any questions or to help you choose the option that will best fit your teen’s path toward financial independence and success.

*APR varies from 17.15% to 18% for the Visa® First Step Credit Card when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.

**A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. Debit Card must be linked to a First Financial Checking Account. Debit Cards are available for First Financial members with Checking Accounts only. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details at firstffcu.com.

Navigating Financial Conversations with Aging Parents

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Having a conversation with your parents about their finances can seem like a daunting task. However, it is an essential step in helping to ensure their financial well-being as they get older. Here are some practical tips to help you navigate these discussions.

Start the conversation

Talking about money can be difficult. However, it’s important to initiate a financial conversation with your parents before they become too ill or incapacitated. Your parents may be unwilling to talk to you at first because they are reluctant to give up control over their financial affairs, or they are embarrassed to admit that they need your help. It’s important to approach the topic sensitively and make it clear that you fully respect their needs and concerns.

If they are still hesitant to talk to you and are capable of managing their affairs for now, you may want to revisit the discussion later. Or you could suggest that they talk to another family member, trusted friend, attorney, or financial professional.

Organize financial and legal documents

Once the lines of communication are open, you can help your parents organize their financial and legal documents. Start by creating a personal data record that lists the following types of information:

Financial: Include all of your parents’ bank/investment account information, including account/routing numbers and online usernames and passwords. You should also list any real estate holdings, along with any outstanding mortgages. Do your parents receive income from Social Security, a pension, and/or a retirement plan? You will want to include that information as well.

Legal: Find out if your parents have had any legal documents drawn up, such as wills, trusts, durable powers of attorney and/or health-care directives. Locate other important documents too, such as birth certificates, property deeds, and certificates of title.

Medical: Determine what type of health insurance your parents have — Medicare, private insurance, or both. You should also have the names and contact information for their health-care providers, their medical history, and any current medications.

Insurance: List what other types of insurance coverage your parents have — life, home/property, auto, or long-term care, for example — along with the names of their insurance companies and policy numbers.

Store the data record and any other pertinent documents either electronically or in a secure, fireproof box or file cabinet.

Help with managing finances

You can help your parents manage their finances by examining their budget and finding out their monthly income and expenses. Track your parents’ spending to make sure that they are living within their means. You should also discuss ways to address any outstanding debts they may have.

Find out how your parents pay their bills and expenses. If they still use traditional methods, encourage them to set up safer and more convenient ways to bank such as direct deposit and making payments online, instead of mailing paper checks. If your parents are uncomfortable with electronic payments, remind them to mail all bills inside the physical post office and not to use outdoor mailboxes, which may be targets for mail theft.

Do your parents need additional support in managing their finances? There are ways for you to obtain the necessary authorization to assist them. One way is to become a joint account holder on certain bank accounts. This can give you direct access to manage transactions, monitor account activity, and ensure bills are paid. However, being a joint account holder may have certain legal and tax ramifications. Another option is for them to obtain a durable power of attorney, which is a legal document that grants you authorization to make financial decisions on their behalf, even if they become incapacitated. It may also be helpful for them to add you or someone else as a trusted contact for their accounts.

Discuss estate planning issues

If they haven’t already done so, make sure your parents have certain legal documents in place — such as wills and/or trusts — to ensure that their estate planning wishes are followed. In addition, they may need to have a durable power of attorney, health-care proxy, and living will in place so they have someone to manage their money and health-care issues if they become ill/impaired. Issues surrounding the care of an aging parent can be complex. Consider consulting a financial professional and/or elder law attorney who specializes in financial and legal issues that affect older adults.

Questions about estate planning? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534. You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

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. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

CRPC conferred by College for Financial Planning.

This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Renting a Car This Summer? Factor in Potential Fees

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Renting a car can be a smart way to explore new destinations this summer, but it’s easy to get snagged by hidden costs if you focus only on the advertised rate. While rental agencies may market low daily rates, mandatory fees and optional add-ons can add 40–45% more to your total bill. Here are some things to consider prior to booking your next car rental.

Added fees on a car rental might include:

  • Airport or location fees: These can add up and are often not shown in the initial rate.
  • Taxes and regulatory charges: The government tacks these onto your rental bill.
  • Young driver fees: Drivers under age 25 often pay steep daily charges. Some agencies in certain states may also not even rent to a driver under age 25.
  • Additional drivers: Some companies charge for each extra name on the rental agreement.
  • Mileage limits or toll fees: Know ahead of time if there are daily limits or toll surcharges.
  • Refueling charges: Filling up off-site before you return the car will save you money compared to agency refueling fees.
  • Late pick-up fees: Did you reserve your car rental for a certain pick-up time, but your flight got delayed and you picked your car up a few hours later than initially planned? Be aware that some rental agencies may charge additional fees for this. Or if your return flight gets delayed, and you bring the rental car back later than initially planned.

Do you need rental insurance?

Your personal auto insurance or credit card may already provide coverage, so check before you accept the rental company’s typically costly insurance offers. Many credit cards will offer coverage for car rentals, but specifics vary. Check your credit card agreement for details on what you may already have as a credit cardholder.

Optional coverages include:

  • Loss Damage Waiver / Collision Damage Waiver
  • Supplemental Liability Insurance
  • Personal Accident Insurance
  • Personal Effects Coverage

Tips to trim car rental costs:

  1. Book carefully: Surprisingly, booking about one month out can be cheaper than booking way ahead. Expert sources note that last-minute rentals can save you ~13% compared to booking 90+ days ahead.
  2. Rent outside of the airport when possible: Avoid hefty airport surcharges by renting downtown or at nearby off-site lots.
  3. Bring your own extras: Skip rental gadgets like GPS, child seats, or in-car radios —bring them instead.
  4. Inspect the car carefully: Document any damage at pick-up and drop-off with photos or videos to avoid false damage claims.

Renting a car doesn’t have to be complicated, but it does require a closer look at the fine print. By factoring in hidden fees, reviewing your existing insurance coverage, and planning ahead –  you can avoid surprise charges and stay on budget. Wherever your summer travels take you, being informed is the key to hitting the road with confidence. Subscribe to our First Scoop Blog for more tips and information on how to be a mindful consumer.