Billions of dollars in valuables are stored at banks in an estimated 25 million bank safe deposit boxes. We implicitly trust that our jewelry, important documents, collectibles, diamonds and gems, precious metals, photographs, computer back-up devices, cash and other items are securely stored – as the name “safe deposit box” implies. Most banks require matching a signature with a card on file and then a two-step system with the customer presenting a key or code and the bank using a master key to access the box.

In reality, safe deposit boxes can be compromised. Last year, 19,000 banks were robbed, and, of these, 44 cases of safe deposit thefts were reported to the FBI. Anywhere from 15,000 - 30,000 safe deposit boxes are impacted each year by fires, floods, tornadoes, and hurricanes, as well as by the closure of a bank branch that loses track of the box contents.

Federal laws do not govern safe deposit boxes. Unlike bank savings and checking accounts and CDs, the contents of safe deposit boxes are not FDIC-protected. Banks do not have to provide compensation if property is destroyed in a natural disaster or stolen due to theft or bank negligence. Some banks disclaim all liability in the fine print of the rental agreement contract and state that the renter assumes all risks; others provide very limited compensation even if the bank’s carelessness is responsible for the loss.

How can you protect your valuables? Photograph or video the contents of the box and store the inventory list in a separate location. Make sure that anything kept in a safe deposit box or at home in a safe is adequately insured with a policy rider. Store documents in zippered plastic bags to help protect them from water damage. Try to limit who has access to your box. If you have a falling out with a family member who previously had box access, immediately get a new safe deposit box.

If the bank assumes that the box has been abandoned, it will drill open the box and store the contents elsewhere. While the process is supposed to be supervised and notarized, some banks do not follow the process and contents can be misplaced or stolen. Thus, it is a good idea to open the box at least twice a year and put the annual rental fee on autopay so that the account isn’t delinquent.

Consider buying safe deposit box insurance through your homeowner’s insurer or through a specialty firm such as Safe Deposit Insurance Coverage if you have significant valuables in the box.

Fall 2019 • Life Matters Newsletter • Volume 26, Number 3

Voya Life Matters2 “Free” vacations can be costly2 Inheriting frequent flyer miles3 Lessons from Marlon Brando’s

estate mistakes3 Best time to exercise

SM

How safe is a safe deposit box?

Matthew D. Lynch, Product Manager Voya Financial Lifeline, Phone: 866-906-1362 option #2, Email: FinancialLifeline@voya.com, http://financiallifeline.voya.com

As I pen this column, the dog days of summer are over, and the cool crisp New England air is a refreshing reminder of what’s to come. For some, summer was a chance to shut off the alarm clocks and take it slow. And for many, including my family, it is now back to the routines of walking the dog, doing homework and shuttling between sports and activities. Having two young kids, I know that routines can be tough to implement and even tougher to follow. But it’s necessary. My wife and I make sure the kids understand that we need to do certain things every morning before they catch the school bus. We also try to stick to a routine after school and before bed. It’s not always easy, but like most routines, it takes a little planning, some prioritizing, and a lot of communication. But once you do get into a routine, everything will fall into place.The fall is an ideal time of year to reset and adjust our schedules. It is also a good time to add Voya Financial Lifeline to your routine. Make it part of your plans to call us to answer any outstanding questions or just to do a check up on your Personal Transition Account. We’re here for you, as it’s our best practice to provide you with the service and products you are accustomed to.

The allure of going on a cheap or even free vacation just by agreeing to attend a timeshare presentation may sound tempting. Despite the fact that a timeshare industry association has found that more than seven percent of US households – representing nearly 10 million families – own timeshare products, there are pitfalls to attending a presentation, particularly if you are not in the market to purchase a share in a vacation property.

Typically, by accepting the “free vacation offer” or the dinner or family excursion offered in the timeshare promotion, you and your significant other will be agreeing to attend a timeshare presentation for two or more hours. First, you will usually sit with a group to watch a video. Couples are then separated to meet one-on-one with a highly-trained sales representative.

Many consumers think that they have the ability to “just say no” when the final pitch is made. Yet thousands of timeshare units are sold at high prices each year to people who never planned on making a large investment while on vacation. The previously-friendly salesperson may become hostile or make you feel guilty for wasting his time if you politely decline the pitch. A manager will then come in and try to change your mind with a “special discount” or a limited time “trial offer” or special timeshare financing incentives. You will be pressured to act quickly. This should be a red flag.

There’s a good chance that the salesperson will persistently follow up with you throughout your vacation, possibly ruining what you had hoped would be a peaceful holiday. The tactics may well continue after you return home.

Purchasing a deeded timeshare is a big commitment. Not only do you make the initial payment, but there are also annual maintenance fees which increase each year. Additional costs include property taxes and

possible surcharges if your “home” resort sustains damage due to a natural disaster or if the unit or common areas require updating. You must pay the dues or fees whether or not you use the vacation club or skip travel in a given year in exchange for points or for future use. Your use of the property is limited to certain dates, and popular destinations book up quickly.

The sales representative may tout the benefit of being able to pass down your share to family members; but the flipside is that your heirs may find it difficult to get out of the ownership and may be bound to certain timeshare requirements. Beneficiaries who inherit the property are obligated to pay associated ownership costs through what is known as a “perpetuity clause.” The timeshare company is allowed to go after your estate to recoup fees.

If you do wish to buy into a timeshare, do careful advance research to determine the costs and benefits of ownership. Factor in mortgage payments, annual fees, closing costs, brokerage commissions, finance charges and lost income potential on the down payment. Read the fine print in the contract and definitely consult with your financial advisor and attorney.

The FTC has helpful information on timeshares at www.consumer.ftc.gov/articles/0073-timeshares-and-vacation-plans.

Timeshares are not investments, as the resale value nearly always goes down from the purchase price. While it sometimes is possible to sell a timeshare, according to NerdWallet.com far more people want to sell timeshares than want to buy them. Even at higher-end properties—such as those created by Disney, Marriott, Wyndham or Hilton—timeshares on the resale market often sell for less than 15% of their original price.

That “free vacation” can be costly

Inheriting frequent flyer milesYour loved one may have spent many years building up frequent flyer miles. So, what happens to these valuable assets when he or she dies? The answer depends on which airline was used to earn the miles.

Most airlines’ official policy is that the account closes and the accrued miles disappear upon death. An exception is Southwest Airlines that allows heirs two years to spend down a deceased’s earned miles for booking flights for yourself or others using the deceased’s username and password.

Contact other airlines to find out the policies for heirs of deceased frequent flyers. Even if you are initially told that the miles are non-transferable, it can be worth the effort to speak with a supervisor about this. Airline agents have some discretion to make exceptions to the rules and may show compassion when speaking with a bereaved loved one. If successful, you must supply a death certificate and proof that you are a designated beneficiary. There may be a fee associated with the transfer, but that may also be waived.

Consider designating a beneficiary for your miles, as television chef Anthony Bourdain reportedly did when he left his miles to his wife. Heirs who can prove that they were named beneficiaries tend to have a greater claim to the miles than those with no proof. It is a good idea to share account passwords with family in a letter rather than in a Will or Trust.

Lessons from LuminariesLearning estate planning lessons from acting legend Marlon Brando

Marlon Brando was considered to be one of the world’s greatest movie actors. His intense portrayal of Stanley Kowalski in the 1951 movie version of Tennessee Williams’ A Streetcar Named Desire made Brando a cultural icon. He was one of the first film actors to command a $1 million salary, yet he was not good at managing his money. The actor who played Don Vito Corleone in the title role of The Godfather did not exhibit the same sense of control as did the fictional Mafia mob boss when it came to his estate.

Marlon Brando, Jr. was born in Omaha in 1924. He grew up in an abusive home with alcoholic parents who separated when he was 11. He rejected authority and was expelled from many schools. Acting became his way of escaping reality. He eventually followed his two older sisters to New York City where his career began on Broadway, but he soon switched to film, where his striking good looks and distinctive Method acting approach captivated audiences. He further defied convention by wearing T-shirts and jeans at a time when actors wore suits and ties.

Brando’s reputation as a rebellious, temperamental and eccentric “bad boy” led many directors to shun him despite his talent and popularity. He viewed acting as an easy way to make money and showed contempt for fellow actors. Although nominated several times, his first Oscar was for starring in On the Waterfront (1954) which was followed by a series of box office flops. He struggled with weight problems and spent most of the 1960s on his private island near Tahiti or championing social and civil rights causes. In 1972, he returned with full force in The Godfather. In 1999, Time magazine named Brando “Actor of the Century.”

Brando died in 2004 at age 80. His simple, yet valid Will left an estate worth about $21 million to his producer and his personal assistant. It included property in Hollywood and Bora Bora that had to be sold in order to pay creditors’ claims and to provide for 10 of his surviving children from his three wives and his extramarital affairs. He allegedly told his long-time housekeeper that she was to inherit his house as a gift. However, Brando never transferred the deed nor did he amend his Will to reflect this promise. Years of legal battles ensued and the case eventually settled in 2007 for $125,000.

Lessons:

1. Oral promises are not admissible in probate court. The best way to ensure that your final wishes are carried out is to leave detailed instructions in properly-executed estate documents.

2. Brando protected his privacy, yet his simple Will revealed personal details to the public. He could have shielded estate information had he established a Trust to pass on his assets.

3. Update your estate plan documents if you have a life-changing event such as a birth, death, marriage, divorce or if health or income circumstances change significantly.

The best time of day to exerciseWhat is the best time of the day to exercise? The answer depends on one’s body type and metabolism. However, the fact is that for most people -- any exercise is better than no exercise, regardless of the time of day.

The advantages to an early morning workout include completing it before other priorities derail exercise plans. Some people prefer exercising on an empty stomach (though experts recommend eating an hour before a rigorous routine.) An early walk or morning exercise class can become an invigorating wake-up ritual. Many feel more alert throughout the day after morning exercise; but be sure to do a few stretches to warm up.

A recent study indicates that morning exercise may help to kickstart metabolism to burn more fat. This is helpful to people who are working out to lose weight or who have Type 2 diabetes. Training at night, on the other hand, can be an optimal time for serious athletes because they consume less oxygen, resulting in increased performance from the same level of exertion as in a morning workout.

For some, an evening workout may interfere with sleep while others find that an elevated heart rate at the end of the day can reduce stress and release relaxing endorphins.

Try exercising at different times to figure out what works best for your schedule, fitness goals, and personal preferences. Then attempt to stick to a routine to ensure that you exercise a minimum of 2 ½ hours a week (or 75 minutes/week if you do vigorous intensity aerobic workouts). Consistency helps to ingrain the exercise habit.

3057714.V.C WLT 250000721 © 2019 Voya Services Company. All rights reserved. Provided courtesy of Voya Financial Lifeline – proudly serving our customers.

This complimentary Advice & Counsel Newsletter is provided as a service to Voya Financial Lifeline customers. While Voya Financial Lifeline is proud to offer this service to Voya customers, we do not take responsibility for materials published herein. We do not independently verify this information, nor do we guarantee its accuracy or completeness. Please contact Voya Financial Lifeline’s customer service team at (800) 625-7440 for specific questions about your account. Thank you for being our valued customer.Advice & Counsel Newsletter is published by Advice Publications, a unit of Advice Company, 2330 Marinship Way, Sausalito, CA 94965. (415) 339-6510. Publish@AdvicePublications.com. The articles abstracted and this newsletter are for general informational purposes only and not intended as professional legal, financial or tax advice. You should consult with a knowledgeable professional for your personal situation.

Sources used in this issue include: New York Times, SafeDepositBoxInsurance.com, Kiplinger’s, American Resort Development Assoc., TripAdvisor, The Nest, Federal Trade Commission, NerdWallet.com, Elderlawanswers.com, Wall Street Journal, TripSavvy.com, PeterGreenberg.com, IMDB, Vanity Fair, UK Telegraph, Biography.com, Forbes, Men’s Health, Washington Post, Smithsonian magazine, ThePointsGuy.com, Time Out NY, Association of Art Museums, Fortune, North American Reciprocal Museum Association, ArtNews.com

There are over 35,000 museums in the United States – more than the total number of Starbucks and McDonald’s combined. These museums may focus on history, science, technology, art and the natural world.

The cost of admission to enter some museums can be $20 or more – even for seniors. Search online for “free museum” in a specific area and you may discover cultural or heritage institutions that offer free admission at all times or on designated “pay as much as you want” days throughout the year.

See www.smithsonianmag.com/museumday for details on the Smithsonian magazine’s annual one-day-only event that provides free entry to over 1,500 participating museums, zoos, aquariums, gardens, and historical sites in the US.

Many libraries now offer their patrons passes for nearby museums and local attractions. Check to see if your library has this program. E-commerce sites such as Groupon and TravelZoo regularly sell discounted deals for museum tickets and memberships.

Another option for frequent museum-goers is to purchase a membership. This can pay for itself even if you are attending just a few times yearly. In addition, many museums offer members reciprocal entry options to a number of other museums nationwide that may have higher admissions fees. Some institutions have geographic restrictions for attendees who live within a certain number of miles locally, so check prior to visiting.

Museums are a vital part of the American cultural and educational landscape. Art and history matter and can be fascinating. Take advantage of opportunities to experience cultural institutions – small and large – when you are able.

Save on museum admissions