Check out the latest edition of our newsletter!
Kevin’s Peace of Mind
www.kevintharpe.com (770) 503-1022
March 2024
Your Intuition Could Be the Key
LISTENING WITH YOUR GUT
Who are you listening to? Since March is Listening Awareness Month, I want to encourage you to consider who you are listening to. In my estate planning and elder law practice, I’ve had countless conversations with clients concerned about their future, particularly regarding illness and long-term care. One common question I hear from clients is, “Will I lose my home if I go to a nursing home?” Many of you have heard different answers from various sources, including other advisors, family and friends, Google, and social media. For example, many of you have heard you must sell your home to pay for nursing care. Some have been told that to protect your house, you should title or transfer it to your children or put your home in an Irrevocable Trust to protect it and qualify for Medicaid. I recommend that you focus on what type of assets you own and keep ownership of your assets. The reason is (and has always been) that your home (along with many other commonly owned assets) is the type of asset that protects your entire life as long as you do not give up ownership. More questions are, “What happens to my assets when I die?” and “Will my family have to go through probate?“ Some attorneys will tell you that everyone has to go through probate, but probate isn’t a big deal. Well, that is a matter
of perspective. It may not feel that way for attorneys who deal with probate all the time. But it may be a stressful event for your family. I tell my clients they do not have to go through probate. You can avoid probate by coordinating the title of your assets with a Revocable Living Trust that contains your wishes of what you want to happen when you die. Because the Trust is revocable, you keep it rather than give up ownership while still alive. So, how do you sift through various voices and distractions to make informed decisions about your future? Pay attention to whom you are listening and then listen with your gut. With 35 years of elder law experience and navigating difficult decisions myself when caring for my parents and grandparents, I understand the emotions involved and outside influences at play. It is important to listen with a common-sense perspective. Both my professional and personal experience have shown that by focusing on the type of asset you own (rather than the type of trust) and focusing on keeping ownership (rather than giving up ownership), you can get help to pay for the nursing home. My experience has taught me that you can know exactly what will happen to your assets when you die, and the public, government-involved process called probate can be avoided. My podcast, “Truth in Planning,” is currently ranked No. 4 in the country for elder law podcasts and is an example of a viable source of information. There is a lot of good information out there. I don’t expect you to listen only to my advice. I’m just asking to be a part of your conversation. Let your gut be where your final decisions come from. Your intuition is a powerful tool. Trust it.
—Kevin
www.kevintharpe.com | 1
Published by Newsletter Pro • www.newsletterpro.com
Debunking the Latest Viral ‘Credit Expert’ Claim
DON’T TRUST STRANGERS ON THE INTERNET
Yet another viral video from a supposed credit expert has made its rounds online. This alleged expert claims that in 2023, Congress passed a new law titled “ FCRA law” to “permanently remove any negative debt older than two years and is affecting your credit score.” This person goes on to sell $20 letters written to these companies to help those in need. If you think this sounds suspicious, you’d be right. Unfortunately, this video preys on people with bad credit, including those with massive hospital bills, home loans, or student loans. Though this post garnered over 70,000 likes in two weeks, this law and how it claims to repair your credit do not exist. The law mentioned, FCRA, was actually passed in 1970. It’s called the Fair Credit Reporting Act, and it requires most negative credit information to be removed from your credit report after seven years. You don’t need to send any letters to assure this information is removed, much less one costing $20 and paid to a nebulous online “expert” with no credentials. “I’m not aware of any law that comes close to this,” says David Silberman, the former acting deputy director of the Consumer Financial Protection Bureau, in an interview with the Associated Press. And Richard Franks, the head of Lightbox at Intuit Credit Karma, told USA TODAY, “Another protection under the FCRA ensures that old negative information, like late payments or bankruptcy, aren’t held “Anyone claiming they have the ‘magic bullet’ to remove recent and accurate credit information, no matter how negative, is likely a potential scammer.”
against the consumer forever; credit agencies must remove most negative credit information after seven years, and remove bankruptcies after 10 years.” Several proposals have been made to shorten the seven- year timeline, but nothing has yet passed. U.S. Rep. Ayana Pressley, a Massachusetts Democrat, introduced H.R. 4120 in 2021 to add this amendment for “comprehensive reforms” to the law. The bill includes improvements to the disputing process, free credit scores, removal of adverse information for private education loan borrowers, and credit restoration for victims of predatory activities. The bill has yet to make it out of the House Committee on Financial Services. It’s essential to research and fact-check claims like the one in this viral video. If it seems too good to be true, it most likely is. If someone claims to be an expert, take the next step and check their credentials. Does their social media account lead to another website where you can read their full bio? Did they go to school for their chosen field or otherwise gain mentorship? The Federal Deposit Insurance Corporation (FDIC), started in 1933 by Congress to place faith in the banking system after the Great Depression, warns, “Watch out for scammers who falsely claim to be lenders, loan servicers, financial counselors, or representatives of government agencies who can help with your mortgage.” These government agencies and professionals will not reach out through text, email, or phone calls to ask for sensitive information. They are not advertising their services on a viral video and charging $20 for unnecessary credit repair letters. Once again, if it sounds too good to be true, it is. While you can advocate for your credit, beware of claims that someone will help you on your journey. Anyone claiming they have the “magic bullet” to remove recent and accurate credit information, no matter how negative, is likely a potential scammer. By law, no one can remove this information within two years. Use your common sense and triple-check claims, and you can’t go wrong.
2 | (770) 503-1022
Published by Newsletter Pro • www.newsletterpro.com
TAKE A BREAK
Do you know the muffin man? We’d be surprised if you didn’t. This nursery rhyme is still passed down in kindergarten classrooms and children’s books in many languages. The origin of this and other popular nursery rhymes is nebulous. While “Ring Around the Rosie” was a time-keeping method for doctors during the Black Death, “The Muffin Man” is allegedly about the British serial killer Frederick Thomas Linwood. Linwood, or the Drury Lane Dicer, is said to have murdered up to 15 children in the late 1500s. Urban legend says he would employ “Looney Tunes” style tactics, tying a muffin to a string and pulling it along the street to lure his victims. Some especially morbid accounts say he also murdered seven rival bakers during his spree. Having that many victims would make him the first serial killer in history. Often, truth is stranger than fiction, but in this case, no actual facts support this creepy origin story. The book “The Singing Game” by Opie and Opie states that the first recorded mention of this nursery rhyme exists in a manuscript from 1820. It is originally a poem with music added later. One version of the song changed Drury Lane to Dusset Lane, home to the first confirmed serial killer, Mary Ann Cotton, but that’s where the similarities stop. This urban legend isn’t sweet enough for our taste, but don’t worry. You can keep singing about the muffin man without fear. The (Supposed) Dark History of This Popular Nursery Rhyme DO YOU KNOW THE MUFFIN MAN? YES, FROM DRURY LANE
AQUAMARINE BASKETBALL BUTTERFLY CLOVER DAFFODIL GREEN IDES LEPRECHAUN MADNESS SPRING TANGERINE WOMEN
St. Paddy’s Irish Soda Bread
Inspired by Epicurious.com
Ingredients
• Nonstick vegetable oil spray • 2 cups all-purpose flour, extra for dusting • 5 tbsp sugar, divided • 1 1/2 tsp baking powder
• 1/2 tsp kosher salt • 3/4 tsp baking soda • 3 tbsp chilled unsalted butter, cubed • 1 cup buttermilk • 2/3 cup raisins
Directions 1. Preheat oven to 375 F. Coat an 8-inch round cake pan with nonstick spray. 2. In a bowl, whisk together flour, 4 tbsp sugar, baking powder, salt, and baking soda. Cut butter into the mixture with your fingers or a pastry knife until crumbly. Make a well in the center and pour in buttermilk. Gradually mix until dough comes together. Mix in raisins. 3. Using floured hands, form dough into a ball and transfer to pan. Sprinkle with remaining 1 tbsp sugar. 4. Bake bread for about 40–45 minutes or until golden brown and a tester stick comes out clean. Let bread cool in the pan for 10 minutes, then enjoy!
www.kevintharpe.com | 3
Published by Newsletter Pro • www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
(770) 503-1022 www.KevinTharpe.com 405 Broad St. Gainesville, GA 30501
INSIDE THIS ISSUE
Trusting Yourself With Major Decisions
1
Too Good to Be True
2
St. Paddy’s Irish Soda Bread
3
The Alleged Dark History of the Muffin Man
The Marketing Campaign That Cost Red Bull Over $6 Million
4
RED BULL DOESN’T GIVE YOU WINGS Marketing Campaign Disproved in Court
For decades, Red Bull has run the marketing campaign that its energy drink gives people wings. Most assume it’s a joke, an exaggeration of the beverage’s stimulating effects.
go writing a letter to Red Bull for your voucher, know that customers are no longer eligible for this compensation. In Red Bull’s words, they settled to “avoid the cost and distraction of litigation,” noting that their ad campaigns and can labels “have always been truthful and accurate.” Red Bull denied any wrongdoing.
The courts disagreed. A group of Red Bull drinkers in 2014 filed a class action lawsuit
against the Austrian company, accusing them of false advertising. Despite the company’s claims, they alleged that the drink does not give you wings. To be more specific, the suit alleged that the ad campaign uses flying imagery to convey that the beverage is better than other caffeinated drinks. While the brand’s messaging claims it improves response times and concentration, the suit alleges the beverage isn’t much more effective than a cup of coffee. Red Bull settled for over $6 million. They also agreed to compensate customers who were disappointed about the drink’s wingless results. Such claimants could receive $10 or a voucher for $15 of Red Bull products. But before you
What Red Bull did was tread the line between false advertising and “puffery,” the legal term for extravagant claims about a product. The law allows for some lofty claims — such as “World’s Best Coffee” — so long as they are opinions. “Red Bull gives you wings” sounds like a factual statement, so it doesn’t fall under puffery. The energy drink company has continued using the slogan in its marketing in event sponsorship and TV ads. So, while Red Bull may not actually give you wings, it did pay out a lot of money in a court settlement over the claim.
4 | (770) 503-1022
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator