Thursday’s need-to-know money news

Today’s top story: Why you should name a ‘trusted contact.’ Also in the news: How to pay off your car lease, and how COVID grants, relief programs impact 2021 business taxes.

Why You (and I) Should Name a ‘Trusted Contact’
Helping your brokerage, bank or insurer connect with someone who knows what’s going on in your life could protect your money and prevent financial catastrophe.

Ending Your Car Lease Is Tricky, But Can Still Pay Off
Despite dealers and carmakers making it harder to buy leased cars, you can make the most of your car’s equity.

How COVID Grants, Relief Programs Impact 2021 Business Taxes
Tax treatment for PPP loans and coronavirus grants varies state to state.

Why you (and I) should name a ‘trusted contact’

For the past few years, financial services companies have been bugging me to name a “trusted contact.” Banks, brokerages and insurers increasingly want to have someone to call or email in case they notice suspicious activity and can’t reach the account holder.

I ignored these requests. Trusted contacts are a great idea for older people experiencing cognitive decline, I thought, but that’s not me.

Then a younger friend developed early-onset dementia, and I realized we don’t always get enough warning to put such protections in place.

In my latest for the Associated Press, learn more about trusted contacts.