12:00am

Mon February 27, 2012
Kentuckians at War

New Military Financial Manual Out

Managing personal finances can present unique challenges… especially to military families.  Kentucky’s Department of Financial Institutions is offering a revised ‘Financial Field Manual’ to those families.  State spokeswoman Kelly May says it’s meant to help military families steer clear of scams.

“Sometimes military members are targets for predatory lending or identity theft or what’s called affinity fraud meaning that someone tries to gain your trust by being like you…so they may assume that they’re a member of the military themselves and here they’re trying to perpetrate a fraud against you,” said May.

Department spokeswoman Kelly May says there are financial issues unique to military families.

"Things to think about when you’re deployed…that are a little different for people who don’t ever have to worry about being deployed like insurance, estate planning, and tax rules,” added May.

The booklets have been sent to military personnel at Forts Knox and Campbell by the Kentucky Department of Financial Institutions.   Kelly May says military families are vulnerable when they move to a new posting.

“You know sometimes military families have to move fairly quickly without a whole lot of notice and it might be more difficult during the downturn..to sell a house or buy a new house…so there’s some special mortgage programs and tax breaks that are available to service members and their families,” said May.

May says the Financial Field Manual was produced by a multi-state partnership.   In addition to service men and women at military bases, May says they are also available to all National Guard members.