Tag: assets

If looking ahead to retirement makes you a little nervous, you’re not alone.

Only about half of Americans (51 percent) who haven’t reached retirement predict that they will be financially comfortable once they get there, according to a Gallup survey.

For some, those potentially uncomfortable retirement years are decades away. But for the Baby Boom generation, retirement either already arrived or will in the next decade or so, prompting many Boomers to wonder whether they are prepared for their looming date with destiny.

Merging two families and finances inevitably brings challenges. A common concern among blended families is how to divide assets so that all children are included fairly after the death of one or both spouses. How do you maintain fairness, be impartial and get along with your spouse all at the same time?

One option is to set up a revocable living trust. A revocable living trust ensures that the trust becomes irrevocable at the death of the first spouse. Meaning, in the case of an unexpected death, whatever is written in the trust before death stays that way after death, protecting the heirs.

When a loved one’s mental aptitude begins to subside and they are falling ill, finances are likely to be the last thing you consider, but they are an aspect that needs to be addressed. From retirement plans to insurance policies, far too often assets are not managed or protected correctly when a spouse becomes sick and is unable to handle things on their own.

The lifestyle of the healthy spouse is at stake and could be irreparably damaged if the appropriate steps aren’t taken. For the family, the legacy and inheritance are in jeopardy. While it is natural to hope for the best outcome, it is vital to prepare for the worst.

Today, newlyweds come in all shapes and sizes—specifically, more couples wait until their 30s or 40s to get married. In fact, during the past 50 years, the average age of marriage in the U.S. has risen by five years for both men and women to 25 and 27, respectively. Considering the number of people embarking on second or third marriages, the needs of today’s newlyweds may be dramatically different than that of their parents or grandparents.

The insurance needs of newlyweds have changed, too. In the 1960s, most couples had little personal wealth starting out

Before you decide to divorce, consider if working on the marriage is cheaper than the process in which you are going to venture. Legal fees are certainly daunting and no divorce is going to be filed, negotiated and completed in less than 20 hours of legal time. Multiply this by your lawyer’s hourly rate and you are already talking about real money.

Let’s start at the beginning:

1. If there is a residence as part of the marital assets, unless there is an agreement as to its value, it will have to be appraised—another cost.

Marriage is a union which incorporates several features, not the least among them financial. It’s true, of course, at the beginning of a marital relationship the romantic aspect often overrides other considerations. However, as the routine of everyday living takes hold, you and your spouse will discover the quality of your union will be measured as much in well-being as it is in hugs and kisses. I can still recall a popular slogan from my childhood days during the Great Depression, "When poverty walks through the door, love flies out the window." It’s for this reason the economic aspect of your marriage be considered from the onset.