We understand that losing a spouse is likely the most devastating emotional obstacle that one can experience. Financial matters are likely the last thing on your mind. However, when you lose a spouse it’s important to have a plan in place to ensure your finances are in order. Here we discuss five key steps to consider, including gathering a team of trusted advocates to help you navigate the road ahead.
Let’s face it: you’d be hard pressed to find a grandparent anywhere who won’t admit to the pleasure of spoiling the grandkids. Whether it’s unlimited trips to the ice cream shop or no-budget toy shopping, Grandma and Grandpa love saying “yes” to just about every request that comes from their grandbabies’ mouths.
As a wealth management firm, we have long preached the benefits of owning shares of public companies as an investment vehicle to build long-term wealth. We are clearly not alone in this endeavor. There are many news agencies and television programs that spend countless hours debating if and when investors should buy and/or sell certain hot-topic companies.
Losing a spouse or partner is a dramatic and emotional experience that can have a serious impact on the financial health of the surviving spouse. Financial planning and investment management needs vary dramatically depending on what stage of life the surviving spouse is in. Over the years, we have worked with many clients who have unfortunately lost spouses at all stages of life. Death is not universal, nor are the financial steps to take in its wake.
At some point in your life, there is a chance that you will inherit money or assets left from a grandparent, parent, or other family member. When someone that you love passes away, it is an emotional experience and going through the process of inheriting the assets they chose to leave you can add to the rollercoaster of emotions. Before you start making plans, make sure you know how the inheritance can affect your existing financial situation, including your taxes and other financial planning areas. A good place to start is to understand some common sources of inheritance, which we will discuss in this article.
Our core ideology is that “we strive to help our clients, employees and communities thrive.” It sounds easy enough, but we all know that thriving can be elusive, and it is not always the place we find ourselves as a company, individual or community.
“Atlas through hard constraint upholds the wide heaven with unwearying head and arms.” – Hesiod
There’s an often-quoted maxim regarding inherited wealth: “The first generation makes it; the second generation builds it; the third generation blows it.” Indeed, uncertainties around the next generation’s ability to exercise wise stewardship of family wealth have led to the drafting of many a trust document, many clauses in wills, and much misgiving in those who created or built the legacy that will be entrusted to those who may or may not be ready.
During this holiday season, you may have some anticipated plans to spend quality time with your loved ones. The last thing that may be on your mind is discussing finances and your future care needs with your family over dinner. But the togetherness that the holidays bring could be a good opportunity to introduce them to important aspects of your financial life, as well as theirs in the future.
Whether you are just starting out in ophthalmology or own your own practice, it is never too early (or late) to consider your risk management plan.
If you are not a current client but would like to receive pertinent information about how we help people like you, please sign up now. We will send you helpful content and webinar invitations. Thanks for your interest!
