Before your divorce goes through, it will be wise to check up on financial matters. It will be better to assess the state of your financial life before the split rather than after.
Financial Steps to Take Before a Divorce
FIDUCIARY STANDARDS vs. SUITABILITY STANDARDS
If you meet with a financial professional, be sure to ask a critical question. If you make an appointment with a financial consultant on behalf of yourself, your family or your company, make the following inquiry before the meeting ends:
“Are you held to a suitability standard or a fiduciary standard?”
DO YOU NEED A FINANCIAL PLANNER?
What does a financial planner do? Well, that depends. Many individuals refer to themselves as “financial planners”, but not all perform true multidisciplinary financial planning. Investment, insurance and tax professionals sometimes specialize in certain areas of financial planning (such as retirement planning, estate planning, tax planning, or investment management). A Certified Financial Planner™ practitioner is qualified to give you comprehensive financial advice, as a result of examination, continuing education, board certification and accumulated experience.
Charitable Lead Trusts
Are you concerned about the inheritance taxes your heirs may have to pay? Then you may want to consider creating a charitable lead trust.
ARE YOU UNDERFUNDING YOUR RETIREMENT?
Are You Insured?
A CAREGIVER’S FINANCIAL RESPONSIBILITIES
A labor of love may come to involve money issues. Providing eldercare to a parent, grandparent or relative is one of the noblest things you can do. It is a great responsibility, and over time it may also lead you and your family to reflect on some financial responsibilities.
THE U.S. SAVINGS BOND TAX TRAP
Did you buy U.S. Savings Bonds decades ago? Or did your parents or grandparents purchase some for you? If so, take a look at them before April 15 rolls around. Your bonds may have matured. That means they are no longer earning interest, and it also means you need to cash them in.
RETIREMENT PLANNING CAN START WITH AN IRA
Sooner or later, people decide to start saving and investing for retirement. When that starting point arrives, taking that “first step” can seem like a big deal. Opening an Individual Retirement Account (IRA) amounts to an easy “first step” in retirement saving for many.
COPING WITH AN INHERITANCE
Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want to keep in mind if it comes to pass.