When one partner takes on all the financial tasks, the other loses out on building money skills.
By Susannah Snider, Staff Writer |June 14, 2018, at 7:40 a.m.
Set financial goals with your spouse. (Getty Images)
Your romantic relationship comes with all sorts of wonderful benefits.
It gives you a partner with whom you can confide, cuddle and share the tasks of maintaining a household. But lovebirds beware: While your long-term relationship comes with lots of advantages, it may be harming your financial literacy.
That's according to research recently published... Read More
By Lili Vasileff, CFP, mAFF, CDFA – June 6, 2018
Couples who have made the decision to divorce in 2018 may be surprised to learn that changes in personal and business income taxes will impact the financial outcomes of their divorce. It is unclear if the new tax rules will make divorce more or less difficult to negotiate legally or financially.
Couples who divorce before December 31, 2018 will be covered under the existing IRS rules for alimony, but will also have many law changes that impact their net disposable income calculations.... Read More
Lili Vasileff is quoted in a recent article by Tom Anderson for CNBC's 'Your Money, Your Future' on how to handle adult children moving back home. Lili says, “Create a spending plan and timeline. The plan should include how expenses are shared, what savings will be tapped to pay for additional expenses and how, if possible, those savings will be replenished.”
An adult child coming home to live with you can sidetrack your financial plans
By Tom Anderson for CNBC's 'Your Money, Your Future' – March 19, 2017
You should be enjoying life. Your kids are out of college, you're in your top earning years and you can see the... Read More
For many years there has been no means by which to save tax-deferred money for a child with disabilities without placing at risk their government entitlements. But in 2014, Congress created Achieving Better Life Experience (ABLE) accounts.
Prior to the creation of the ABLE accounts, individuals with disabilities who were eligible for Medicaid or federal Supplemental Security Income were limited to a maximum of $2,000 in assets, such as bank savings accounts.
ABLE accounts now allow disabled people to have up to $100,000 in these accounts without jeopardizing their Medicaid or Supplemental Security Income.
ABLE accounts are fashioned after qualified state tuition programs, sometimes referred to as Section 529 plans. Although there is no tax... Read More
Reach your financial goals by taking a business leader's approach to your family's finances.
By Susannah Snider, Staff Writer |May 3, 2018, at 10:45 a.m.
How to Be the CFO of Your Financial Household
Consider it a promotion. From now on, you are more than a humble household money manager, a bill payer and a check writer.
Instead, you are the chief financial officer of your household. You're the CFO of your finances, the C-suite executive of your personal capital. No corner office is required, but you're welcome to make business cards if you'd like.
Your new role as household CFO will require... Read More
Parents often face the competing challenge of funding their children's college or their own retirement savings.
During divorce, these goals collide more acutely. Income is stretched and expenses increase with two households.
How do 529 plans come into play? Here is a great resource with more information:
College Savings Savvy: Under what circumstances should I advise clients to change 529 plans?
Click image below to view the video.Read More
Lili Vasileff is quoted in a recent article by Brittney Laryea for Magnify Money on how to handle a spouse who is chronically overspending. Lili says, "Financial infidelity is not a financial exercise, its an emotional exercise. Sometimes overspending may be the result of miscommunication, emergency spending, or unrelated, deeply seated emotional issues like an addiction."
How to confront an overspending spouse
By Brittney Laryea for MagnifyMoney.com - February 15, 2017
You’ve brown-bagged lunch for weeks and even cut out your morning latte and other non-essential purchases because you and your partner agreed to save up for your next vacation. A few months into saving, you’re riding in the passenger’s... Read More
- Bird nesting, whereby divorced or separated parents let their children stay in the same home while they take turns living in it, is getting mainstream attention.
- The arrangement, which is portrayed in a new sitcom, holds real-life pros and cons for former couples who try it.
- Financial experts urge families to keep lines of communication open and to put an expiration date on any such living arrangement in order to make it work.
Lorie Konish | @LorieKonish
Published 10:30 AM ET Mon, 16 April 2018 CNBC.com
Source: ABC Jenna Fischer and Oliver Hudson from the show "Splitting Up Together"
Where to live following a... Read More
In this article published in Bloomberg News, Lili Vasileff contributes to a discussion of the state of information sharing in marriages -- especially when it comes to financial details. Lili says, ‘‘Most couples don’t share fully financial details about private accounts, the nature of investments, or the amount of savings."
By Suzanne Woolley
Published in Bloomberg News, August 31, 2016
Trust of politicians in America seems to have reached a new low in this election season.
But who would have guessed how little trust exists across the kitchen table?
Many American couples don’t share even basic financial details of their retirement savings account, beyond the fact that they have one. Twenty-one percent of couples either married... Read More
Lili will be speaking at a variety of upcoming engagements, including:
April 19 – National Webinar: “The Platinum Retirement Challenge – Gray Divorce” for the Retirement Resource Center Professional Development Series at https://www.retirement-resource-center.com/
May 2 – New York City Bar on the financial issues in divorce: “Divorce 101.”
June 1 – FPA New York Chapter with Jeremy Doyle, BNY Mellon Title: “Divorce and... Read More