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
By FPA Member Lili A. Vasileff, CFP®, CDFA™
Back to Top
Published: January 27, 2012
As Baby Boomers approach the last hurdle before the magic retirement age of 65, it is becoming increasingly newsworthy that growing legions of older Americans are untying the marital knot. With this trend for “gray” divorces, there are several challenges: dividing one household into two; re-evaluating near term retirement and estate planning goals; addressing gaps in health insurance coverages; re-examining investment decisions for longer life expectancies. It is truly a “perfect storm” where not only are your financial goals turned upside down, but planning is further complicated by emotional and psychological turmoil affecting your rational decision-making.
Every 10 seconds a Boomer turns 60... Read More
Lili Vasileff is quoted in a recent article by Angela Moore for Market Watch on why older couples are deciding to divorce in record numbers. Lili says, “What’s pushing gray divorce is people are living longer and they feel more entitled to living fully. They’ve contributed to raising children, they want an emotional journey, it’s their time now. They may have decades ahead and don’t want to be unhappy anymore.”
When ‘until death do us part’ sounds like agony
By Angela Moore for Market Watch - March 13, 2017
Looking ahead to the next phase of life can seem pretty dreadful if you can’t stand the person who you’ll be spending it with.
That may be what some boomers are facing.... Read More
Listen to Mandy Walker interview Lili on Blog Talk Radio
Nobody likes to talk about their debts and it's often the hardest part of negotiations in divorce.
Too often, one spouse didn't realize the extent of the debt or perhaps there's always been conflict because one party is a spender and the other is a saver. Perhaps both spouses knew about the debt but didn't really pay attention to it because, well, life was grand, the money was coming in, and borrowing for a second car or a vacation was part of the plan. It was all going to work out.
But then it doesn't work out and divorce happens. That means you... Read More