Carmen Reinicke | @csreinicke
Published 11:43 AM ET Fri, 10 Aug 2018 Updated 12:03 PM ET Fri, 10 Aug 2018 CNBC.com
- Some states require parents to address how they will pay for college in divorce decrees.
- Regardless of your home state's rules, experts say that divorcing parents should work out an agreement about college for their children.
- Divorce and remarrying can have an impact on financial aid eligibility, and some schools will require financial information from both parents.
Carmen Reinicke | @csreinicke
Published 8:57 AM ET Thu, 19 July 2018
One third of parents say that they will help their child pay back some or all of their student loans, according to a recent survey by College Ave Student Loans.
Student loan debt has skyrocketed to $1.5 trillion in the U.S.
Parents should make sure that they're balancing their long-term financial goals with helping their children finance higher education, advisors say.
Parents today are often hit with a financial triple whammy. They need to balance helping their children pay for college, saving for their own retirement and often taking care of aging parents.
At a certain point, the topic has to be dealt with.
The only way to do it successfully is to arm yourself with as much knowledge as possible.
By Jeremy Brown July 19 2018, 7:33 PM
Second only to child custody, alimony is one of the most contentious and difficult-to-navigate processes in any divorce. When two people are splitting up, particularly when that split is acrimonious, the last thing either of them wants to discuss is the prospect of giving money to each other. But, the topic has to be dealt with and the only way to do it... Read More
The full report, available at www.nefe.org/early-warning-signs, documents new research funded by the National Endowment for Financial Education® (NEFE®) to identify very early financial skill declines in cognitively normal older adults funded by the National Institute of Aging of the National Institute of Health.
INESCAPABLE TRUTH: FINANCIAL ABILITY DECLINES WITH AGE
IT IS INEVITABLE that people will see a decline in their financial skills and decision-making ability as they age. No one is exempt: Everyone experiences normal cognitive aging in their later years, which in turn affects various financial skills. The degree of cognitive decline and its effect on specific financial skills varies by individual.
Most of us do not give it another thought and simply assume we can contribute to an IRA if we meet IRS income criteria. But what if your only source of income is alimony? Guess what – the new tax law changes may just eliminate your only means to save in a retirement account.
By Judy Heft who offers professional and personal assistant services that are tailored to meet the specific and changing needs of her clients. All services are provided on an accurate and timely basis with complete confidentiality. http://judithheft.com/services.html
I thought this explanation was so clear so timely that I asked Judy if I could copy it for you. With full acknowledgment to her unique financial concierge services, here it is!
Your Money & Your Brain by Jason Zweig looks at neuroeconomics, which is research using brain activity, economics, and behavioral psychology to study how we make decisions.
The main focal point is how the brain affects financial decisions but it’s obvious the material goes beyond money matters. It’s equal parts scary and impressive how much is going on behind the scenes in our brains unconsciously that we’re unaware of.
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