When your spouse passes away, you don't have to struggle financially
November 26, 2018
In March 2013, Ginny McKinney and her husband, Dan, were shopping for a camper to pursue their dream of traveling to great golf courses around the country. Then Dan died of a heart attack. He was 62 years old and she was 59.
“It was devastating. Grief is like an onion. You have the initial shock of the loss itself, but then it keeps going deeper and deeper,” Ginny says.
And in Ginny’s case, the emotional challenges were compounded by financial setbacks.
Just four months before Dan died, Ginny had cut down to part-time hours at... Read More
November 30, 2018 by Lili A. Vasileff, CFP, MAFF, CDFA
As professionals, we must consider how to address the ripple effect of the repeal of the alimony tax deduction and other uncertainties in the new tax law. Divorce has become a tax strategy game with no clear direction.
Many couples who are racing to divorce in 2018 may be surprised to learn that even though the tax character of alimony remains unchanged in 2018 and will be grandfathered, other changes in personal and business income taxes will absolutely impact their financial outcomes. Clearly, the spectrum of changes in the “Tax Cuts and Jobs Act” (H.R. 1)... Read More
Published: Oct 20, 2018 10:59 a.m. ET
When ‘until death do us part’ sounds like agony
(Courtesy Everett Collection)
By ANGELA MOORE, SENIOR EDITOR
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. Among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s, according to a Pew Research Center report. Statistically speaking we’re healthier and probably going to be living a lot longer — possibly 30 years... Read More
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.
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.
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
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
- 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