How to advise older clients divorcing on the cusp of retirement
February 28, 2019
by Lili A. Vasileff, CFP, MAFF, CDFA
Ms. Vasileff is a fee only CFP, Master Analyst in Financial Forensics (MAFF™) specializing in Matrimonial Litigation, CDFA, and President of Wealth Protection Management in Greenwich, CT. Please visit wealthprotectionmanagement.com. She is author of three books: “Money & Divorce: The Essential Roadmap to Mastering Financial Decisions” published by the American Bar Association; and “The Ultimate Divorce Organizer, The Complete Interactive Guide to Achieving the Best Legal, Financial and Personal Divorce”, and “The Divorce Planner Checklist”. Her awards... Read More
Scott Van Voorhis
Jan 15, 2019 8:30 AM EST
While it's common for one partner to handle most money decisions in a marriage, it's important for planners to make sure to listen to both.
It's not uncommon for couples to split up their household duties, with the more money-savvy partner handling the finances. But financial planners say cases where one spouse completely dominates discussions about money and investments while the other partner checks out can be a cause for concern.
Such an imbalance can create serious problems down the line if the financially dominant spouse becomes ill or dies. It can also point to... Read More
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.
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.
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
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
By FPA Member Lili A. Vasileff, CFP®, CDFA™
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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