Strategies For Protecting Threatened Wealth

 

 

 


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

Leaving All the Financial Decisions to One Spouse Is Asking for Trouble



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

Half of widows see their income drop by 50%. Don’t be one of them


When your spouse passes away, you don't have to struggle financially

Julie Halpert
November 26, 2018
considerable.com

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

Secret Santa: Many people don’t know what their spouse spends on holiday shopping

  • Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season.
  • In some cases, shoppers are purposely keeping their spouse in the dark.
  • Holiday overspending can trigger relationship and financial problems.

Laura Galligan | @GalliganLaura
Published November 29, 2018 CNBC.com

For many consumers, the real magic of the holiday season is the sleight of hand it takes to hide overspending from their spouse.

Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season, according to a new survey of 1,000 U.S. adults from SwagBucks.com .

Another survey,... Read More

9 Expert Tips For Negotiating an Alimony Settlement


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
Fatherly.com

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

Early Warning Signs: Impact of Aging on Financial Decision Making

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.
Read More

How to Be the CFO of Your Financial Household


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

Magnify Money: How to confront an overspending spouse

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

Know the value of your spouse’s 401(k)?

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

Planning Through Life’s Disruptions: Advising Late in Life Divorce

In this article for LifeHealth.com, Lili Vasileff explores the topic of late in life divorce. She says, "As a Baby Boomer approaching retirement, let us assume that you and your spouse have been fiscally responsible for most of your lives. But what happens when one household now unexpectedly divides itself in two with a late in life divorce?"


Planning Through Life's Disruptions: Advising Late in Life Divorce

How to help your client untangle, and protect, a mature retirement portfolio

by Lili A. Vasileff, CFP, CDFA

Ms. Vasileff received the national 2013 Pioneering Award for her public advocacy and leadership in the field of divorce financial planning. Lili is the President Emeritus of the national Association of Divorce Financial Planners and is a member of NAPFA,... Read More

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