AYP re ou re­pared H P to an­dle a er­sonal F C inan­cial ri­sis?

The Sentinel-Record - HER - Hot Springs - - Contents -

Many peo­ple who were once mar­ried or in a com­mit­ted re­la­tion­ship are faced with man­ag­ing fi­nances alone at some point in their lives. Un­for­tu­nately, the first time many in­di­vid­u­als ex­pe­ri­ence han­dling com­pli­cated fi­nan­cial mat­ters is dur­ing a per­sonal cri­sis fol­low­ing the death or divorce of a spouse or part­ner. We’ve pre­pared a list of thought­pro­vok­ing ques­tions per­tain­ing to fi­nan­cial fit­ness and cri­sis pre­pared­ness. You can use these as a start­ing point to check how pre­pared you are to han­dle a per­sonal fi­nan­cial cri­sis in your life. Be­gin by re­view­ing the ques­tions, de­ter­mine what you’ve al­ready done, and check those items off the list. For the ques­tions you need to ad­dress or take ac­tion on, seek the ad­vice of pro­fes­sional ad­vi­sors and trusted fam­ily mem­bers.

As­set man­age­ment

Do I have a clear picture of where my as­sets are lo­cated? Will my re­tire­ment as­sets pro­vide a com­fort­able and se­cure re­tire­ment for my life ex­pectancy? Do I have a well-di­ver­si­fied port­fo­lio? Are my in­vest­ments ap­pro­pri­ate in to­day’s econ­omy? Are my as­sets ti­tled prop­erly? Do I have an emer­gency fund? Am I tak­ing ad­van­tage of tech­niques to re­duce my taxes?

Es­tate plan­ning

Do I have a will? Is my will cur­rent? Have I de­ter­mined what I will owe in es­tate taxes? Have I funded my es­tate-tax li­a­bil­ity? Have I ex­plored and taken ad­van­tage of wealth-trans­fer tech­niques? Do I wish to pro­vide for char­i­ta­ble giv­ing? Are my power of at­tor­ney and my liv­ing will up to date?

Debt man­age­ment

Do I know my credit rat­ing? Could I get a loan if I ap­plied?

In­sur­ance cov­er­age

Do I have enough in­sur­ance cov­er­age to cover med­i­cal ex­penses? To pro­vide for dis­abil­ity/long-term care? To pro­vide for fam­ily mem­bers’ se­cu­rity? To fund es­tate-tax li­a­bil­ity?

In ad­di­tion …

Have I co­or­di­nated my ad­vi­sors (at­tor­ney, CPA, banker) ac­tiv­i­ties? What changes in my life are likely to oc­cur within the next three years? Do I know the sta­tus of my par­ents’/ chil­drens’ fi­nan­cial sit­u­a­tion and the im­pli­ca­tions for my fi­nan­cial well-be­ing? Would I be pre­pared for a fam­ily emer­gency if it hap­pened to­mor­row?

Wells Fargo Ad­vi­sors does not pro­vide le­gal or tax ad­vice. Be sure to con­sult with your own tax and le­gal ad­vi­sors be­fore tak­ing any ac­tion that could have tax con­se­quences. Any es­tate plan should be re­viewed by an at­tor­ney who spe­cial­izes in es­tate plan­ning and is li­censed to prac­tice law in your state

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