Are You Pre­pared to Han­dle a Per­sonal Fi­nan­cial Cri­sis? s

The Sentinel-Record - HER - Hot Springs - - Her Community -

Our firm 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 In­di­vid­u­als who are mar­ried or in a com­mit­ted re­la­tion­ship face the pos­si­bil­ity they’ll end up man­ag­ing finances alone at some point in their lives. Un­for­tu­nately, the first time many ex­pe­ri­ence han­dling com­pli­cated finan­cial mat­ters alone is dur­ing a per­sonal cri­sis fol­low­ing the death or di­vorce of a spouse or part­ner.

We’ve pre­pared a list of thought- pro­vok­ing 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 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 my fam­ily may 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?


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’/ chil­dren’s finan­cial sit­u­a­tion and the im­pli­ca­tions for my finan­cial well- be­ing?

Would I be pre­pared for a fam­ily emer­gency if it hap­pened to­mor­row?

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