April and October are good times to review financial details and have ‘the money talk’
For many of us, early in our domestic relationships, one partner stepped up to take the lead on handling the family finances. There is comfort, almost relief, in not thinking about it and knowing that a trusted loved one will “take care of it.”
UBS Global Wealth Management UBS, +0.54% says this is not unusual, especially for older women. While women tend to live longer than men, their male partner often handles their finances. Sharon Olson, president of Olson Wealth Group in Bloomington, Minnesota, a recognized leader in women’s wealth, suggests partners conduct at least two meetings a year to have the “talk” about family financial information. One or more might include a professional money manager to keep things focused.
“Meeting with an estate planning attorney about your accounts and your intentions, as well as a banker willhelp you understand how your accounts are titled currently and can help you properly set them up given your estate planning documents,” says Kate Kelly, regional president of PNC Financial Group PNC, +0.23%. “Bankers can further help by being named executor and successor trustee to administer the assets during incapacity and settle the estate after death.
Kelly suggests reviewing a consolidated physical binder, or as I call it, my Red Folder. “It should contain estate planning documents, a list of assets, account statements, and a ‘here’s where we hid stuff’ list in a location known by you and your significant other or other family members,” she said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Chicago Fire Dept. Foundation: Check your smoke alarmsOctober is Fire Prevention Month and Fire Prevention Week begins October 8 until October 14.
Lire la suite »
Today in Sports - Week Ahead, October 6 - October 12Today in Sports - Week Ahead, October 6 - October 12, 2 Takes
Lire la suite »
Famous birthdays list for October 4, 2023 includes celebrities Susan Sarandon, Liev SchreiberSusan Sarandon and Liev Schreiber share a birthday today. Check out our photo slideshow of celebrities and other famous people with birthdays on October 4, 2023 and find out a fun fact about each person.
Lire la suite »
October 4 morning weather updateThe inside scoop on D.C. weather.
Lire la suite »
12 can’t-miss concerts in the D.C. area in OctoberThis month’s must-see shows include Slayyyter at 9:30 Club, Kesha at the Anthem, Sasami at the Black Cat and Noname at the Fillmore Silver Spring.
Lire la suite »