Many women end up managing their finances alone at some point in their lives. Unfortunately, the first time many of them get involved with financial matters is during a crisis, such as a spouse’s death or divorce.
We’ve prepared a list of thought-provoking questions that pertain to financial fitness and crisis preparedness. It will be time well spent to review this list, determine what you have already done and talk with your will attorney about any issues that may affect you and/or your family.
Asset Management
- Do I know 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 current will? If you need to update or draft a new will, you may work with an estate planning attorney.
- 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 living will up to date? Hire wills lawyers to update your will.
Debt Management
- Do I know my credit rating?
Could I get a loan if I applied?
Medical/Insurance Planning
- Do I have enough insurance coverage for medical expenses?
- To provide for disability/long-term care?
- To provide for family members’ security?
- To fund estate-tax liability?
- And…
- 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’ 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
This article was written by Wells Fargo Advisors and provided courtesy of
Christina A. Karas Vice President-Investment Officer in Boca Raton at 561-394-7561
Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE
Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.