I was helping someone recently, a newer client. I’ll call her Maddie, sixty-ish and recently retired. What struck me and inspired me to write this was seeing the changes in her in just a few meetings. People come to financial planners when they’re worried about something. So initially I see people’s trepidation around money and the future. In that state they are mostly skeptical and uncertain. They often realize they could have done better with their money and have some shame and regrets, but they are seeing me because they want to change what has been and make some great choices for the future. Maddie was afraid she’d run out of money in ten or fifteen years.
One way we provide for our family is to have current, up-to-date estate planning documents. Having all the necessary documents in place means our wishes are given full effect at a time of loss and uncertainty. The transfer of your assets at death is generally accomplished through a will or a trust. Why would you choose a trust over a will?
Think about it: Really, wouldn’t it be nice to put the uncomfortable subject of talking about money with your partner to rest? There’s so much pressure around money in most marriages, but it doesn’t have to be this way. The first step for a couple to have a healthier relationship with money is to understand and show compassion for each other’s “story,” or history, growing up around money. This isn’t something we usually talk about when we’re dating or falling in love.
By Jeff Stoffer and Joann Babiak* It is becoming quite common for older people in romantic relationships simply to live together. Marriage may seem unnecessary. However, couples that live together do not have the same legal rights as married couples.
Regular readers of this blog know that I'm passionate about the subject of emotions and money. In my work, I often help individuals examine the ways their beliefs about money influence financial decision-making – sometimes on an unconscious level. Recently I was asked how I could help couples work on money issues within a relationship.
Recently, I led a discussion group on the topic of financial self-care. Some interesting points came out of the discussion. People seemed, generally, to have a good idea of what they need to do to take care of themselves financially. Statements about the feelings resulting from successful financial self-care were powerful. Consider these comments: “I feel better about myself,” “I feel empowered to make choices,” “I feel more confident in the money choices I make,”