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Wealth Transitions Archives | Wealthspire Advisors

file divorce

Determining Where to File for Divorce

By Blog
In most situations, you will file for a divorce in the state in which you and/or your spouse live. If you and your spouse own property in different states or you live apart, you might be able to select the state in which to file. In those situations, you and your attorney should evaluate the respective states’ divorce laws to determine the best choice. Among the items to consider are the length of time it will take to grant a divorce, the age of majority used in determining how long a parent is required to pay child support (for some…
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new family savings

Financial Planning When Starting a Family

By and Blog
Planning for significant life transitions is central to financial planning. As recent first-time parents, we can say with confidence that there may be no greater transition in life than starting a family. Like any new phase of life, this transition brings along an infinite number of decisions and items to remember. Both before the baby arrives and, in the weeks, months, and years after, it can be helpful to understand and plan for some of the financial challenges that lie ahead. Coming from the perspective of both financial advisors and new parents, we’ve provided this checklist of some key financial…
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finances divorce

Organizing Finances Before, During, and After Divorce

By Blog, Guides & Whitepapers
Most people don’t begin their marriage expecting it to end in divorce. For those who are ending a marriage, having a sound financial plan can help keep you organized during the divorce process and help you plan for your financial future after the divorce. Getting Organized You will need to gather important documents to start the divorce process. Both parties will have to complete a sworn statement of their income, expenses, assets and liabilities. This document, which is filed with the court, shows the divorcing couple’s financial situation and is what the judge will use to determine alimony and child…
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prenup

Why Should I Sign a Prenup?

By Blog
It’s not because either of you thinks the marriage won’t last To many, “prenup” (short for a prenuptial agreement) is a bad word. Why would any loving couple want to start off their marriage with a financial contractual agreement? As a wealth manager, I counsel clients who have a large disparity in wealth to execute a prenup. Some are getting married later in life and have built up considerable assets, some started a company, some are getting married for the second time. Some have former children to worry about. Some clients have children with considerable trusts getting married. We have…
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planning

A Guide to End-of-Life Planning

By Blog
Although planning for end-of-life can be emotionally fraught and daunting, organizing affairs well before the need arises helps families and beneficiaries immensely after a loved one’s passing. But where to start? With the abundance of paper and digital resources accompanying the myriad accounts that comprise many years well-lived, it can be hard to know which are essential to have on hand. The most important things to have in place are: An up-to-date financial plan: Consult with your wealth advisor who can assess your current financial situation and update your financial plans to address any end of life concerns. Your advisor…
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What to Do When a Partner Has Little or no Interest in Finances

By Blog
It’s not uncommon in a relationship for one partner to handle most of the finances and the other to have little or no interest—or involvement—in the process. In these setups, difficult situations or unexpected events such as divorce, widowhood or the sudden incapacitation of a partner can leave the uninformed spouse financially vulnerable. For an uninterested or uninformed partner, trying to become acclimated with the couple’s finances can be a daunting task – and even more challenging without knowing where to start. Financial accounts and statements may be scattered across various internet portals, each with a separate password, and simply…
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moving abroad tax

Moving Abroad for Work? Here’s How You’ll be Taxed

By Blog
The following refers to citizens and resident aliens of the United States who are not otherwise exempt.   Do I still have to pay U.S. income tax? Yep, sorry - the United States is one of only a few countries that taxes its citizens on their worldwide income, regardless of where they earned that money. Additionally, note that because of the Foreign Account Tax Compliance Act of 2010 (FATCA), foreign and offshore banks will report any of your assets held there to the U.S. government.  The reach of the IRS extends far and wide. However, you may be eligible to…
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Millennial Savings Goals Infographic

Three Financial Skills Millennials Can Master Now

By , and Blog
Today, millennials make up over a quarter of our nation’s population, and more than a third of the workforce. With numbers growing still, we are becoming the largest generation in U.S. history, but these aren’t the only numbers that set us apart. Millennials face vastly different financial circumstances than those of their parents—with student loan debt increasing by 84% in the last decade and some cost of living indicators steadily rising, the financial burdens of our generation can seem overwhelming. So, what can we do now to set us up for success in the future? In this post, we will…
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So You’re a New BigLaw Associate

By Blog
You’ve done it!  Three years of law school, a summer internship or two, several grueling months of bar exam prep, and then – hopefully – some much-needed R&R.  All of this has led to you to your first BigLaw associate job, and you’ve got the starting salary – and, more than likely, the hefty student loans – to show for your efforts. The numbers vary, but statistics suggest that less than 10% of associates will eventually go on to make partner at their respective firms (in some cases, as few as 1% will make the cut).  Usually by the third…
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