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Wealth Transitions Archives - Wealthspire Advisors

prenup

Why Should I Sign a Prenup?

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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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new family savings

How to Financially Prepare for a New Baby

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A Checklist for Parents-to-Be Becoming a parent for the first or second or third or . . . time is always an exciting phase of life’s journey. You become responsible for another (very tiny) human. There are an infinite number of decisions and items to remember when it is time to get ready for the new adventure. However, as with most things, a little preparation can go a long way towards smoothing some of the inevitable chaos. Both before the baby arrives and, in the weeks, months, and years after, it can be helpful to understand and plan for some…
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planning

A Guide to End-of-Life Planning

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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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couples finances

What to Do When a Partner Has Little or no Interest in Finances

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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 for Work? Here’s How You’ll be Taxed

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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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financial planning when expecting your first child.

Financial Planning When Expecting Your First Child

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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 becoming a parent. Coming from the perspective of both financial advisors and new parents, we’ve outlined here some key financial considerations when expecting your first child. Get Started with Education Planning Given the significant cost of a college education—not to mention private grade schools and high schools—it’s important to start thinking about the type of education you foresee for your child and what financial contribution you want to provide. Start saving…
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So You’re a New BigLaw Associate

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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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