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Wealth Transitions Archives | Page 2 of 3 | Wealthspire Advisors

loss loved one

What to Do After the Loss of a Loved One

By Blog
When a loved one passes away, you will face many responsibilities, from making funeral plans to closing out financial affairs. These responsibilities will add stress to what is already a difficult and emotional time. Getting organized and knowing what steps you need to take will help reduce some of that added stress. Below is a chronological checklist to help you organize and close your loved one’s affairs. WITHIN FIRST TWO WEEKS First and foremost, you will need original death certificates. Everyone from banks, to insurance companies, to credit card companies may request at least a photocopy if not an original,…
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Combining Finances: Marriage When There is a Financial History

By Blog
Adults considering marriage later in life – whether in a first marriage or a remarriage – often find that agreeing on how to handle finances can be the first hurdle to achieving marital bliss. Those who are financially established come into a marriage with a longer and potentially more complex financial history, and combining finances can get complicated. The fact is, with more years come more biases, more baggage, more habits – good and bad – that have become engrained. Merging two financial lives is challenging and requires a thoughtful and transparent approach. As money can be a significant source…
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early 401(k) withdrawals

Thinking About Retiring Early? Pay Attention to These Factors

By Blog
Sixty-six and two months is the age the Social Security Administration considers full retirement age for those born in 1955. This will gradually rise to 67 for those born in 1960 or after. The financial realities of most workers in the U.S. require that they remain part of the workforce until full retirement age. Yet some seek to be the exception to the rule. For a high-income earner who maintains an aggressive savings strategy throughout her career or for a successful business owner who sells his operation at a profit, the option to retire early may be realistic. Those who…
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The Finances of Divorce

By Blog
Planning Your Finances Must be a Priority During Divorce Whether you are just thinking about divorce, in the middle of the divorce, or your divorce is finally over, planning your finances should be a top priority. Regardless of who handled the financial decisions during marriage, it is critical to focus on your future and set financial goals, as these decisions will likely affect the rest of your life. Emotions are Expected, but try to Separate Them From Your Financial Assessment It is easy to get swept up in the emotions and not want to deal with the finances, but at…
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inherited IRA

What To Do If You Inherit an IRA

By Blog
Losing a loved one can bring not only an emotional burden but also significant financial responsibilities related to settling the estate. If you are a beneficiary to retirement plan assets, you may inherit control of all or part of a retirement plan account. So, what exactly can one do with an inherited Individual Retirement Account (IRA) or a Roth IRA? What responsibilities do you have to the newly inherited account? The answers to these questions may depend on your relationship to the deceased. Here I will discuss several factors that will determine what you can do with inherited retirement assets.…
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The Impact of Turning 18

By Blog
Like many parents, the Labor Day holiday (or the US Open, if you are a tennis fan) represents the end of summer and the beginning of the school year.  If your child or children are younger, it is mostly about school supplies and making sure last fall’s clothes still fit.  However, if they are of college age, there is more to consider. You may not consider your 18-year old child an adult, but in the eyes of the law, it is a different story.  Your child can now vote, serve on a jury (why should we have all the fun?),…
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Saving & Investing When You’re Just Starting Out

By Blog
Congratulations! After all the classes, exams, late nights, early mornings, interviews (so many interviews) you actually get to start the career you’ve spent the majority of your life working towards. In addition to the million things you need to keep track of at your first “real” job, you also need to start thinking about putting your financial house in order. You might be thinking: That sounds good, I want to do that – I like the idea of order in my finances. But, what does that really even mean? There are so many terms: Roth, W-4, 1099, dollar cost averaging,…
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loss of your spouse

On Your Own: Financial Advice After Losing Your Spouse

By Guides & Whitepapers
It’s a day you hoped would never come. Your spouse has died. Your world is turned upside down, leaving you vulnerable and bereft. And as you are dealing with your grief and the loss of your spouse, you will be required to make critical legal and financial decisions in the coming days, weeks and months. It can be overwhelming, especially if your spouse was the one who managed your financial and legal affairs. It’s a familiar scenario. According to U.S. Census data, about 800,000 Americans are widowed each year, most of them women. In 2014, there were 14.2 million widowed…
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