Over the years, I’ve found it fairly common while working with couples that one or the other is usually more in the know when it comes to the couples’ investments, finances and financial future in general. Sometimes it’s the wife and sometimes it’s the husband. It’s many times just a role that one takes on and so it goes on for years to come. It is often the role of the primary earner in the relationship that takes on this job. It’s also very common that one or the other just isn’t that interested in finances and therefore leaves all of the financial decision making up to their spouse. This is understandable to a point but nonetheless concerning to me.
I believe both parties should have, at the very least, a general understanding of what shape their finances are in. This would include where and how much is invested, amount of debit, amount of savings, how much life insurance they have, if they have long term care and if so what type, what their incoming verses outgoing is each month, final wishes, etc., etc. My concern is the spouse that doesn’t understand or care to understand where the couple is financially could very well be caught off guard one day if the spouse handling the couples’ affairs were to suddenly become ill or even worse. It’s always best to not get caught with your head in the sand.
The risk of getting caught off guard and being uninformed can be greatly mitigated with increased knowledge and involvement in the planning and management of the family’s finances. If you are a couple trying to work through this process or a single person confronted with these challenges on your own, don’t hesitate asking for our help. We are merely a phone call away.
Frederic “Ric” Schilling is a Florida native, born in Jacksonville, Fl. Ric is President of Senior Guardians of America, a local North Florida firm specializing in tax reduction, long term illness planning, asset protection, probate avoidance and life income planning. Ric is a National Speaker and Advocate on Senior Issues and has been featured by the Florida Times Union and WJXT, TV-4 in Jacksonville as an authority on Estate Planning and Retirement Issues. Senior Guardians has an A+ rating with the Better Business Bureau and is a member in excellent standing with the National Ethics Association. Contact Frederic : 904-371-3302 or 888-891-3381. Please visit: www.seniorguardian.com.
This article is not intended to give tax or legal advice. Securities offered through Center Street Securities, Inc.(CSS), a registered Broker-Dealer and Member of FINRA & SIPC. Senior Guardians is independent of CSS.