The Struggle We Face With Aging Parents

Prosperwell Financial

Recently we have been helping so many clients deal with their parents and estate planning. Coming to the realization that we need to take extra care of our parents later on in life is one of the most difficult things to deal with. It is hard to talk to anyone about money, let alone your parents. Regardless of whether you and your parents have always talked freely about money or never discussed the subject, there are several considerations you may…
Continue reading The Struggle We Face With Aging Parents

Hindsight in 2020: What Will You Do Differently This Year?

Prosperwell Financial

According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.1 The saving conundrum What’s preventing Americans from saving more? It’s a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday…
Continue reading Hindsight in 2020: What Will You Do Differently This Year?

Five Times in Your Life When You Might Need Help With Your Finances

Prosperwell Financial

As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you navigate through these various life events, you might seek professional guidance to help you make sound financial choices. 1. Getting married Getting married is an…
Continue reading Five Times in Your Life When You Might Need Help With Your Finances

Financial Advice for Recent College Graduates

Prosperwell Financial

You’ve put in the hard work as a college student and finally received your diploma. Now you’re ready to head out on your own. And though you may not have given much thought to your financial future when you were in college, you have new financial challenges and goals to consider. Fortunately, there are some simple steps you can take to start on the right track with your personal finances. Set financial goals Setting goals is an important part of…
Continue reading Financial Advice for Recent College Graduates

5 Reasons to Prioritize a Lasting Legacy

Prosperwell Financial

Have you been dragging your feet on estate planning? You are not alone. Nearly 64% of U.S. adults do not even have a will, including 51% of people age 55 to 64, according to the website Rocket Lawyer. But a lack of an estate plan, or an outdated one, leaves you and your family vulnerable. Your assets could get tied up in the costly court probate process after death. Your loved ones might have to make difficult decisions about your…
Continue reading 5 Reasons to Prioritize a Lasting Legacy

Asset Protection in Estate Planning

Prosperwell Financial

You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others. To insulate your property from such claims, you’ll have to evaluate each tool in terms of your own situation. You may decide that insurance and a Declaration of Homestead…
Continue reading Asset Protection in Estate Planning

Organizing Your Finances When Your Spouse Has Died

Prosperwell Financial

Losing a spouse is a stressful transition. And the added pressure of having to settle the estate and organize finances can be overwhelming. Fortunately, there are steps you can take to make dealing with these matters less difficult. Notify others When your spouse dies, your first step should be to contact anyone who is close to you and your spouse, and anyone who may help you with funeral preparations. Next, you should contact your attorney and other financial professionals. You’ll…
Continue reading Organizing Your Finances When Your Spouse Has Died

Shopping for an Annuity

Prosperwell Financial

Although many insurance companies offer annuities with the same (or at least similar) features, that doesn’t mean that all products and all companies are the same. As with all financial products, you should shop around and compare. Here are some things to consider when shopping for annuities. Financial stability Moody’s, Standard & Poor’s, and A. M. Best all rate insurance companies for financial stability and customer satisfaction. When purchasing an annuity, it is best to consider buying only from companies…
Continue reading Shopping for an Annuity

Trust Basics

Prosperwell Financial

Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility–many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn’t hard. What is a trust? A trust is a legal entity that holds assets…
Continue reading Trust Basics

Closing a Retirement Income Gap

Prosperwell Financial

When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap. Delay retirement: 65 is just a number One way of dealing…
Continue reading Closing a Retirement Income Gap