As the parent of a child with special needs, you face many of the same challenges that any parent faces. But you’ll have to cope with some unique financial, medical, educational, and legal issues as well. Where do you start? Getting reliable information and support is important when you have a child with special needs. Start by talking to: Your obstetrician, pediatrician, and primary physician Social workers familiar with federal, state, and community resources Mental health professionals (e.g., psychologists and…
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An annuity is a contract between you, the purchaser or owner, and an insurance company, the annuity issuer. In its simplest form, you pay money to an annuity issuer, and the issuer pays out the principal and earnings back to you or to a named beneficiary. Life insurance companies first developed annuities to provide income to individuals during their retirement years. Annuities are either qualified or nonqualified. Qualified annuities are used in connection with tax-advantaged retirement plans, such as 401(k)…
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If you are in a long-term, committed relationship, you have many of the same financial concerns as married couples. However, you lack many of the legal protections and advantages that married couples enjoy. Here are some tips that can help you and your partner stay on the road to financial security. Talk about your finances One of the first financial decisions you’ll have to make as an unmarried couple is whether you should handle your finances separately or together. Sit…
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Contemplating Bankruptcy Filing bankruptcy can be complex and difficult, and it can have lasting effects. You should consider what’s involved carefully before deciding if it’s the right answer for you. Don’t expect bankruptcy to offer you an easy solution to your overspending habits or financial mismanagement. It’s intended to relieve you of burdensome debts incurred due to unfortunate circumstances such as medical problems or unemployment. To file or not to file How do you know if you should go bankrupt?…
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Marriage affects your finances in many ways, including your ability to build wealth, plan for retirement, plan your estate, and capitalize on tax and insurance-related benefits. There are, however, two important caveats. First, same-sex marriages are recognized for federal income and estate tax reporting purposes. However, each state determines its own rules for state taxes, inheritance rights, and probate, so the legal standing of same-sex couples in financial planning issues may still vary from state to state. Second, a prenuptial…
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There comes a time in many people’s lives where you begin to wonder if or when you will have children. Regardless of your status – whether you are married or single – it can be a costly decision if you add children to your life.  According to a study done in 2014 by the U.S. Department of Agriculture, a middle-income family will spend on average $245,340 to raise one child from birth to age 18. I recommend that you take…
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