Life is full of many wonderful, and some not-so-wonderful, events that can have a significant impact on your financial well-being. When a momentous event occurs in your life, your financial profile might be the last thing on your mind. But seeking financial advice can often help you understand and prepare for things you may not have foreseen. Today, we’ll list eleven important life events for which you may need to seek the advice of a financial planner.
Are you facing any of these events? Speak with an experienced financial advisor from The Templeton Group at Cornerstone Financial Management today. Contact Us
Graduating from College
Graduation is a huge achievement, the culmination of many years of hard work. But making the transition out of college into the working world may require the advice of a financial planner. Among others, you may need to consider things like moving expenses and salary outlooks, and most importantly, how to account for and begin paying down any outstanding student debt you may have.
Getting Married or Divorced
Marriage is a wonderful occasion, but it can cause financial headaches if you’re not properly prepared. Dealing with potential credit and debt concerns and combining your finances can be made easier with the help of a financial planner.
On the other hand, a divorce practically requires financial planning advice. Separating your finances from your ex-spouse, considering how to allocate any shared property, and how to handle the financial health of any children you may share are all key priorities that a financial advisor can help you deal with.
Having a Child
A new child is a blessing, but it can often require significant financial advice to put your family on sound footing. A financial planner can help you understand any tax benefits or credits you may be entitled to, potential college savings options, and trusts to consider.
Sending Your Child to College
The increased costs of higher education have prompted many parents to seek financial advice to ensure their child’s future is stable. Alongside tuition, you may need to consider housing, textbook fees, travel, and many other expenses. A financial advisor can help you understand your college savings options and how to help position your child for financial independence after college.
An Illness or Injury
In the event you are in an accident or are diagnosed with a serious illness, financial planning can help ensure your financial health is not also affected. A new disability may prompt reconsideration of your tax options, long-term care concerns, and whether to consider withdrawing retirement funds.
A Loved One’s Passing Away
The death of a loved one is tragic, and the financial effects can be devastating if you are unprepared. Among the many financial concerns this event poses are how to pay for funeral costs, dispose of any real property your loved one may have owned, and how to properly execute the decedent’s will.
Retirement
Every individual should think about their retirement at some point. A financial planner can help you figure out what options you have to plan for your financial health after you’ve quit working. Your advisor can explain the benefits of various savings accounts and investment options as well as help you navigate potential financial concerns you may have overlooked when considering your golden years.
A Big Move
If the time has come for you to relocate, consider seeking financial planning advice. The cost of living and tax assessment rates vary wildly in different states and even in different parts of the same state. Additionally, there are a number of moving expenses to consider as well as what you may want to do with your existing real estate holdings.
Buying or Selling a Home
If the time has come for you to purchase a new home or sell your current one, you will undoubtedly have a variety of concerns. A financial advisor can help you understand what deductions and write-offs you may be eligible for along with the potential taxes and capital gains exclusions applicable to you.
Getting a New Job
A new job offer can be exciting, but financial planning may be called for to help you understand any tax or savings concerns you might have. If your new offer is out of state, you may end up paying different taxes that significantly dilute the benefit your new job offers. You may also have questions about transferring or starting a new 401(k) or IRA.
Getting an Inheritance
While an inheritance can often be a blessing, a financial planner can help you deal with potential tax concerns and any outstanding debts for the estate. Any potential savings accounts you inherit, such as an IRA or 401(k), should be discussed with an advisor to see what you can roll over or potentially invest, particularly since inherited retirement accounts are governed by special rules. An advisor can help you make a savings and investing plan for any windfall you receive.
Get Financial Help Today
At the Templeton Group of Cornerstone Financial Management, we are experienced financial advisors ready to help you create a plan to work toward financial success while you focus on life’s other priorities. Contact us today to request a consultation.
Tax Disclosure
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
