Sunday, December 21, 2014

Am I Prepared?
April 10, 2014 by Staff Report | No Comments

Many women end up managing their finances alone at some point in their lives. Unfortunately, the first time many of them get involved with financial…

Many women end up managing their finances alone at some point in their lives. Unfortunately, the first time many of them get involved with financial matters is during a crisis, such as a spouse’s death or divorce.

We’ve prepared a list of thought-provoking questions that pertain to financial fitness and crisis preparedness. It will be time well spent to review this list, determine what you have already done and talk with your Financial Advisor about any issues that affect you and/or your family.

Asset Management

Do I have a clear picture of where my assets are located?

Will my retirement assets provide a comfortable and secure retirement for my life expectancy?

Do I have a well-diversified portfolio?

Are my investments appropriate in today’s economy?

Are my assets titled properly?

Do I have an emergency fund?

Am I taking advantage of techniques to reduce my taxes?

Estate Planning

Do I have a will?

It’s my will current?

Have I determined what I will owe in estate taxes?

Have I funded my estate-tax liability?

Have I explored and taken advantage of wealth-transfer techniques?

Do I wish to provide for charitable giving?

Are my power of attorney and my living will up to date?

Debt Management

Do I know my credit rating?

Could I get a loan if I applied?

Medical/Insurance Planning

Do I have enough insurance coverage to cover medical expenses?

To provide for disability/long-term care?

To provide for family members’ security?

To fund estate-tax liability?

And…

Have I coordinated my advisors’ (attorney, CPA, banker) activities?

What changes in my life are likely to occur within the next three years?

Do I know the status of my parents’ financial situation and the implications for my financial well-being?

Would I be prepared for a family emergency if it happened tomorrow?

This article was written by Wells Fargo Advisors and provided courtesy of Terry R. Campbell and Susan Paolo, Financial Advisors in Chardon at 440-286-2553.

Investments in securities and insurance products are: NOT FDIC-INSURED / NOT BANK-GUARANTEED / MAY LOSE VALUE

Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.

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