Author: Thomas Callaway

Financial Planning for Adult Children with Special Needs

If you’re a parent of a child with special needs, you’ve likely dedicated much of your life to researching, providing and advocating for the best care for your child. So naturally, you may worry about what will happen when you are no longer able to supervise your child’s care due to declining health, illness or death. Fortunately, there are steps you can take to help ensure your child has sufficient financial resources along with a dedicated support system. Here are six areas to help protect your child’s future. Include your child in the process. To the extent you’re able...

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Make Sure Your Business is Properly Protected

If you are starting or operating a small business, you know the importance of maintaining its financial stability. Everything from managing cash flow to keeping current with tax liabilities is crucial. Another key contributor to the firm’s financial strength is ensuring your business is protected against risks. While unexpected situations may occur, you can explore insurance options to limit the impact that an unplanned event could have on your most important assets. Start by understanding your current policies, and identify areas where you and your business may be exposed to risk. The following list includes types of insurance you...

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Putting Your Financial Affairs in Order After the Loss of a Spouse

The passing of a spouse can take a heavy emotional toll on anyone. Especially early on, newly bereaved widows or widowers may find it difficult to get through each day, much less focus on items that involve paperwork and investments. But, while everyone grieves differently and on their own timetable, it is important for those who’ve suffered the loss of a spouse to get their financial affairs in order – and the sooner, the better. Breaking it into smaller tasks can make the process feel less daunting. If you or someone you know are looking for guidance on organizing...

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Preparing Your Portfolio for Retirement

Think about this analogy: When an airplane is preparing to land, it doesn’t descend 30,000 feet in a matter of seconds. Rather, it happens gradually. The pilot adjusts to the landscape and weather conditions to assure a soft landing. In the years leading up to retirement, you should begin to treat your investment portfolio in a similar manner. Prepare ahead of time to protect your assets and adjust as dictated by market and economic conditions to help assure a soft landing in retirement. Adjusting your portfolio means taking steps to “downshift” as retirement nears, reducing some of the risks...

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Communicating with Your Siblings About Money and Aging Parents

Many adult children are called upon to help their aging parents as life changes set in, yet only 65 percent of siblings report talking about money with one another, according to research by Ameriprise Financial. While only 15 percent of siblings have conflicts over money, when siblings do spar over finances, it’s usually about their parents’ situation. Financial conversations between siblings become inevitable, as brothers and sisters manage their parents’ money matters, including estate planning, healthcare, retirement income and wills. In the event that you have shared responsibilities with your siblings down the road, it’s important to make sure...

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