Stages of Planning

Young & Married

Marriage and Purchasing a Home

The next stage of financial and estate planning arrives with marriage and the purchase of your first home.

When we marry, we usually begin to acquire assets jointly which need to be allocated among the two families in the event that both husband and wife are involved in a sudden accident and pass away.

A Will, a Durable Financial Power of Attorney, Durable Power of Attorney for Health Care, and Living Will should be prepared for both husband and the wife so that in the event an accident or sudden illness results in an estate or a guardianship, the surviving spouse and/or the parents of the husband or wife are properly empowered to be able to handle any contingency

The consideration of joint tenancy with rights of survivorship, payable on death accounts and transfer on death accounts along with the proper designation of beneficiaries for IRAs, 401(k)s, 403bs and other similar accounts (i.e., life insurance) should be reviewed for the proper transfer in the event of an unforeseen passing or illness.

The foregoing stages of planning should give you an overall idea of when it is important to see your financial and/or estate planner for purposes of creating and/or updating your estate plan to achieve the maximum amount of income tax, estate tax, and unnecessary governmental interference.

Contact R.F. Meyer & Associates today to schedule an appointment to discuss your initial planning needs.

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