Having a family provides a unique set of considerations that need to be made in order to protect those that depend on you.
Beyond just mental and physical support, many times a partner may rely on your income to maintain the family lifestyle or your benefit plan to maintain their health. Even without children in the picture, one must consider how choices, outcomes and challenges may affect your relationship and the life of that other individual.
Communication is always important within a relationship, however you must go beyond asking about past financial history, the idea of children and what you expect from each other and consider things like:
- If one of you became ill or disabled, would the other become a caretaker; what changes does that create within current lifestyles, careers and future goals?
- Would the other be able to support themselves alone if something were to happen?
The addition of children, again, creates more considerations. Not only are there increased expenses, potential child care needs and future post secondary education costs to think about, you also must consider alternative guardianship appointments to protect young dependents if you are no longer here to do so. Parents must think beyond the daily requirements of nurturing and teaching crucial life skills to properly protect their young families.
There may also come a time that you need to help your parents manage their transition to retirement or perhaps from independent living to some form of assisted living. It can be challenging to support these changes in the right ways if you aren’t sure how to address them. Involving a financial planner can provide the guidance, resources and mediation needed when family’s need it.
That’s where we come in! Statera Financial Planners can help consider the concepts that go a step further, to ask the hard hitting or possibly uncomfortable questions, that should be contemplated at each stage in life and specific to your situation. Not only do we bring these concepts into view, but we help families manage the risks and plan for the future with numerous resources and constant research to what is available for your support and benefit.
Common questions family’s may ask:
We can help you answer them all, and more!