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Life Events

Marriage

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Children

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Sale of Business

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Retirement

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Divorce

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Long-Term Care

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Death

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Marriage

When it comes to managing finances within the context of marriage, there are several things newlyweds should consider: joint financial goals, budgeting and spending, merging finances, tax planning, debt management, and more. Ultimately, a financial advisor can help couples navigate the financial complexities that come with marriage, fostering open communication, trust, and effective joint decision-making. It’s important for couples to find a financial advisor who understands their unique situation and can tailor advice to their specific needs and goals.

questions to ask:

  • Do you know the type of saver and investor your spouse wants to be?
  • Are your views of money different based on the way you were raised or what you have learned?
  • Do you plan on having children?
  • A huge part of marriage is finding a place to live. Do you know what you can afford and how to take on debt strategically?
  • What are your goals when it comes to paying off debt? Have you prioritized what liabilities to pay off first?
  • Does your insurance ensure your spouse is financially taken care of?
  • How can you build a life of financial joy while also mitigating risk?
  • Do you have an emergency fund?
  • How do you want to fund your children’s education?

How we can help

Our holistic financial expertise is perfect for newlyweds. There is no better time to talk to your advisor and start planning your fruitful life together. 

Children

Welcoming a child into your family is a life-changing event that comes with both joy and increased responsibility. Raising children is also very expensive these days. Infancy to age 18 is likely to cost you close to a quarter of a million dollars or more as a parent. But by preparing mentally and implementing financial planning strategies, you can be well-equipped to raise your child to adulthood comfortably, even on a budget. Given the ever-growing costs of raising a child, parents thinking of having a baby might want to consider some of the following: Start early with a budget and consider budget adjustments, an insurance review and protection, education planning, and childcare.

How we can help

We recognize the unique financial considerations that arise with having children. Our skilled financial advisors are here to provide guidance, strategies, and peace of mind as you navigate this exciting journey. We can assist you in setting up and managing 529 College Savings Plans, which will ensure that you have the necessary funds to pay for your child’s education. We also hold you accountable to the Dollar Cost Average towards your children’s success. Additionally, we can explore insurance options for unpredictable events and provide financial education for children leaving the home (budgeting, taxes, fiscal responsibility). Our team is here to guide you every step of the way.

Helpful Resource

College Cost Calculator

Sale of Business

You have committed a significant portion of your life to your business, through the ups and downs you stuck with it and now it is time to reap the rewards! Often, we are so focused on the finish line that we haven’t started planning for what’s next. The financials are a large part of that uncertainty, but now you may have extra time on your hands, how do you want to spend it? What is important to you now that you are entering a new phase of your life? It is common for business owners to invest so much time into their business that there is nothing left to run their personal lives.

Questions to Ask

  • What are your goals? Philanthropic? New Business Ventures? Wealth Transfer?
  • Your wealth is now liquid, are you comfortable managing it?
  • How will you replace your income streams?
  • What is the best vehicle for the proceeds from your sale

How We Can Help

While this period comes with many positive emotions: joy, relief, pride, and fulfillment, there may also be some uncertainty. At Legacy, one of our specialties is partnering with business owners and providing counsel through this process. Our team will help talk through your aspirations, build out strategies to achieve them and help monitor your plan so that you can enjoy what you have worked hard to achieve.

Retirement

Retirement is such an exciting time in life, but that does not always mean there is financial freedom. Retirement can often be longer than expected. How do you ensure you don’t outlive your retirement savings? Knowing how to budget your finances to live a fun and fruitful retirement is incredibly important.

Questions to Ask

  • How are you preparing yourself to live the lifestyle you’ve dreamed of upon retirement?
  • How do you find purpose and happiness in retirement?
  • Do you know how to set up monthly distributions from your investments?
  • Do you know what accounts you should be pulling money from to limit your tax burden?

How we can help

We have walked hundreds of clients through the retirement process. Our expertise allows our clients to navigate these new experiences and financially optimize their retirement. We know this can be a stressful time of life and we want to walk you through our seamless process and find success.

Divorce

Most people are not aware of how impactful a financial advisor can be during a divorce. Divorce is often messy and emotional, and it can turn things upside-down for both parties financially. It can be difficult to make good financial decisions during emotional turmoil; a financial advisor can provide objective guidance and perspective that can impact your short- and long-term financial well-being. At Legacy, we understand how challenging this phase is and how valuable it is to have a partner to help navigate.

The complexities of divorce go beyond the financials, but the financials are still a big part of the change. The expense of divorce alone can range from a national average of $15,000 per person all the way up to hundreds of thousands of dollars. Additionally, there is a significant change in your standard of living on top of that expense. Depending on the demographic, that drop-off in standard of living can range from 20% up to a 45% change in your daily routine.

Questions to Ask

  • If you were to take over 100% of the financial responsibilities for your household, do you feel prepared?
  • Have you updated your budget and financial plan since this significant life event?
  • Do you understand where your assets are held? Your liabilities? Your insurance products?

How We Can Help

Our team has decades of experience assisting in answering those exact questions as well as being a constant for you in the uneasiness. We have a dedicated planning team that will work with you to organize and understand your financial world. We will help you identify your goals in this new period of your life and, more importantly, help you achieve those goals!

Through this planning process, our team will review your cash flows, assets, liabilities, and insurance products to make sure you are where you need to be. Our goal is for you to transition your financial stress to us so that we can help you rebuild.

Helpful Resource

detailed Budget sheet

Long-Term Care

A financial advisor can play a vital role in helping individuals and families navigate the complex landscape of long-term care by assessing financial readiness, creating a plan, recommending appropriate insurance or investment strategies, and assisting with estate planning considerations. A detailed plan before an LTC even occurs is one of the best ways to make this transition as simple as possible.

70% of adults aged 65 or older will require long-term care at some point in their lives. On average, these long-term care events last between three to five years. Furthermore, the average cost of a one-bedroom long-term care unit is approximately $4,500 per month.

Questions to Ask

  • Do you know how to properly prepare to mitigate the burden of long-term care?
  • Often individuals that need a long-term care facility end up staying with their family instead. Is this a viable option? Does your family have the capacity to take on that work? Would a long-term care facility make it easier for your family?
  • Are you looking at preventing long-term care before it even happens?
  • Have you and your family discussed a plan if long-term care is needed?

Helpful Resource

Cost Of Care Survey

Death

Experiencing the death of a loved one is an emotional time. Pairing a loss with the confusion of wills, trusts, trustees, local legislation, attorneys, taxes, etc. makes for an even more stressful time in one’s life. Many people aren’t prepared for this financial event, with over 60% of Americans lacking a will or an estate plan.

Questions to ask

  • Do you have the relevant documents if there is a death in the family?
  • Are your beneficiaries set up properly?
  • Do you understand what it means to be a trustee?
  • Are your wishes clearly laid out for your legacy?
  • Do you have an estate tax strategy to preserve your wealth?
  • Can you leverage your state’s estate laws?

How we can help

At a time when you are dealing with a difficult situation like planning your legacy or coping with the death of a loved one, we are here to help. Our team can assist you in making the transition as smooth and seamless as possible. We specialize in complex estate planning with tax-efficient strategies, and goal-oriented investing for trusts and their beneficiaries and have contacts with expert estate attorneys in your area. With decades of experience managing transfers of assets from IRAs to businesses, we are here to assist you every step of the way.

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Advisory Services offered through Concurrent Investment Advisors, LLC an SEC Registered Investment Advisor. Brokerage services offered through Purshe Kaplan Sterling Investments (PKS), Member FINRA/SIPC Headquartered at 80 State Street, Albany, NY 12207. PKS and Concurrent Investment Advisors, LLC d/b/a Legacy Private Wealth Partners are not affiliated companies.

Fidelity Investments (“Fidelity”) is an independent company unaffiliated with Concurrent Advisors or Legacy Private Wealth Partners. Fidelity is a service provider to both. There is no form of legal partnership, agency affiliation, or similar relationship between your advisor and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity Investments provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 1096686.1.0.