Story of the Week, a client of mine age 62, referred me to her adult daughter. Her daughter was recently separated and was going to work through the divorce process with her estranged husband without the benefit of legal counsel. She was going to move out, and her ex-husband was going to assume the mortgage and take over the house. She didn’t know that she was still going to be responsible for that mortgage, and that she would not be able to get a loan to buy a new house because her income would not support the existing mortgage and the new one.
…If she had continued down this path, there were four major issues that I was able to point out to her that would have prohibited her from moving forward with her life, financially and emotionally.
Think about how you would react if your adult child were filled with remorse and despair because they unknowingly signed a divorce agreement that tied their hands financially for years to come.
My favorite saying holds true: YOUR financial plan is only as strong as the financial plan of someone in your life that you may have to take care of. Are the financial plans of your family members as strong as yours? Are they depending on you to carry out their wishes based on a faulty financial plan?
Don’t keep us a secret! If you have friends or family who are not currently part of the WealthSmith Financial Planning Family, we’d love to talk to them. Call or email us, and put us in touch with the people whose financial plans depend on you! We look forward to working with them.
WealthSmith Financial Planning Maine