Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family?

Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.

Some key insights:

1. Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics.
2. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes.
3. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed.
4. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals.

For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death

Are You Overlooking the Importance of a Financial Plan?

When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances.

When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.

Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.

A few points to consider:

1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Planner™ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances.

2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being.

3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions.

4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind.

To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode.

Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future!

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If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.