Parenthood comes with a lot of responsibility and that weight is amplified if you’re among the 23% of single parent homes in the U.S. As a single parent, managing your finances and getting to a point where you feel comfortable are important as you take care of yourself and your family. Though your budget may be smaller than those in two-income households, there are many things you can do now and going forward to set yourself up for success and protect your family’s future.
Estate Planning in the Age of COVID-19
Everyone’s least favorite subject is also one of the most important things to consider during a global pandemic: estate planning, the topic that brings about both the discomfort of facing our own mortality and the urge to ensure our affairs are in order. Perhaps the emergence of COVID-19 prompted you to speak with an attorney and get the ball rolling, or maybe you’ve already had your documents prepared but want to confirm that they’re up-to-date. Regardless of how far along you are in the estate planning process, it’s always a good idea to revisit your plans to make sure that you have everything you need.
Life Transitions: Getting Married
Getting married is the start of something exciting and should be a joyful time. You’ve found the love of your life and it’s safe to assume that thinking through the financial risks of merging assets is an uncomfortable subject between you and your spouse.
At the same time, there are practical matters that you should discuss during your engagement period to prepare for the unexpected. Communication is key to setting yourselves up financially and legally for whatever life sends your way.
Tips on Moving for Tax Reasons
If you live in a high income tax state such as Oregon, California or New York, you’re probably not happy about the Tax Cuts and Jobs Act of 2017 capping your state and local income tax deductions at $10,000. Many people who were taking advantage of these deductions found their tax bill to be higher after the legislation passed. If nothing is tying you to where you currently live, such as a job or family, you may consider moving to a lower tax state.
College Graduation (A Guide for Parents)
Congratulations! Your child is not the only one who should celebrate graduating from college; this is a major milestone for you too! You’ve been planning, saving, and working to help support your graduate and now it’s time for the next chapter.
