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Marriage is more than a ceremony — it’s a union of families and finances. When you and your partner are honest with each other about money and financial goals, it can help build trust, leverage your strengths and help pave the way for a financial happily ever after.
Since talking
about money can be difficult, begin with conversations not so much about money
itself but about the things that matter to you. You’ll find these are also your
financial priorities and a good way to see if you’re on the same page, or how
far apart you might be.
Here
are a few conversation starters.
·
Make a list of short- and long-term goals —
from buying a house to retiring early. Do you want children? Will one of you
change careers or go back to school? See where your lists overlap and where
some goals may be more important to one partner.
·
Ease into the financial implications. If
you plan to grow your family, would one of you like to stop working or reduce your
hours to provide child care? If more schooling is a priority, what kinds of
changes might that require?
·
Share your feelings about money. How
did your family treat money while you were growing up? What does money mean to
you — security, freedom, stress or something else? Are you both spenders or savers,
or is there one of each?
Before
your big day, or early in your marriage, decide how you’ll blend your financial
lives.
·
Fully disclose your current financial
situation. Discuss each partner’s assets and debts
and how, or if, you’ll combine them. There’s no one right answer — the key is
for you both to agree. In nine community property states, all assets and debts
are shared 50/50 after marriage regardless of individual or joint account
status. Check to see whether yours is one of them.
·
Align on your budget and spending. This can
empower you to spend within your means while moving toward your financial
goals.
·
Determine who will handle the various
tasks of managing money. Who is responsible for
which bills, who files the taxes and when will you consult each other on
financial decisions like major purchases — a car, perhaps, or a major household
appliance?
Once
you're married, there are a few things to address right away. You may want to
consult with financial, tax and legal professionals to help avoid pitfalls and
identify opportunities.
·
Employer benefits. Newly
married employees usually have a 30-day special enrollment period to update
certain benefit elections — such as health and life insurance.
·
Taxes.
Adjust the W-4 tax withholding on your employee forms to reflect your marital
status and ask your tax professional which tax-filing status makes sense for
you.
·
Insurance policies.
Combine and update policies and beneficiaries, including adding each other to
auto insurance policies if you drive each other’s cars.
·
Estate documents. Now with
a family, prepare for the unexpected. Create or update a will, medical
directive, and financial and health care powers of attorney, and you may want
to explore whether a revocable trust is appropriate.
Getting
married is perhaps one of the most exciting times of your life. As you commit
to a lifetime together, make sure that includes a financial commitment. By
starting a habit of financial discussions now and returning to them
periodically, you can help set yourselves up for a lifetime of financial compatibility,
stability and freedom.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
chad.chaote@edwardjones.com
This
article was written by Edward Jones for use by your local Edward Jones
Financial Advisor.
As the owner of Ashton Senior Placement, I want you to know that my journey into senior living began not in an office, but on the front lines, working as a nursing home social worker. For years, I had the privilege of walking alongside countless families and their loved ones, helping them navigate the daily realities of long-term care. This experience gave me a profound understanding of the emotional and practical challenges involved, and it ignited a passion within me to make the transition to senior living a much smoother, more positive experience for everyone.Why I Founded Ashton Senior PlacementI founded Ashton Senior Placement because I saw a critical need for a more personalized, compassionate approach to finding senior care. In my social work role, I often witnessed the overwhelming feelings families faced trying to sort through countless options on their own. My goal was to create a service that takes that burden off your shoulders, offering expert guidance rooted in real-world experience. I want to be the trusted resource I wished every family had during those complex times.Leveraging My Expertise for Your Peace of MindMy years as a social worker gave me an intimate understanding of the nuances within senior care communities what makes a good fit, what questions to ask, and how to identify quality care. I've been inside these communities, I've seen them in action, and I've advocated for residents. I leverage this unique expertise to meticulously vet each option, ensuring I recommend only the places that meet the highest standards of care and genuinely feel like home. Your peace of mind is my priority.More Than Just a Match It's About the Right FitFor me, its never just about finding 'a' place; it's about finding the right place. Just as I worked to understand the individual needs and personalities of residents in the nursing home, I apply that same approach here. I believe every senior deserves a community where they can thrive, maintain their dignity, and find joy. That's why I dedicate myself to understanding your loved one's unique preferences and needs, ensuring a match that truly feels like home.Your Trusted Advocate and GuideConsider me your advocate and guide through this important life transition. Having navigated countless difficult conversations and complex decisions in my social work career, I'm well-equipped to support you without judgment. From our first conversation to helping you tour facilities, I'll be by your side, providing clear, honest advice and unwavering support. My aim is to make this journey as smooth and stress-free as possible for your entire family, because I truly care.Our Service Is Free to You Here's HowOne of the most common questions I get from families is, 'How much does your service cost?' I'm always happy to tell them: my services at Ashton Senior Placement are completely free to you and/or your loved one. This might sound surprising, especially when you're already facing potential senior living expenses, but I want to be transparent about how it works. Just like how real estate agents are compensated by the seller, I receive a referral fee from the senior living communities once your loved one successfully moves in. This means my focus remains entirely on finding the absolute best fit for your needs, without any financial burden on your family during an already challenging time. My commitment is to your peace of mind, not your wallet.
If you're planning to retire within the next few years or youve recently retired market volatility may feel especially unsettling. After years of saving and planning, you're now entering a stage where your portfolio may shift from growth to providing income. The five-year window before and after your retirement date is especially critical when market downturns can have an outsized impact on your long-term financial security.While you can't control the markets, there are meaningful steps you can take to stress-test your retirement income, so it is not consumed entirely by market drops before you stop working. Explore your short- and medium-term income needs. One of the most important steps to take is to understand how much of your portfolio youll need to rely on for income. It depends on your other income sources such as Social Security, IRAs, 401ks, pensions and wages if you work in retirement. You'll want to avoid taking too much from your portfolio in response to a decline because that could increase the likelihood that your money may not last through retirement. A financial advisor can help you determine your threshold for monthly withdrawals, based on your income needs, long-term outlook, inflation and risk tolerance. Review your emergency fund. Are you able to set aside at least three to six months worth of essential expenses in cash or very low-risk investments? That could allow you to avoid digging too deeply into your portfolio or selling stocks or other volatile assets at a loss if the market drops. The income bridge from an emergency fund gives your longer-term investments time to recover and can reduce stress during down markets. You may even find you want more than six months in this fund to help weather emergencies, depending on your risk and your comfort level. Review your mix. As you approach or begin retirement, does your portfolio reflect your need for stability and income? You may need to reduce exposure to riskier assets such as stocks and increase holdings in more stable ones, like bonds or cash equivalents. Your ideal allocation depends on your risk tolerance, spending needs and other income sources. The goal is to shield your savings from major losses just as you begin drawing from them. Consider market swings. If the value of your portfolio dropped 20% tomorrow and stayed there for a period of time, would you need to change your lifestyle or spending immediately? Would you need to go back to work? If your answer is yes, revisit your asset allocation or spending plan. A more conservative approach may offer less upside but can provide greater confidence during the early years of retirement. Assess your spending. Even small budget adjustments can make a big difference, especially early in retirement. Do you need to consider postponing a major purchase or trimming discretionary spending? If you're still working, directing extra income into savings can help build a cushion. If youre already retired, keeping withdrawals as low as possible during market downturns can help support long-term sustainability. Stay grounded and get support. Market swings are inevitable, but emotional reactions and risky investing can lead to costly mistakes. Dont abandon your investment strategy. Instead, focus on what you can control: your asset mix, spending and flexibility. A financial advisor can help you stress-test your retirement plan, evaluate your options and stay focused on your long-term goals even when the markets are anything but steady.Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.comThis article was written by Edward Jones for use by your local Edward Jones Financial Advisor.Edward Jones, Member SIPC
Navigating senior care decisions can be overwhelming. From understanding the differences between assisted living and memory care to evaluating communities, managing budgets, and addressing emotional family dynamics its a lot to take on alone. Thats where a senior care advisor comes in: a compassionate expert who helps guide families through one of lifes most important transitions.Senior care advisors are trained professionals who assess your loved ones unique physical, emotional, and social needs. They work closely with families to evaluate options and identify the right fit whether thats in-home care, an assisted living facility, or a specialized memory care community. Most importantly, they understand that every familys situation is different, and they bring both empathy and expertise to the table.One of the key benefits of working with a local advisor is their knowledge of nearby communities. Theyve visited the locations, met the staff, and understand what makes each setting unique. This insider perspective helps families avoid the trial-and-error approach that can come with researching on their own. Advisors also help navigate budget concerns, offer assistance with paperwork, and ensure that questions about services, amenities, and care levels are answered thoroughly.At Assisted Living Locators, our local care advisors are available at no cost to families. They provide personalized guidance, coordinate tours, and act as advocates every step of the way. Learn more about how we can help you at AssistedLivingLocators.com. Partnering with a care advisor removes uncertainty and replaces it with clarity, confidence, and peace of mind just when your family needs it most.If you would like to learn more, please call us at 303-957-2555.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.