Certified Public Accountants

Life Events Guide

This guide provides essential financial advice for various life events. Understanding how these events affect your finances is crucial for effective planning and decision-making.
This comprehensive guide ensures you're well-informed about document retention. Always consult a professional for specific advice related to your unique circumstances.

Buying or Leasing Your Next Car

  • Deciding Between Buying or Leasing: Factors include dealership deals, mileage, wear and tear, and car usage.
  • Getting the Best Buy: Research the invoice cost, negotiate between sticker and invoice prices, consider trade-in values, and explore financing options.
  • Negotiating for a New Car: Choose a reputable dealer, understand financing options, and leverage knowledge about the car's invoice cost for better deals.

Getting Married

  • Legal Differences Between Married and Unmarried Couples: Inheritance, medical decisions, and financial handling vary significantly.
  • Protecting Estate and Financial Holdings for Unmarried Couples: Includes drafting wills, considering joint property ownership, and creating durable power of attorney and healthcare proxies.
  • Insurance Needs for Married Couples: Assess life insurance requirements based on dependents and financial obligations.

Getting Divorced

  • Financial Preparation for Divorce: Inventory financial situation, divide assets and liabilities, understand tax implications, and manage credit accounts.
  • Handling Credit Card Accounts: Cancel joint accounts immediately to prevent liability for shared debts.
  • Post-Divorce Credit History: Maintain separate credit histories, reapply for credit in individual names, and update credit reports.

Death of a Loved One

  • Necessary Documents After Death: Includes insurance policies, marriage certificates, death certificates, and wills.
  • Handling the Deceased’s Assets: Manage automobiles, insurance policies, bank accounts, stocks and bonds, and credit cards.
  • Avoiding Overpaying for Funerals: Understand FTC funeral industry regulations and plan ahead to manage costs effectively.

Other Situations

  • Resolving Consumer Complaints: Steps include approaching the seller, contacting consumer agencies, and possibly filing a lawsuit.
  • Reducing Bank Fees: Seek free checking options, invest in higher-interest accounts, and avoid bank-issued checks.
  • Saving on Insurance Costs: Shop around for policies, evaluate life insurance needs, and consider bundling home and auto insurance.
Each section of this guide provides clear and concise advice tailored to specific life events, offering visitors valuable insights and practical tips for financial planning during these times.
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