Estate

Financial Planning for Blended Families: 3 Stages of Life

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Financial Planning and Blended Families: Three Stages of LifeThe idea of a “traditional” family is ever evolving, and the United States Census Bureau has the research available that clearly outlines the profound shift in family formation. The reports show that families made up of two married heterosexual parents raising their biological children under age 18 now comprises only 20% of households, down from 40% in 1970.

As the traditional family reforms into modern day living, the financial challenges felt by blended families continue to increase. Although there are many definitions of blended families, we are focusing on second marriages and parents sharing custody of children from previous marriages for the purposes of this article.

There is no clear cut “right or wrong” way of managing household finances. Each family needs to find the method that works best for them. We have helped many blended families organize their financial lives, and here are a few themes we find in three different general stages of life.

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You Purchased a Timeshare, Now How Do You Get Rid of It?

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Starkey, Howes & Javer Selling Timeshares

If you have ever traveled to a resort associated with a timeshare, it’s likely you have been approached with a presentation about timeshare ownership. You’ve enjoyed the amenities and accommodations throughout the week and daydream about how nice it would be take a similar vacation every year. Timeshares give you the ability to return and relive your travel experiences or, for an additional fee, you may opt to exchange for a different resort location expanding your vacation options. You are able to enjoy home-like accommodations and your long-term savings over hotels may even outweigh the upfront purchase price. Many are drawn to the appeal of owning a timeshare; however, once purchased, you own an asset that could become more of a hassle than you originally planned for.

Over time, your situation may change and you may find that you are unable to use your timeshare as much as you would like. At that time, you may want to sell it or simply walk away. Or perhaps you have enjoyed your timeshare for many years and have no plans to sell, but start to wonder, “What will happen when I pass away?” Continue reading →