WeRise Financial

  • What We Do
    • Investment and Asset
    • Retirement
    • Divorce
    • Job Transition
    • Family Wealth
  • Why WeRise
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WeRise Financial

  • What We Do
    • Investment and Asset
    • Retirement
    • Divorce
    • Job Transition
    • Family Wealth
  • Why WeRise
  • Get Started
  • About
  • Blog
  • Contact

Family Wealth Planning

Women& Family Wealth

There are many reasons why families/parents dip into their own savings. As mothers, it can be tempting to provide more of our time and (money) to our children than we do for ourselves.
However, Women need to consider their future options before funding other goals. Many families don’t plan properly for large expenses like college or the unexpected and ultimately dip into their retirement funds, which can erode the assets that women rely on later in life. This can be particularly challenging for women as they live longer lives, have more expenses in retirement than men do AND have less retirement assets to live on. Women need to take extra care to make sure that their long-term savings is accounted for and protected before funding other goals.
WeRise Financial Planning College

Early Years

College Funding

Unfortunately, the cost of providing a higher education is soaring. The average American family spends $26,266 on their children’s college, annually. 43% of which, is covered by the family’s savings and income.14 Developing a plan for meeting education expenses early, can make a huge difference by providing your child and yourself with more options, later. There are some creative ways to fund education expenses… As you can probably imagine, saving early is the most valuable thing you can do. We help by estimating tuition costs, discuss the most appropriate investments based on how much time you have to work with, explore your options with income shifting, gifting strategies and more.

Having Adequate Income Protection

A key component to a good financial plan is making sure your family has adequate income protection in the event that you or your partner were to die prematurely. The sudden loss of income can make an emotional time like death even worse. In fact, 70% of US families with young children would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today.15 We help you understand the insurance coverage you currently have and determine if it is enough for your family.
Common reasons why you need life insurance:
  • If you have young children
  • If you and your partner make significantly different amount in income
  • If your retirement is underfunded
  • Or your family has significant expenses & debt

Later Years

Financially Supporting Children in Adulthood

No one wants to see their child struggle. But this can come at great personal cost, if not properly managed. Parents are spending $500 billion annually to support their adult children (two times more than they’re contributing toward their own retirement savings)16 and 79% of parents provide financial support to their children between the ages of 18 to 34.17 Although, well intentioned, parents who support children into adulthood can end up facing financial ramifications when they reach retirement age and this can lead to becoming dependent on your kids, financially later in life. Whether its subsidizing their living expenses, paying-off their debt, or helping them paying for their wedding. We help you plan for these expenses and come up with responsible solutions to support your children without derailing your efforts to fund your own retirement.
WeRise Financial Planning Retirement
$7,000 per year How much the average caregiver spends on the person they are caring for out of their own money.

Caring for an aging parent

Caring for an aging parent or family member can be stressful and financially challenging. The average caregiver spends $7,000 per year on the person they are caring for and like parenting, it requires attention, tradeoffs and financial commitment.18 If work is interrupted, caregiving can lead to lost benefits and promotions, in addition to out-of-pocket costs. Depending on the length of care, this can be a significant financial strain on the family. We help by assessing the financial resources of your parents first. Then, determine what opportunities are available to make their quality of life (and yours) more comfortable. We work closely with any other professionals involved to ensure we are giving cohesive advice and develop an action plan that is easy to follow.

Estate Planning

One of the greatest gifts you can give your family is clarity about what you want as you age and when you pass. 76% of people think having a will is important, yet, only 40% of people have one. We collaborate with your estate planning lawyer to review or implement Estate Documents (Will, Powers of Attorney, Beneficiary Designations, Advanced Directives and Trusts) that articulate what you want and make it easier for your loved ones to carry out your wishes. During these highly emotional times, the last thing you want is to create unnecessary financial or legal burden on your family. Expensive medical bills, outstanding debts, loss of income, inadequate insurance coverage and out of date wills can create huge problems for families. We help you create a plan that demonstrates how much you care.

70%of people think having a will is important40%of people actually have one19

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    14) National Center for Education Statistics, 2015-2016
    15) LIMRA Household Trends in U.S. Life Insurance Ownership, 2016
    16-17) Age Wave and Merrill Lynch, Finances in Retirement, 2017
    18) AARP, Family Caregiving and Out of Pocket Costs, 2016

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