Two people in a marriage...
I received this link in an email from the American Institute of CPAs late last week. After having such a great Mother's Day weekend and remembering a few conversations I've had over the years, I wanted to share with you the importance of being prepared. The article focuses on the female in relationships but it could easily apply to the other party as well. In a marriage, or in a business, you need to always be prepared for the unexpected. It's impossible to know what's going to happen next month or tomorrow and education and preparedness is crucial. Business owners must prepare contingency plans so employees and managers, spouses, are not left scrambling in the event of a death, trying to figure out who is in charge and how the show was ran. Spouses, you should share financial information and keep records organized in a safe location. Life insurance policies, bank documents, deeds, titles, stock certificates...stored in a secure, fireproof location or scanned and stored on a password-protected computer. Invite along your spouse to ask questions at meetings with me, your investment advisor, or attorney. I know it's often difficult to remember all the details of these conversations and trying to relay the information at the end of the day can be confusing.
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Bobbi J. Meneely, CPA
Passionate about helping clients achieve personal financial & business goals.