MFWM PODCASTS

Podcasts originally aired on Motley Fool Answers

DEATH AND HOW TO PLAN FOR THE INEVITABLE

Megan Brinsfield, CFA, CFP^®

Whether contemplating your own mortality or supporting a loved one going through illness, death is typically not embraced in the American culture as a dinner table topic. Megan Brinsfield and Sean Gates talk through some of the financial aspects of end-of-life planning. (See Megan's Bio)

PLANNING FOR YOUR OWN DEATH

• It's all about those documents!
  • Will, medical directive, POA
  • Beneficiary review and asset titling to reduce probate burden
  • And don't forget about online accounts like Facebook and Gmail – many providers are putting "trusted contact" provisions in place
• Talk about final plans
  • Burial, cremation, or donation – oh my!
  • Programs to pre-plan and pre-pay your funeral
• If you haven't hired a financial advisor already, consider doing so

PLANNING FOR CAREGIVERS

• Look into what benefits you have through your workplace such as bereavement leave, FMLA, and remote or part-time work arrangements
• Take a moment to think through the hypotheticals of what you would need to do if a loved one was seriously ill in terms of relocating.
• Set aside time for the emotional part by considering a therapist, grief support group and/or reading and journaling. Caregiving can be emotionally draining.

Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity, and all financial planning services are provided by financial planners at Fool Wealth. The views expressed are Megan's, and do not necessarily reflect the views of MFWM or any of its affiliates. These comments may not be relied upon as recommendations, investment or financial planning advice.

RESOURCES

• Letter from a dead spouse
• Gmail Inactive Account Manager
• Facebook’s policies on deceased persons
• Final Gifts for family/friends of a loved one nearing death

SELLING A HOUSE

Ross Anderson, CFP^®

Selling your home can be an emotional process, but Ross Anderson covers the financial side including considerations to get top dollar for one of your largest assets. (See Ross's Bio)

ROSS HELPS POTENTIAL SELLERS TO UNDERSTAND

• How you could lose the upper hand as a seller if you give away the wrong information.
• How to start preparing your home and yourself to put your best foot forward in order to get top dollar.
• The costs you need to know about going into the process to prepare financially.
• Little known loan options to help with the transition from your current home to the next one.

RESOURCES

• Get excited about decluttering your home.
• Check Redfin and Zillow to see what similar homes to yours are listing for.

AN AMICABLE (AS POSSIBLE) DIVORCE

Amanda Kish, CFA, CFP^®

Divorce is never easy, but Amanda offers her advice on how to emerge from your divorce with your wits, and your wallet, as intact as possible. In this episode, she presents Five Tips for Having an Amicable Divorce, based on her own personal experience and her expertise as a financial planner. (See Amanda's Bio)

AMANDA’S RULES FOR AN AMIABLE DIVORCE INCLUDE

1. Remember that divorce is a business transaction. Leave your emotions at the door and focus on what is best for your long-term financial goals.
2. Explore all possible options for managing the divorce process, including mediation and/or collaborative divorce before jumping to a litigated divorce. Doing so can help you potentially avoid thousands of dollars in legal fees.
3. Gather documentation and get everything in writing. Don’t leave any important details of your separation as a verbal agreement – having details documented in writing will help prevent problems or misunderstandings in the future.
4. Be prepared to give your financial life a divorce makeover – close all joint accounts, check your credit report, update your estate plan, change beneficiaries on all your investment accounts and pensions, change beneficiaries on any life insurance policies, and decide on your new tax filing status.
5. Don’t neglect your emotional well-being in this process. Develop a support system of friends and family and don’t be afraid to seek out professional help from a licensed therapist.

Please note that Amanda is not a lawyer and neither she nor Motley Fool Wealth Management can provide legal advice. Couples should seek formal legal advice when considering divorce.

RESOURCES

• State and local bar associations in your area can serve as source of referrals for family attorney.
• Institute for Divorce Financial Analysts – www.institutedfa.com – to find a Certified Divorce Financial Analyst
• “Crazy Time: Surviving Divorce and Building a New Life” by Abigail Trafford

BUYING A HOUSE

Ross Anderson, CFP^®

Ross Anderson is not only a financial planner and a DJ, he is also a recent home buyer. He shares the joy of closing the deal and settling into a new home, balanced with the sorrows of unexpected expenses. If you are thinking of purchasing a home, this episode will give you a few pre-purchase ideas to consider. (See Ross's Bio)

ROSS’S STEPS TO PREPARE FOR HOME OWNERSHIP INCLUDE

1. Considering whether the "American Dream" of owning a home should be a goal for you.
2. Preparing for your new mortgage payment by practicing making the payment while you are still a renter.
3. Getting to know your market and starting your search online. HGTV may have you disillusioned as to what you can get in your area.
4. Mastering negotiation tactics to help you get the best price possible.
5. Keeping your eye on longer-term financial goals once you get settled.

Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity, and all financial planning services are provided by financial planners at Fool Wealth. The views expressed are Ross’s, and do not necessarily reflect the views of MFWM or any of its affiliates. These comments may not be relied upon as recommendations, investment or financial planning advice.

RESOURCES

1. Search for homes online using platforms such as redfin.com
2. Consider a service such as Rocket Mortgage when applying for a loan

HAVING A BABY

Daniel Messeca, CFP^®

As a new father, Daniel talks about the planning topics that should be addressed as you welcome a new life into your family. (See Daniel's Bio)

DANIEL'S TOP ADVICE INCLUDES

1. Plan for what happens if you're not around anymore by preparing/updating an estate plan and reviewing life insurance needs.
2. Update any applicable benefits at work – such as adding your newborn to your health insurance, reviewing disability insurance, and evaluating whether a Flexible Spending Account may be right for you.
3. Talk about your budget! Increase emergency reserves as needed and adjust tax withholding to maximize cash inflow.

Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity, and all financial planning services are provided by financial planners at Fool Wealth. The views expressed are Daniel’s, and do not necessarily reflect the views of MFWM or any of its affiliates. These comments may not be relied upon as recommendations, investment or financial planning advice.

TOP MISTAKES DANIEL HAS SEEN WITH NEW PARENTS

1. Funding college plans at the expense of your own retirement savings.
2. Not planning ahead. You won’t have the time or desire to address finances when you are knee deep in child care.
3. Overspending on the baby. Seriously – your baby did not need that pair of Gucci jeans.

RESOURCES

• www.upromise.com – This service allows you to earn cash back from certain vendors to fund college
• www.mint.com – Mint allows you to monitor your budget as you start to incur new expenses related to the baby

MARRIAGE

Sean F. Gates, CFP^®, CLU

As a newlywed financial planner, Sean dives into his advice for Foolish couples out there that are looking to tie the knot. He brings his personal life lessons to the table, along with stories from the trenches of advising married couples over the course of his 12-year career as a planner. (See Seans's Bio)

SEAN’S TOP ADVICE INCLUDES

1. Strategic visioning of short-, medium-, and long-term goals with your partner.
2. Sharing financial details, discussing values, and exposing skeletons in your closet.
3. Leaning in to prenuptial agreements

Please note that Sean is not a lawyer and neither he nor Motley Fool Wealth Management can provide legal advice. Couples should seek formal legal advice when considering a prenuptial agreement.

TOP MISTAKES SEAN HAS SEEN IN MARRIED COUPLES

1. Letting either person be “the finance person”
2. Combining finances too aggressively
3. Leaving women out of the investing conversation

RESOURCES

• Book “Prenups for Lovers: A Romantic Guide to Prenuptial Agreements”
• Book “I Do, You Do… But Just Sign Here: A Quick and Easy Guide To Cohabitation, Prenuptial and Postnuptial Agreements”
• Finding a financial advisor to facilitate money conversations – search for a CFP® Professional, and filter by the specialty “Planning for Couples”
• Automated budget tools for tracking such as mint.com, ynab.com, personalcapital.com

Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity, and all financial planning services are provided by financial planners at Fool Wealth. The views expressed are those of the planners, and do not necessarily reflect the views of MFWM or any of its affiliates. These comments may not be relied upon as recommendations, investment or financial planning advice.