Financial Coaching
Financial Topics
Understanding the Different Areas of Financial Coaching
During your financial coaching engagement, your coach will address the following areas as they apply to your situation.
Financial
Financial
Your financial well-being is the most critical area in which we can assist you. As your fiduciary, with your best interests at heart, we can help with:
- Reviewing bills and credit card debt
- Reviewing long-term loans, including mortgages
- Pulling your credit report; working with creditors, if necessary
- Changing joint billings to single billings
- Reviewing automatic payments
- Assisting with online banking settings
- Contacting your spouse’s employer regarding compensation and retirement programs
- Updating your checking and savings account ownership
- Updating your investment account(s) ownership
- Updating your investment account(s) beneficiaries
- Analyzing your expenses and cash flow; cash flow projection, if necessary
- Reviewing your emergency fund
- Creating or updating a budget
- Reviewing your investment asset allocations
- Consolidating investment accounts, if necessary
- Reviewing education funding and sources of education funding
- And more...
Legal
Legal
We can help with:
- Reviewing your spouse’s estate
- Reviewing and updating your Will
- If there is no Will, assisting you with probate
- Reviewing and updating your Trust
- Ensuring all beneficiaries are accurate
- Updating your Power-of-Attorney
- Updating your Minnesota Healthcare Directive
- Reviewing prenuptial and/or postnuptial documents
- Reviewing asset ownership
- And more…
Taxes
Taxes
We can help with:
- Preparing the estate tax return
- Preparing Federal and State income tax returns
- Assisting with gift tax issues or questions
- Assisting with property tax issues or questions
- Helping with filing status
- And more…
Life Insurance
Life Insurance
If your spouse had life insurance coverage, you must contact the carrier(s) and provide a certified copy of the death certificate. Many Widowed Men and Women find this difficult to do and thus delay the access to funds that would otherwise be helpful. We can help with:
- Contacting and working with the necessary carriers
- Contacting your spouse’s employer regarding survivor benefits
- Reviewing your insurance coverage for need and adequacy
- Updating the beneficiaries on your insurance coverage(s)
- And more…
Social Security
Social Security
One of the first things you need to do is contact the Social Security Administration. We can help with:
- Informing the SSA of your spouse’s death (if not already reported by the funeral home)
- Compiling the documents you’ll need to begin receiving SSA benefits
- Accompanying you to the local SSA office for a personal meeting to discuss benefits
- Providing you with a benefit analysis to help you make important decisions about benefits
- And more…
Health Insurance
Health Insurance
We can help with:
- Assisting with your spouse’s employer’s extended health coverage – COBRA
- Assisting with your current Medicare and supplemental insurance coverage
- Assisting with other health insurance options for you and/or your children
- Assisting with your high deductible health plan (HDHP) and health savings account (HSA)
- And more…
Household Administration
Household Administration
We help with:
- Opening any unopened mail
- Filing and organizing
- Requesting death certificates
- Contacting credit card companies
- Contacting your utility and other service providers
- Identifying and recording computer passwords
- Assisting with online accounts (e.g. Amazon)
- Online banking instruction
- Changing your email or adjusting settings
- Pulling your credit reports
- Preventing identify theft
- And more…
Legacy
Legacy
We can help with:
- Charitable giving
- Establishing a donor-advised fund
- Reviewing multi-generational strategies
- Establishing charitable trusts
- Establishing a foundation in your late spouse’s name
- Establishing 529 plans for children and/or grandchildren
- And more…
Home & Auto
Home & Auto
When was the last time you thought about servicing your automobile or addressing home repairs? We can help with:
- Reviewing the terms of your auto loan
- Reviewing your auto insurance coverage
- Reviewing the terms of your mortgage
- Reviewing your homeowner's insurance coverage
- Reviewing your personal property insurance coverage
- Reviewing your liability coverage
- Reviewing your titles
- Reviewing required household maintenance
- Assisting you in the valuation and sale of a car, motorcycle, boat, etc.
- And more…