As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again. 

 

Financial planning doesn’t just give a sense of security, it also ensures your family is taken care of as well. On this episode, Joel answers nearly a dozen questions from listeners that all pertain to some aspect of family finances. 

 

To read more on this topic, visit us online here: https://johnsonbrunetti.com/family-finances-educational-estate-and-investment-planning/

 

What we discuss on this episode: 

0:19 – Mailbag Question 1: I always assumed I’d send my kids to an in-state college but my daughter is interested in a private school that costs six times as much. It’s hard for me to justify that kind of expense for an education.

4:43 – Mailbag Question 2: This is a second marriage for me and my husband. We file a joint tax return but keep all other financial matters separate. Is that okay or should we be doing something different?

6:53 – Mailbag Question 3: Is there a better way to save for college rather than pumping money into a 529 plan?

8:23 – Mailbag Question 4: My wife is significantly younger than me and I’m guessing she’ll outlive me by at least 10 years. Do I need to get life insurance to take care of her when I’m gone?

10:10 – Mailbag Question 5: I had kids later in life than most people. I’m almost 60 and my twin boys are heading to college in a few months. I want them to finish college without any huge student loans but I’m not sure I can pay for both without hurting myself financially. Which should I place a higher priority on?

11:30 – Mailbag Question 6: I’m thinking about having my mom sign my house over to me in case she goes into the nursing home and runs out of money. Is this a smart move?

12:27 – Mailbag Question 7: My brother tells me I have too much money in the bank. It makes me feel better to have it there in case of emergency. Is that really so bad?

14:14 – Mailbag Question 8: I read recently about a family that set up a complicated set of trusts. Our family is interested in creating some sort of generational wealth. What’s the best way to do it?

16:27 – Mailbag Question 9: I’m about to get married. It’s my second and her third. I want to keep all of our assets separate but how do we plan for retirement that way?

17:40 – Mailbag Question 10: We’ve never lived on a budget and my husband is very resistant to that in retirement. Without a budget, how can we be sure we don’t run out of money?

19:40 – Mailbag Question 11: I’m retired and my husband needs to retire but he refuses to walk away from work. Any suggestions to convince him that we’ll be fine?