Congratulations to *Tri-Cities hometown hero 🦸♂️ General James Mattis and his new bride 👰🏻, Pacific Northwest National Laboratory entrepreneur 🦸♀️superwoman Christina Lomasney.
If I was their financial planner, here are some of the top things I’d have them think about. 𝙒𝙝𝙖𝙩 𝙞𝙨 𝙮𝙤𝙪𝙧 𝙗𝙚𝙨𝙩 𝙖𝙙𝙫𝙞𝙘𝙚 𝙩𝙤 𝙩𝙝𝙚𝙢?
As a newly married couple, have you discussed financial topics?
Things like your own individual career and personal goals, the amount you are both comfortable saving for the future and the amount you are comfortable spending now. These issues may cause money-related stress between you.
Do you plan to combine finances or maintain separate accounts?
Do either of you have a successful business, sizable inheritance, or debts that you would like to keep separate? If so, consider a prenuptial agreement, which can still be done after saying “I do”.
Review your beneficiary designations on your accounts and life insurance policies as they may need updating.
Meet with your estate planning attorney to update your wills, powers of attorney, healthcare directives and community property agreement. Have a frank and open conversation about your end-of-life wishes and share that with other important family members.
do either of you have children from a previous marriage? If so, consider carefully structuringing your estate plan to balance the interests of and protect your spouse and your collective children.
Contact HR to see about adding your new spouse to any current work benefits.
Determine if your new filing status and Adjusted Gross Income impact your ability to contribute to tax-advantaged accounts?
Are there state-specific issues that should be considered, such as living in a community property state like Washington?
Are you or your spouse planning to change names? If so, be sure to take all proper legal steps, and make global updates (Social Security, driver’s license, passport, financial accounts, etc.).
If money was no object what would you do with your time and energy as a couple?
𝑫𝒐𝒏’𝒕 𝒉𝒐𝒍𝒅 𝒃𝒂𝒄𝒌,
💤 𝒅𝒓𝒆𝒂𝒎 𝒃𝒊𝒈.
This is a new life for you both! ❤️ Love, fresh and new, there’s nothing better than that. All the best to you both.
*Tri-Cities is the area made up of three cities of Richland, Kennewick and Pasco in Southeastern Washington state.
Angie founded Avea Financial Planning and is a fee-only advisor helping retiring PNNL employees with tax-smart retirement planning, investments & fiduciary financial advice so they can be more confident and live life on their own terms.