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401(k) OPTIMIZER

FUTURE LEGACY

21631 Stevens Creek Blvd.#C,
Cupertino, CA 95014
(See Map)

Tel:
(408) 446-3337

Fax:
(408) 446-1333

E-mail:
marika@futurelegacy.com

Women's Page

It is no secret that most women – single or married – will spend part of her life alone, meaning, she will have to manage her own finances. Divorcees and widows are especially hard hit if it was their spouse who used to handle the family's budget. Several of Marika's clients fall into this category and she has experience in dealing with their problems.

In this section we list only a few major topics, but related issues can be found elsewhere on this site. Rather than repeating ourselves, we direct your attention to the appropriate topics for more information.

 




SINGLE WOMEN

Did you know that in 2008:

  • Over 10 million firms were owned by women in the US? (40% of the total privately held firms).
  • They employed 13 million people and generated 1.9 trillions in sales.
  • (Statistics from "Center for Women's Business Research")

    So, not all is lost! But if you don't fall into this lucky category, you must learn to be self-sufficient because you can rely only on yourself to assure your own future. And we can help you. Marika can create a road map for you to build your financial security, to buy a home, set aside emergency funds for rainy days, and if you need advice, how to budget your income to reach your dreams. She has clients who had done just that.

    Sometimes parents are counting more on their daughters to look after them in their old age. When they are sick you visit them, comfort them, make sure they have enough to eat, and that they are taken care of while you are at work. You may even have to take over their financial affairs, pay bills, arrange for nursing, get their estate in order and work out the related legal issues. In most of these things we can give you guidance or tell you where to turn for help.

    If you study our Circle of Financial Health, most issues you find there will apply to you. You have to PLAN your social environment, you have to PROVIDE for your own future, and you have to PROTECT what you have achieved. We are confident that our complimentary one-hour consultation would be among the most valuable time you can spend to put your finances on the right track.





    DIVORCEES

    As painful as it is, many marriages end up in divorce each year in the US. Aside from the emotional turmoil you go through, most divorces involve some kind of property settlement, and if children are involved, child support and perhaps even spousal support. This means that at a time when you are the most vulnerable, you must to deal with legal issues, most of them revolving around money.

    Future Legacy works in close cooperation with Attorneys regarding the division of assets, including:

  • Splitting IRAs, 401k-s, stocks, bonds and investments of various kinds.

  • Rolling over funds and avoid immediate taxation.

  • Changing beneficiaries and ownership of investments.

  • Dissolving and creating new trusts.

  • It is much easier to deal with the emotional issues of a divorce if you know that after it is over, you will be financially secure. To reach firm ground first you have to stabilize your finances, budget your expenses to your income, devise a course that can support your new, independent life style and at the same time allow you to raise and educate your dependent children if you have any. We believe that we can help you to get there.





    WIDOWS

    Instead of listing dry statistics we describe two hypothetical cases. These illustrations are for educational purposes only, your situation may vary.

    Case #1:

    Jane's husband Joe, after previous incidences of heart problems died during exercises at the age of 57. It was the second marriage for both, having children from previous marriages. Marika repeatedly urged them to bring their investment and insurance policies to the office for a review but they were too busy and kept procrastinating. Joe had a group life insurance through his employer and also an individual life insurance policy. . He believed that everything was in good order.
    When time came to collect the life insurance, Jane discovered that her husband's brother was named as the beneficiary – it was never changed to her name when they got married. The proceeds of $190,000 was paid to the brother and not to her.
    Try to imagine her relief when the brother agreed to give one third of the money to her, and the rest to Joe's children from his previous marriage. Now, how many people would do that? And would you want to risk it for a simple oversight?
    Joe's 401k plan which was managed by his employer also had a problem – there was no beneficiary named and it became a probate asset.

    All these problems could have been easily avoided with a short visit to the office. Marika's service goes far beyond just managing your money. She pays attention to your personal situation and gives you guidance on other issues as well.

    Case #2:

    Nancy's husband Bill died unexpectedly while on vacation in Mexico after 31 years of happy marriage. All through their marriage, Bill managed their finances and handled their investments. They had over one million dollars in assets and their home was paid for. Four months after Bill's death Nancy was introduced to Marika and became Future Legacy's client. (nincs kötőjel)
    All-in-all, Bill did a good job of saving and investing their money but made several mistakes that would have not escaped the trained eyes of an experienced Financial Planner. Among them:

  • There was no Living Trust to solve estate problems in case of death.

  • No diversification – most investments (403b, IRAs) were invested at the same institution.

  • The investments were not structured for tax efficiency.

  • There was no pension maximization

  • Their IRAs didn't designate any beneficiaries and became probate assets

  • The titles to their Real Estate had problems

  • That type of oversight is common in households - in fact, most everybody who comes to us has similar problems. We encourage you to consult us as soon as the possibility of widowhood arises (terminal illness diagnosed) but, in any case, as soon as possible after death. There are time limits and deadlines to meet and there are decisions that must be made only while your spouse is alive. The consequences of inaction can be serious and could mean the difference between financial security and insecurity.

    Issues to consider:

  • Property transfers

  • Life insurance – what to do with the received money

  • Husband's IRA, 401k, Annuity, Pension,

  • Distributions from retirement plans.

  • Investments in securities (stocks, bonds, etc)

  • Beneficiary issues (it cannot be changed after death)

  • Social security, Medicare, Health Care, Long Term Care insurance

  • In addition to the trauma of losing a spouse, you have to deal with these issues when you are the least inclined to do so. Contacting us in time will reassure you that at least in this respect you are in good hands.