Many people believe that estate planning is only for high net worth individuals. But as Laura Cowan and I discuss in this episode of Financially Ever After Widowhood, having an estate plan is crucial regardless of your financial situation. Laura is a trusts and estates attorney based in Midtown Manhattan, and the founder of the Law Office of Laura Cowan. She joins me to dispel some common myths around estate planning, including why it’s important to have a healthcare proxy and power of attorney in place, and why planning is particularly important for unmarried individuals with limited resources. Laura also provides insights into the key documents involved in estate planning and the factors to consider while selecting the right trustee. You’ll hear Laura and I discuss: Estate planning is not just for the wealthy, and having an estate plan is important for everyone, regardless of their financial status. Unmarried individuals with limited resources should prioritize estate planning as they might not have the resources to deal with any unexpected events. Furthermore, planning is more complicated for them as they don't have the option to leave everything to a spouse and children. The healthcare proxy and financial power of attorney are crucial documents in estate planning as they enable someone to make medical and financial decisions on your behalf if you are unable to do so. The person you choose as your financial power of attorney should be someone you trust because they will have the same power over your assets that you have A living trust can be a better option than a will because it avoids probate, which can be expensive, time-consuming, and a public process. Trusts can also provide privacy, ease of distribution, and the ability to set up guardrails for how and when your children inherit your money. A trustee does not need to have expertise in investing or managing money and can hire outside professionals for help. Factors to consider when choosing a guardian for minor children include their values, morals, and potential changes in their marital status. Even if children are older, it is important to name legal guardians in a will to ensure that their best interests are met. Resources Laura Cowan Website | Instagram Email: [email protected] Phone: 212-760-2956  Talk with Laura about setting up your estate plan Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Are you struggling to cope with the loss of a spouse and the financial challenges that come with it? In this episode of Financially Ever After Widowhood, host Stacy Francis speaks with Kathy Gleason, an author and grief support expert with a deep understanding of the struggles that come with losing a spouse. Kathy is also co-host of the As I Live and Grieve podcast. Kathy details her personal journey of loss, including the challenges of managing the paperwork and red tape that come with it. She also shares valuable insights and practical advice on how to navigate the financial challenges of widowhood. Losing a spouse is a complex and devastating loss that brings many unique challenges, including the loss of future plans and the added responsibility of managing all the paperwork and red tape that come with it. It's important to surround yourself with supportive people who understand what you're going through and can offer emotional and practical support. If you are not the partner who manages the finances, it's important to make yourself aware of what accounts and assets you have in case you need to take over in the future. It's common for married couples to not make long-term financial decisions together, but this can leave one partner at a disadvantage if they need to take over after a spouse's passing. Prioritizing tasks and taking care of practical matters can help you begin to work on yourself and heal after a loss. Resources Kathy Gleason Facebook | Instagram Email: [email protected]  As I Live and Grieve Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Widowhood is the state of being a widow or widower: a person whose spouse has passed away. This is a situation that no one wants to be in, but it is something that can happen, and that you and your family should be prepared for financially. When this kind of painful, life altering event occurs, it's important to have the structure in place for you and your family to be protected, and this year on Financially Ever After Widowhood, Stacy Francis is going to be talking to a diverse lineup of experts, and individuals who have gone through it themselves, to give you the tools and information you need to be prepared.

Morgan Mouchette is a Matrimonial and Family Law Partner at Blank Rome LLP specializing in divorce, child custody, and prenuptial agreements. She provides tailored support based on each family's unique circumstances and needs. In this episode, Morgan and Stacy Francis discuss prenuptial agreements, why they are recommended, and debunk some common misconceptions about them. Morgan discusses what you can do if you believe your prenup is unfair to you. A prenuptial agreement can help couples make financial arrangements and discuss their relationship ahead of their marriage. However, not everyone needs a prenuptial agreement, and each person should do it with knowledge and foresight. The most common misconception about prenuptial agreements is that they only protect the prospective spouse with all of the assets, but a good lawyer can even use prenuptial agreements to protect the spouse who has a lower income level. When getting married, you should open new accounts so that you can separate marital property from personal finances.  If you signed a prenuptial agreement but no longer consider its parameters fair or equal, get as much information about your marriage's finances as you can. It’s empowering to have the data because you will have the necessary information to make decisions, whether that be divorce or otherwise. Resources Morgan Mouchette on the web | LinkedIn Email: [email protected]  Phone: 212-885-5386 BlankRome.com Article: How to Talk About Money With a Partner Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Gary Botwinick is co-managing partner of Einhorn Barbarito Frost & Botwinick and Chair of the firm’s Trust and Estates/Taxation Practice Group. He is an estate planning expert with a deep background in taxation, estate administration, corporate formation, and succession planning. Gary shares some of the top issues that couples face in second marriages, especially if there are children involved, and gives important tips on how to make sure your assets pass on successfully.  Estate planning isn’t just for the wealthy. Your estate plan should clearly outline how your assets will be passed on to your children, regardless of the size of your estate. Blended families often leave assets to their surviving spouse when planning how to divide assets after a death, but their spouse can easily change their mind. Children of the late spouse may be disinherited as a result. More people need to consider trusts as a vehicle to protect their families, instead of writing it off as something only rich people have. Have conversations with your children about money and spending habits. It teaches them lessons about financial responsibility and the value of a dollar. This is especially relevant for children whose parents have worked hard to provide them with a comfortable lifestyle. Resources Gary Botwinick on LinkedIn | Twitter Contact Gary: 973-6277 300 EihornHarris.com Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Amber Flanagan, CFP, is Principal at ASHCON Financial and advises clients from all walks of life about their financial and insurance needs. Her approach is to listen to her clients' unique situations, then determine what actions best suit their needs.  Dr. Gerda Maissel, known as “The Medical Sherpa,” is a Physical Medicine and Rehabilitation Medicine physician, former health system executive, and founder of My MD Advisor. Her role is to advocate for patients with complicated medical problems and help them access the best possible treatment. In this episode, Amber and Dr. Gerda discuss the health insurance options available to women after divorce, as well as tips on how to afford better medical care and prevent medical mistakes. Healthcare in the US is particularly difficult for immigrants, women, people of color, and other social groups considered different. White men are not immune from not paying attention and coordinating care. COBRA typically allows divorcess to remain on their previous health insurance plan for up to 18 months, unless there are extenuating circumstances. Doctors do not want noncompliant patients - if you and your doctor aren’t getting along, they probably don’t want you in their practice. It’s better for both parties to move on to other people if the relationship isn’t therapeutic. You can put money into an HSA (Health Savings Account) at a tax-free rate once you have a policy approved by the IRS. Resources Amber Flanagan on LinkedIn | Facebook Email: [email protected]  Contact Amber at: 347-574-6615 AshConFinancial.com Dr. Gerda Maissel on LinkedIn Email: [email protected] Contact Dr. Gerda at: 845-316-0175 MyMDAdvisor.com Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com

Bobbi Rebell, CFP® is the author of Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart, a financial literacy advocate, the host of the Money Tips for Financial Grownups podcast and the founder of GrownupGear.com. She was previously a global business news anchor and personal finance columnist at Reuters and held various journalist positions at top news outlets, including CNBC, CNN, and PBS. Bobbi discusses the importance of gift-giving to children and how it can help them become financially successful adults. She also provides advice for parents on how to raise financially responsible children and how to ensure financial security post-divorce. Thanks to the Affordable Care Act, parents can now keep their children on their health insurance plan and have other financial ties to them until age 26. After a divorce, it’s important to take some time for introspection and identify what’s important to you. When reentering the dating pool and going into another marriage, you should have common values with your partner. That doesn’t mean you have to agree with every financial decision - you should just want the same things. Talking about money in a kind and respectful way is conducive to building and maintaining a healthy relationship. When disagreements arise, be sure to pick your battles wisely. Oversubsidizing your children to a level where it hurts your future also hurts them. There will come a time when you can no longer sponsor their livelihood, which leaves them floundering as they have not learned how to be a skilled financial grownup. Resources Bobbi Rebell on the Web | LinkedIn | Twitter Email: [email protected]  GrownUpGear.com  Sign up for Bobbi’s newsletter! Get Launching Financial GrownUps here! Liked the book? Leave a review here! Bobbi is happy to answer questions about her book. Jewish Women International Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Paula Jones is founder and Principal of Jones Estate Group and adjunct professor at the Western New England University School of Law. With over 25 years of experience, both internationally and domestically, she helps individuals of moderate to high net worth ensure that their assets transfer to the people they love in the right way. Paula shares how listeners can protect themselves and their family during the divorce process in the event of an untimely death. She busts a myth about wills and talks about what to do after divorce where estate planning is concerned. If a divorced or divorcing couple has a settlement agreement, they must honor that agreement when drawing up an estate plan. Existing obligations that continue from a divorce are legal duties, and they cannot be ignored, or else they may face legal repercussions. An estate plan is not just about putting together a will and getting powers of attorney. It involves identifying your assets and who owns them, who your beneficiaries are, how your assets are titled, and if they need to be retitled so they all wind up in the same place. Tenancy by the entirety is a legal arrangement that applies to married couples, where they share equal ownership of an asset with survivorship rights. In the event one of them passes, ownership automatically passes to the survivor. Power of attorney is a legal authorization for a designated person to make decisions on another person’s behalf. A complete estate plan includes a will and financial and medical powers of attorney. You should name a primary choice and a backup choice. Resources Paula Jones on LinkedIn Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Tracy Coenen is a Forensic Consultant and Fraud Investigator at Sequence Inc. Forensic Accounting. She is also the creator of the Divorce Money Guide, an online 10-step handbook for people going through divorce who suspect their spouse has been fraudulent. For over 25 years, she has been conducting fraud investigations. She also specializes in family law and divorce, and litigation. Tracy shares how to find out the likelihood of fraud in your marriage, and what to do about hidden investments. In divorces where one spouse is trying to pull the wool over the other’s eyes, that spouse is usually the one in charge of the finances. The spouse being deceived typically doesn’t know the in and out of every dollar. Financial infidelity involves lying about how much money you have and where the accounts are, having hidden accounts, and spending money inappropriately outside of the agreements you have as spouses. Sending a subpoena to a bank is something your attorney can do to investigate your spouse’s transaction history, among other things. A subpoena is a legal document that instructs an institution to comply with an investigation by submitting the relevant documents. If you need support, have a friend or family member who’s good with numbers sit with you and go through the information you’ve collected.  Resources Tracy Coenen on LinkedIn | Instagram Email: [email protected]  SequenceInc.com Your Divorce Money Guide (Coupon code for $100 off Divorce Money Guide: FRANCIS) Red Flag Assessment Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com

Melissa Rubenstein is a residential and commercial real estate agent at Christie's International Real Estate in Northern New Jersey. For the past 18 years, she has had her thumb on the pulse of what happens in real estate across the country. She is also an expert in divorce, her practice lending the relevant know-how to help clients navigate the challenges of buying and selling property. Melissa shares insights on current market conditions, and gives advice on how to get top dollar for your property when selling. During the thick of the pandemic, interest rates in the real estate market dropped to historic lows of around 2.5% - 3%. Many people took advantage of this amazing opportunity to buy their first home, which resulted in a scarcity of inventory. Prices are softening in luxury markets. With the lifted restrictions, people have resumed commuting to work, so they aren’t spending as much time in their homes.  Investors should consider whether it’s a good idea to flip a house in the current market climate. Houses that need to be renovated are at price points that have investors competing against first-time home buyers.  Doing a pre-listing inspection for divorcing sellers ensures there are no surprises. You can negotiate before bringing in a buyer. Having two sellers negotiate inspection items is a lot easier than having two sellers who may not be communicating. Resources Melissa Rubenstein on the web | LinkedIn | Instagram | Facebook MovesByMelissa.com Email: [email protected] Office: 201-962-9552    Mobile: 646-872-5912 Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!