Marriage, kids and buying a house, we help make that reality picture perfect.

When people think of marriage, they think about basic financial aspects like how each spends money and budgets. Most don’t stop to think about all of the financial aspects that affect newlyweds.

• Does one spouse have a spotty credit history?
• What about any debts? Credit cards or car loans?
• If both spouses work – should they use one or the other’s health insurance?
• Is life insurance through work the best idea? Is it cheaper to get life insurance through work for the spouse?
• If one spouse owns a business, how does marriage affect future ownership of the company?

We take all of the underlying numbers and run them against alternatives to come up with the most efficient solutions. All of these questions can be strategically answered.

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When kids are involved, we all want the best for them. Whether its college savings from the previous article, or good health, we are here to answer the questions that aren’t always easy to understand.

“My insurance agent said that buying whole life insurance on my kids is a good idea because it’s cheap now and I can pass it off to them – should I do it?”

We can crunch the numbers and explore other ideas that may be cheaper or better to consider. Frequently we find people inadvertently “over-insuring” themselves – why pay insurance premiums you really don’t need to?

“I heard my teenager can invest money and have it be tax-free for the rest of their life, how do I do that?”

Under certain circumstances, your teenage children have the opportunity to setup investment accounts that don’t pay taxes now, and will never pay taxes in the future. We can help determine when that’s possible and show you how to take advantage of it.

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Buying and selling homes can be complex. In addition to agents, title companies, and attorneys; the other variables can become mind boggling.

• Should I use my current home equity line of credit for a down payment?
• I have the options of 15, 20, and 30 year loans – which one is best for my situation?
• I would like to purchase a home for my children – are there any tax consequences?

If you have any of these questions above, you are not alone.

Many people have to make financial decisions on what to do when getting married, having kids, and buying homes. If there was a way to have more certainty, save more on your taxes, and make the smoothest decision, would you do it? Schedule a call or meeting below to do it all.

Martin Konsor
Woodfield Financial Advisors

847-726-9600