Widow, Wisdom & Wealth with Donna Kendrick Donna Kendrick

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
 
This is a topic that’s close to Donna, having lost her husband in 2013 and facing many of the challenges we’re talking about in this episode. So we’ll explore actionable strategies to address these issues, such as the importance of life insurance and the ins and outs of spousal pension continuation. We hope this episode helps out anyone who is concerned with ensuring the financial well-being of their remaining family members and safeguarding your financial future and legacy in the face of loss.
 
Here are some key takeaways from this episode:
 
Donna shares her personal experience dealing with the loss of her husband and the financial challenges that she immediately faced in the aftermath. The changes in tax filing that surprises many widows and what you need to be prepared. Some of the financial planning strategies you can use to prepare yourself for this emotional situation. What are some of the things you need to be thinking about to help take care of your kids and grandkids. What Donna thinks about having a trust and why you need to work with an estate planning attorney about the options.  
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
Get additional financial information: https://sephtonfinancial.com/podcasts/
 
 

In this episode, we’re back to discuss the complex and often emotionally charged process of changing financial advisors. We'll share the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. In part one, we focused on making sure that your financial advisor aligns with your needs and goals. In this episode, we talk through what the transition to a new advisor looks like.
 
Here are some key takeaways from this episode:
When switching advisors, inform your current advisor about your decision and discuss the logistics of transferring your accounts. Be prepared for some paperwork and potential closing fees. When searching for a new financial advisor, ask about their credentials, qualifications, and specialization. Consider their investment philosophy, approach to portfolio management, and how they communicate with clients. After making the switch, be patient and give your new advisor at least a year to assess the performance and effectiveness of their services. Communication is key, so don't hesitate to ask questions or seek clarification if needed!  
Get additional financial information: https://sephtonfinancial.com/podcasts/
 
 

In this episode, we delve into the complex and often emotionally charged process of changing financial advisors. We'll discuss the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. Join us as we demystify the transition process and equip you with the knowledge you need to make informed decisions about who is best suited to guide your financial future!
 
Here are some key takeaways from this episode:
Many people form strong emotional connections with their financial advisors. However, it's important to balance this emotional connection with your current financial needs and goals. Before deciding to change advisors, identify your financial needs and goals. Create an avatar of your ideal advisor by listing the services and qualities you want to help assess whether your current advisor aligns with those requirements. Ask questions that matter to you. Inquire about your advisor’s use of technology, specialization, willingness to work with other professionals, and more. Make sure their answers align with your needs. Trust your instincts and feelings. If something doesn't feel right or you're not fully satisfied with the advice or services you're receiving, consider seeking a new advisor who better meets your expectations. Remember that finding the right financial advisor is a two-way street. Advisors also assess whether you're a good fit for their practice and approach.  
Get additional financial information: https://sephtonfinancial.com/podcasts/
 
 

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Donna work to resolve conflicts in these areas as they arise. 
 
Here’s some of what we’ll discuss in this episode:
Agreeing on the right amount to have in an emergency fund. (3:06) Being on the same page about charitable contributions. (7:02) Deciding what to do with an inheritance. (10:25) Having protection planning conversations about insurance and long-term care. (13:49) How do you want to handle financial management in retirement? (16:36)  
Get additional financial information: https://sephtonfinancial.com/podcasts/
 

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.
 
Here’s some of what we’ll discuss in this episode:
What level of risk should you take in your portfolio? (2:38) Deciding on the best age to retire as a couple. (5:24) Are you on the same page about paying for your children’s college education + legacy planning? (8:45) Should you downsize or not downsize? (11:08) Agreeing on your retirement lifestyle. (13:28)  
Get additional financial information: https://sephtonfinancial.com/podcasts/
 

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k). 
 
Here’s some of what we’ll discuss in this episode: 
If your employer does not offer matching contributions, there are many other vehicles that have guarantees. (2:46) Thinking about future tax increases. (6:41) Finding the balance between saving for long-term goals and paying off debt. (9:03) Keep it, roll it, or control it: three options for a 401(k) if you leave a company. (12:45)  
Find links to subscribe on your favorite app and get additional financial information: https://sephtonfinancial.com/podcasts/