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Addressing Unexpected Financial Challenges

D Cator 2014
Donna L. Cator, CFP®, CDFA®
Vice President, Wealth Advisor
[email protected]
(585) 394-4260 x50623

During a conversation with a friend of mine who is currently going through a divorce, I suddenly realized the huge impact that the loss of a partner could have on our everyday lives. Going from a two household income to one is challenging enough, but it is so much broader and daunting than that. Without realizing it, we are suddenly faced with unexpected financial challenges that we might not know how to address.

Do you know what your regular monthly expenses are and how they get paid?
Is the payment automatically debited from your checking account? The last thing you need to be surprised with is an insufficient funds fee for a payment coming out of your account without the proper funds.
Do you know how to reconcile your checking account?
In the event of death, are there life insurance proceeds that need to work for you to make ends meet?
How will you invest these proceeds?
How much do you need annually from these proceeds to keep your family going?
How is the change of status going to impact your retirement plans?
Are there beneficiary designations on IRA’s, life insurance policies, etc. that need to be updated?
Do you currently have Wills?

These are just a few of the matters we might be faced with when our financial status changes, whether by choice or by death. It is likely that we will find ourselves alone at some point during our lifetimes, and if it does, it is vital that you work with a trusted advisor to help address financial matters such as those mentioned above.

We at Canandaigua National Bank & Trust, Wealth Strategies Group are here to provide you with the needed guidance, education and advice to make it through the challenging times. It is best to address these issues ahead of time.