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Financial Planning for the Single Parent


Single parentA one-income household in this economy makes financial planning challenging; especially if you’ve just recently lost the second income due to death or divorce.

Here is a quick look at these tips:

  • Create a safety net. Most important is to have sufficient emergency funds that can be your financial safety net. Single parents should save at least six months' worth of expenses in an account that's untouched until an emergency occurs.
  • Make insurance a priority. Medical insurance is another high priority. Unforeseen medical emergencies can be a big drain on a family's cash flow. There are many health insurance plans that include regular check-ups for parents and their dependents—use this to your family's advantage. In addition, life insurance can secure a child's future. The right amount is usually enough to cover the children's living expenses and education.
  • Adhere to a cash flow plan. This will help a family stay on a budget, especially when there's less money coming in. Treat yourself once in a while, but avoid giving in to impulse purchases. A family budget also educates children about money and may help them understand why parents may not be able to afford some things.
  • Do your estate planning. If the parent passes away or becomes incapacitated, you want to ensure your children's care. This is where you need to do estate planning. Single parents need to prepare a will and choose an executor so their children can receive the money left to them.
  • Plan for retirement. Don't neglect your own future stability upon retirement by trying to meet your child's immediate needs.

Reference: Parent Herald (April 6, 2016) "5 Financial Planning Tips for Single Parents for Your Family's Protection"

 

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.