Are you prepared to handle a personal financial crisis?

Individuals who are married or in a committed relationship face the possibility they’ll end up managing complicated finances alone at some point. Unfortunately, the first time many experience this is during a personal crisis following divorce or a spouse’s or partner’s death.

Here’s a list of thought-provoking questions pertaining to financial fitness and crisis preparedness. Use them as a starting point to check on how prepared you are to handle a personal financial crisis. Begin by reviewing the questions, determine what you’ve already done, and check those items off the list. For the questions you need to address or take action on, seek the advice of professional advisors and trusted family members.

Asset management

• Do I have a clear picture of where my assets are located?
• Will my retirement assets provide a comfortable retirement for my life expectancy?
• Do I have a well-diversified portfolio?
• Are my investments appropriate in today's economy?
• Are my assets titled properly?
• Do I have an emergency fund?
• Am I taking advantage of techniques to help reduce my taxes?

Estate planning strategies

• Do I have a will?
• Is my will current?
• Have I determined what my family may owe in estate taxes?
• Have I funded my estate-tax liability?
• Have I explored and taken advantage of wealth-transfer techniques?
• Do I wish to provide for charitable giving?
• Are my power of attorney, living will, and beneficiary designations up-to-date?

Debt management

• Do I know my credit rating?
• Could I get a loan if I applied?

Insurance

• Do I have enough insurance coverage to:

-      Cover medical expenses?

-      Provide for disability/long-term care?

-      Provide for family members’ security?

-      Fund an estate-tax liability?

In addition …

• Have I coordinated my advisors’ (attorney, CPA, banker) activities?
• What changes in my life are likely to occur within the next three years?
• Do I know the status of my parents’/children’s financial situation and the implications for my financial well-being?
• Would I be prepared for a family emergency if it happened tomorrow?

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

Wells Fargo & Company and its affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is filed.

This advertisement was written by Wells Fargo Advisors Financial Network and provided to you by Paul Parson, CIMA^®, Managing Director.

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Parson | Dedic Wealth Management Group Wells Fargo Advisors Financial Network is a separate entity from WFAFN.

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