During my time there, I fought very hard to stay but faced information vacuums, little outreach or resources, and a heavy commitment to technicalities by the administration. From the time I failed one class in my first semester, it felt like the veil of rosy promise was lifted and I was suddenly no longer a “valued student” but instead an idiot interloper. Unfortunately, I struggled to manage my academics from the get-go (hello undiagnosed ADHD in women!), and the response from the school was disappointing, to say the least. Rather than cashing out his entire portfolio in a down market, it’s worth finding a compromise that will make you, your financial advisor, and him happy.ĭo you know if there’s any recourse for loan forgiveness from a school that you were academically expelled from? I attended a small, “elite,” and VERY expensive liberal arts college right after high school that advertised themselves, particularly on their ability and commitment to “care for and support” each student due to their small size (and crazy high cost). You could try to persuade him with charts and graphs about dollar-cost averaging, but it’s essential to recognize the validity of his stress about a fluctuating market when he’s planning to retire soon. It’s a challenging time to convince risk-shy folks like your husband that they should keep investing in a bear market. But if your husband panic-sells all your equities while the market is down, then those losses will actually be realized. If you can stick it out until the market recovers as you want, you haven’t lost anything except on paper. Even if the dollar value of your portfolio has decreased, you still hold the underlying securities. The past few years had historically high returns on the market, so (if possible) don’t fixate on the lost dollar amounts in your portfolio right now. Frustration With Spouse’s Investment Knowledge It’s always better for an inheritance to be a happy surprise than a terrible disappointment. Your father’s financial circumstances could change, he could have significant medical expenses, or you could become estranged. But even if it is equally partitioned in a trust, it’s best not to plan your life around someone else’s estate. Your best defense is to get precise information about the estate plan’s survivorship rights and trust structure. She could also have end-of-life costs (or go on a shopping spree) after he passes that leave her with nothing, remarry another spouse, or fall out of contact with you. Since your father and stepmother crafted a plan document (hopefully with a lawyer), some of these possibilities are likely spelled out in the estate plan. If their estate is not structured to avoid it, your stepmom could remove you and your siblings from the estate’s beneficiaries after your father died. Such trusts make property ownership clear in the case of blended families, reducing the likelihood that your stepsiblings could claim your father’s portion of trust assets if your stepmom outlived him. If that is the case, can stepmom start giving assets to her two kids so my sister and I would get nothing when she dies? I just want to be prepared and not count on money that won’t actually be available to us. My dad has always allowed this so we don’t have much of a relationship, although recently he has expressed a lot of remorse and wants to make sure we are included in the estate as he did not help us with college costs or anything else over the years. To the extreme-excludes us from everything, won’t let us have time alone with our dad, etc. Here is the problem: My stepmom really hates my sister and me. Stepmom has two kids, each gets 50 percent. They have put their considerable assets into an estate plan with this basic structure: Dad and stepmom each have half of their assets to distribute. He is now approaching 80 and his wife is 67. He also began making quite a bit of money. My parents got divorced when my sister and I were very young. I have a question about family estate planning. Have a question? Send it to Lillian, Athena, and Elizabeth here.
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