Bridal Directory
Announcements
To Announce a Wedding, Anniversary or Engagement Please select from the list below.
Wedding Planner
Advertise 
Headlines Plan Ahead...full story The Rock Chart...full story Make Money off your Wedding! ...full story Don't Become 'Bridezilla' ...full story |
Plan Ahead...Really
Don't get so wrapped up in planning for the wedding that you neglect to plan for the marriage, advises Arthur Tarlow.
Tarlow is a tax and estate specialist at Meyer, Suozzi, English & Klein, P.C., but he cautions that money shouldn't be the focus of a couple's future together.
What should be is the kind and quality of life they hope to lead.
"Money and finances are and should be just a tool to achieve that quality of life," said Tarlow, a lawyer who has long counseled young couples going into their first marriages and older ones embarking on later marriages.
"Sustaining any marriage should start from a common philosophy rather than a financial plan. And it all starts with how do you define a good life."
Young couples, first of all, need to consider the question of children — yes, no, or how many. They need to decide where they want to live, whether in a house in the suburbs or in a city apartment. While they can expect to save for a child's college education and for other incidentals like music lessons, that's not the whole picture.
"The most important thing a couple can do is agree on demonstrating good values to their future children, honesty in life dealings, and to provide education to ensure that the children have saleable skills," Tarlow said.
Mature couples, often returning to marital life in second or later marriages, also should focus on their quality of life, particularly after retirement. "It is critical for older married couples to feel interesting and be interesting to each other and to the world around them," Tarlow said. "Once children are grown, older couples need to decide how much money they wish to ultimately leave their children, if any."
It may seem obvious, but Tarlow reminds couples that they need to know each other. "It is essential that you know who you are marrying. What does your partner carry in terms of assets, debt and income? There are joint and severable liabilities that should be considered with the qualified counsel of your accountant and lawyer."
And on the subject of that accountant, Marlow, who is a CPA, points out that unlike a lawyer or doctor, the accountant is not an advocate; he or she is reponsible to the public. But for effective long-term financial planning, "Your accountant must understand your way of thinking and know how you feel to establish the best, long-lasting relationship possible.".
|
|
