(Vienna, VA)- Financial experts say it all the time: women should never put all their eggs in one basket. But according to Dan Ruttenberg, a principal with SmolenPlevy who specializes in estate planning, when it comes to their financial future, women leave themselves open to unnecessary anxiety and unforeseeable problems when they completely abdicate the responsibility for the financial investments to their husbands. “I’ve seen it too many times. There are many wives who take the lead on other responsibilities and gladly hand over the finances to their spouse and as a result don’t even know what accounts exist, much less account numbers and passwords”, says Dan Ruttenberg who is also a Certified Public Accountant.
According to Ruttenberg, it’s not until a crisis such as a serious accident, illness, divorce or death, that a spouse realizes the impact of burying their head in the sand when it comes to finances. “Lack of life insurance, unpaid credit cards, and retirement funds accidentally left to an ex-spouse. We have helped clients who faced these and other more complicated circumstances”, says Ruttenberg.
The recession has forced many women to take a closer look at their financial future resulting in a larger number tackling bills, banking, and major purchases. As a result, Ruttenberg warns that men could find themselves is this situation as well.
“In an increasing digital age where statements no longer come in the mail, it is very important that both spouses know what accounts they have and how to access them”, advises Dan Ruttenberg.
Ruttenberg says when it comes to money ignorance never leads to bliss and offers the following tips for couples:
• Share passwords and account information
• Both spouses should know where all safe deposit boxes are and how to access them
• Know the location and combinations to safes in the house
• Meet regularly with professionals to review finances, investments, estate planning, etc.
• Update beneficiaries on insurance policies, investment funds, and bank accounts
Daniel H. Ruttenberg is a principal with the firm. He is a member of the Bar in Virginia, Maryland and the District of Columbia and is licensed as a Certified Public Accountant by the State of Maryland. His practice areas include tax planning for businesses, general corporate law, estate planning, and estate administration.
Dan Ruttenberg is available to discuss this and other estate planning issues. Media contact: Celina Fabrizio at 614-245-1113 or celina@onthemarcmedia.com
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According to Ruttenberg, it’s not until a crisis such as a serious accident, illness, divorce or death, that a spouse realizes the impact of burying their head in the sand when it comes to finances. “Lack of life insurance, unpaid credit cards, and retirement funds accidentally left to an ex-spouse. We have helped clients who faced these and other more complicated circumstances”, says Ruttenberg.
The recession has forced many women to take a closer look at their financial future resulting in a larger number tackling bills, banking, and major purchases. As a result, Ruttenberg warns that men could find themselves is this situation as well.
“In an increasing digital age where statements no longer come in the mail, it is very important that both spouses know what accounts they have and how to access them”, advises Dan Ruttenberg.
Ruttenberg says when it comes to money ignorance never leads to bliss and offers the following tips for couples:
• Share passwords and account information
• Both spouses should know where all safe deposit boxes are and how to access them
• Know the location and combinations to safes in the house
• Meet regularly with professionals to review finances, investments, estate planning, etc.
• Update beneficiaries on insurance policies, investment funds, and bank accounts
Daniel H. Ruttenberg is a principal with the firm. He is a member of the Bar in Virginia, Maryland and the District of Columbia and is licensed as a Certified Public Accountant by the State of Maryland. His practice areas include tax planning for businesses, general corporate law, estate planning, and estate administration.
Dan Ruttenberg is available to discuss this and other estate planning issues. Media contact: Celina Fabrizio at 614-245-1113 or celina@onthemarcmedia.com
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