Life Events

zahernada
Mind Map by zahernada, updated more than 1 year ago
zahernada
Created by zahernada about 6 years ago
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Description

Life events concept

Resource summary

Life Events
  1. Marriage
    1. Merge Accounts
      1. Renew tax files
        1. Short-term honeymoon/wedding ceremony expense
        2. Divorce
          1. Short-term legal counseling fees
            1. Tax return and tax liability
              1. Cancel joint accounts
                1. Build independent credit history
                2. Birth
                  1. Increase savings
                    1. Education plans
                      1. Update Insurance coverage and wlls
                      2. Death
                        1. Short-term funeral costs
                          1. Apply for death benefits
                            1. Restructure deceased person's bank and brokerage accounts
                              1. Distribute the assets as indicated on the will
                              2. New Job
                                1. Job benefits adjusted
                                  1. Increase in life insurance
                                    1. Possible relocation expenses
                                    2. New House
                                      1. Short-term down payment
                                        1. Mortgage payments
                                          1. Insurance and maintenance costs
                                            1. Real-estate taxes
                                            2. Medical Emergency
                                              1. Large medical expense
                                                1. Potential necessary loan
                                                  1. Payment plan to avoid damage to credit score
                                                    1. Possible qualification for federal tax reduction
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