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Many families will face an unanticipated event or circumstance at some point that might require a financial change of plans. For those who have a child with special needs, this change is long-term and can greatly impact a family’s financial and lifestyle goals. Having a child or children with special needs can be rewarding in many ways, but careful planning for the future is critical. Ameriprise financial advisors Michael Scott and Brendan Sheehan focus on working with clients who have a family member or members with special needs, and have witnessed the challenges that come along with it.Caring for a child with special needs can be rewarding in many ways, but careful planning for the future is critical. Parents often need to adjust their financial and lifestyle goals in order to meet their child’s long-term needs as well as their own. Ameriprise financial advisors are available to discuss:
- How to approach planning for the future – emotionally and financially
- The types of professionals families may want to engage to help plan for multiple aspects – expected and unexpected - of their financial future
- Strategies for balancing financial obligations – such as saving for retirement and funding a child’s ongoing care needs
- Topics families should research such as tax exceptions and other state or federal government programs
Read about an Ameriprise advisor who specializes in working with clients who have a family member with special needs.
European government debt and deficit problems have once again risen to the forefront. Voter backlash against austerity measures implemented to reduce government overspending have spread widely across the region amidst declining economic prospects. Any deviation from the efforts to lower government deficits and improve long-term government debt projections, however, will be met by a backlash of a different sort - from bond investors. Borrowing costs for the region’s most “at risk” sovereigns could move sharply higher if fiscal rationality fails to prevail.
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Recent events in Europe have reignited the debate over the effectiveness of government policy interventions and on the question of what stimulates growth. Unfortunately, we can’t look to academia to provide convincing answers. Fierce debates on this topic have raged ever since the 1930’s when John Maynard Keynes theorized that during times of economic slack (recession), government spending could stimulate economic activity and lead to growth. According to the multiplier effect, increased government spending can increase employment and incomes, thereby boosting private consumption and sentiment which in turn increases total spending. Read full article
The uncertain direction of policy within the Eurozone continues to pressure asset prices. The inability of Greece to form a government has resulted in its ten-year debt rising to a yield of 27 percent from just over 20 percent one week ago, before the recent elections. The fear of contagion and disappointment over the official response to weakness in its banking system have resulted in the yield on ten-year sovereign Spanish debt rising to 6.20 percent from 5.70 over the same interim, while Italian bond yields are higher by 25 basis points. After a relatively benign response to the recent elections results, which saw the Euro Stoxx 50 equity index rise fractionally last week, prices turned sharply lower on Monday as the index fell by 2.3 percent. The euro also extended its recent slide in Monday trading, declining to 1.285 to the dollar, down from 1.31 one week ago Friday. And a decline in Eurozone industrial production in March will only add to the sense of malaise, while Tuesday’s release of first quarter GDP results is expected to confirm the onset of recession throughout the region following a decline of -0.3 percent in last year’s fourth quarter.
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If you are expecting or have recently added a child to your family, you have likely begun making big plans for the future. One of the most important things to consider while preparing for a growing family is how your financial habits, responsibilities and goals might change. Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial suggests parents consider the following things.
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"The problem with socialism is that eventually you run out of other people’s money." –Margaret Thatcher"The individual serves the industrial system not by supplying it with savings and the resulting capital; he serves it by consuming its products." –John Kenneth Galbraith
Therein lies the dilemma in which Europe finds itself. In today’s circumstance, we could substitute Angela Merkel for the former British prime minister and a chorus of Keynesian economists for Galbraith. Germany is afraid that ultimately it will be on the hook for the profligacy of its southern neighbors who, while repentant, are convinced that the cure of austerity is worse than the disease of insolvency. And now the people have spoken, and to no one’s surprise they have sided with the Keynesians, while the Germans are checking for their wallets.
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While earnings reports are coming in ahead of consensus estimates this season, the “beats” seem to be driven more by pre-existing conservatism in estimates than by greater-than-expected strength in the economy. With a little more than half of the S&P 500 companies reporting, the majority of companies have reported earnings above consensus estimates. This has caused Wall Street analysts’ full year 2012 earnings estimates to move up about 4% over the last several weeks. But this offsets a downward drift in earnings estimates of about 3% during the three months preceding the current reporting period. And while this inflection is welcome, it does not appear to indicate acceleration in the economy.
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Families can be comprised of people with very different personalities, values and financial habits. There may be high earners, low earners and no earners – and even those who are currently financially comfortable can hit hard times and need help. Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, suggests asking yourself the following questions if you’re considering your ability and willingness to provide financial support to a family member.Minneapolis – (May 1, 2012) – Graduation season is upon us and thousands of young adults will soon leave their dorm rooms, flood the job market… and possibly move back in with their parents. More than half (55%) of baby boomers admit they’ve allowed their adult children to move home and live rent free – but the support most provide their kids and aging parents extends well beyond room and board, according to new findings from the Money Across Generations IISM study, released today by Ameriprise Financial (NYSE: AMP). In fact, boomers continue to prioritize their families’ needs over their own, despite increased uncertainty about their own financial security.
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