Kathryn Hauer

CFP®, EA
Personal Finance, Retirement, Taxes
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“Kathy, author of "Financial Advice for Blue Collar America," helps you plan and manage your money while teaching you about financial matters and financial safety.”
Firm:

Wilson David Investment Advisors

Job Title:

Financial Planner

Biography:

I fix things. My specialties are financial planning, financial literacy education, taxes, and investment advice, but over my 30-year career, I've been able to help people fix problems with money, construction projects, meetings, sentence construction, culinary disasters, and academic difficulties.

I wish I were like Samantha of the TV show Bewitched and could just twitch my nose to repair everyone's problems. Unfortunately, no magic erupts when I twitch my nose. I help clients using my knowledge, experience, and hard work...although I like to think that our working together has its own magic. My work as a lecturer, teacher, copy-editor, writer, presenter, negotiator, researcher, and office manager in a diverse cross section of business, educational, and government organizations has helped me gain the depth of knowledge needed to advise my clients in all aspects of sound financial planning and investment. I have been described as a fast, cheerful, flexible worker who rapidly resolves unexpected problems and project difficulties. I manage work quality and time based on guidelines provided and use my talents to provide customers with top-notch service.

As a champion for financial literacy, I speak at high schools, libraries, career fairs, churches, businesses and community groups - anywhere I can get a platform! - to raise awareness about financial knowledge and safety. I recently published "Financial Advice for Blue Collar America" which offers guidance on basic concepts of money including insurance and taxes, financial traps to avoid, how to pay for college and tech school, and info about the bright future ahead for blue collar careers.

Education:

BA, College of William and Mary
MA, College of William and Mary
MBA, University of South Carolina

CRD Number:

6380680

Disclaimer:

By choosing to work with this Advisor, you acknowledge that neither Wilson David Investment Advisors nor this Advisor makes any representations or promises that the services you receive are appropriate for you and your business or guarantees any specific outcome or results. Wilson David Investment Advisors does not guarantee the suitability of the Advisor for your particular needs and does not endorse the advice and services rendered by any Advisor. Wilson David Investment Advisors is a registered investment adviser registered in South Carolina and GA through FINRA. Any commentaries, articles or other opinions herein are intended to be general in nature and for current interest. All content on this website is presented as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. All investments involve risk, including loss of principal invested.  The answers presented on Ask an Advisor should be considered general information presented to inform the public. They are based on the information provided in the question, which may have omitted important details that would have changed the answer had they been known. Please consult a financial advisor before concluding that the information is relevant to your own situation.

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    Estate Planning
How should we settle my mother's estate?
100% of people found this answer helpful

I am so very sorry about your mother’s illness and the turn it has taken. That is so upsetting for everyone in your family, and my heart goes out to all of you. During this stressful time, it’s hard to think about practical concerns, but I suspect that your mother, in wanting to clear up loose ends, may be the one who is driving the worry. 

From your question, I am assuming that your mom has just two heirs – two daughters whom she wants to treat fairly. She’s given money to one daughter (Daughter A) that she didn’t give to the other (Daughter B) and wants to be sure that things get evened up without difficulty or strife.

The simplest way to solve the problem if your mother has the liquid funds to do it and is able to manage the action is for her to write Daughter B a check for the amount she gave Daughter A for the down payment. If no cash is free, perhaps your mother has a piece of jewelry or other item that is valued at the amount of the down payment that could be given to Daughter B. Alternatively, Daughter A, who received the down payment, could give half of that amount in cash to her sister, Daughter B. That would make it all even, and then when the sad day comes that you lose your mother, her will specifies the even, fair distribution to each daughter. (Note – if the amount of the down payment was greater than $14,000, a Gift Tax Return (Form 709) may need to be filed with the IRS, but unless your mom has already give millions away, no actual tax on that gift would be paid.)

However, neither your mom nor Daughter A may have that kind of cash available. In that case, amending the will if she is able would also work, but there may not be the time and energy needed to get to the lawyer’s office and modify the will. There would also be a cost to doing this. Another possible solution could be for your mom to write up a codicil or additional note to be included with the will explaining the situation and letting the executor know to give Daughter B more than Daughter A in the final distribution, but if this addition isn’t formally incorporated into the will by paying the attorney some amount of money to do so, it may not hold up.

If you mother passes away before any action is taken to remedy this situation, then nothing formal or legal can be done to change the situation after death. It would be up to Daughter A to say “This is not fair to my sister and not what Mom would have wanted,” and then give her sister half of the amount of the down payment after the final distribution of the will is made.

I’m so very sorry for your loss, and I hope that your mom’s end is as peaceful and affirmative as it can be.  Best wishes to you and your family.

June 2016
    Debt
How should I handle my current debt situation?
100% of people found this answer helpful
September 2016
    Financial Planning, Asset Allocation
Are there some go to books for financial planning or asset allocation that you would recommend?
100% of people found this answer helpful
August 2016
    Financial Planning, 401(k)
Will I be penalized for a 401(k) withdrawal?
100% of people found this answer helpful
October 2016
    Debt, 401(k)
Should I make a 401(k) hardship withdrawal?
100% of people found this answer helpful
September 2016