Urban Wealth Managment
Diane joined UWM in 2015 after a successful career with Merrill Lynch, the California Endowment, and The J. Paul Getty Museum. She has over twenty years of experience helping individuals and organizations in their efforts to identify, implement, and accomplish their goals. In her role as Financial Advisor at Urban Wealth Management, she directs clients and organizations toward the achievement of their aspirations and dreams. The focal point of her practice is to build long-term financial capacity, ensuring a legacy for families and businesses.
For fun, Diane enjoys 5K and 10K runs, hanging at the beach, wine tasting, photography, and walks with friends. She's a native of Los Angeles, and received her B.S. from the University of Southern California (Go Trojans!) and a Ph.D. and M.B.A. from Claremont Graduate University. You can find her articles on Investopedia.com, Nasdaq.com and on the Urban Wealth Management website (urbanwm.com), where she publish a series: Your Life. Your Legacy.
Diane is also active in various philanthropic endeavors. Currently, she's on the Advisory Board for WriteGirl, a writing and mentorship program for girls. Additionally, as a founding member of the Giving Circle Angelenos 4 Los Angeles, Diane is active in the entrepreneurship and the promotion of innovative solutions to support uplifting change in the African-American community in Southern California. In the past, she has served on the Board of Governors for the USC Alumni Association, along with Trojans Encore and the USC Black Alumni Association.
BS, Public Affairs, University of Southern California
MBA, Claremont Graduate University
PhD, Psychology, Claremont Graduate University
My most important recommendation is to speak to a financial advisor to help you determine if your retirement is adequately funded based on your goals, your needs, and your dreams. There are many variables to consider when you retire: your fun, your health, and your family, just to name a few.
Expenses change in retirement. They can increase or decrease based on your plans and unanticipated situations. Therefore, determining your income streams, your expected expenses, and the savings you should set aside are key. Working with an advisor to help you assess different scenarios will be very helpful – especially since there is a good chance you will live another twenty years.
In fact, here are some statistics, according to the Society of Actuaries:
- Male: A 65-year-old man has a 41% chance of living to age 85 and a 20% chance of living to age 90.
- Female: A 65-year-old woman has a 53% chance of living to age 85 and a 32% chance of living to age 90.
- Couple: If the man and woman are married, the chance that at least one of them will live to any given age is increased. There's a 72% chance that one of them will live to age 85 and a 45% chance that one will live to age 90. There's even an 18% chance that one of them will live to age 95,
After you have had these initial conversations with a Financial Advisor, you can turn to determining an asset allocation that is appropriate for you and your wife. An advisor will help you determine an allocation that aligns with your risk and meets your goal of keeping up with inflation.
Use the website below to find an advisor that meets your needs. Or, feel free to reach out to me at firstname.lastname@example.org if you would like my help and more detailed recommendations.
Keeping a home after a divorce requires thought about a variety of issues. Although there is no mortgage, there are other personal and financial issues that may come into play. Perhaps this is the easiest thing to do at this time in order to keep your daughters comfortable. This is completely understandable.
However, there are other financial issues to think about. For example, if you sold the house with your husband, you can jointly exclude $500,000 of capital gain. As a single person, you can only exclude $250,000 of gain. Any gain over this amount is taxable.
Although there is no mortgage, there are the costs associated with your home. Taxes, insurance and, of course, your standard upkeep.
Therefore, I recommend that you sit down and make a list. Why stay? Why move?
Additionally, think about how long you want to remain in your home - it seems as if it will only be a few years. Think about your income and what it would would take to maintain your home the way you’d like to. And, what will the costs be associated with getting your home ready to sell after you daughters graduate middle school? Will your tax base change with the change in ownership? How is property appreciating in your neighborhood? And, what are some of the personal struggles and opportunities related to moving?
This is both an emotional and financial decision. Weigh all aspects. Definitely seek assistance from someone who can help you crunch the numbers.
The best to you and your family.