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Work up two lists. First, itemize every financial account and important document owned by you and your spouse--including account numbers, locations, and amounts. (Ideally, you'll prepare this list ahead of time.) Second, prepare and prioritize a to-do list for the upcoming weeks and months. |
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Obtain outside help from a financial planner, lawyer, business advisor, or trusted family friend. Whomever you choose, make sure it's someone who can lend you an ear, offer objective advice, and refer you to specialists when needed. |
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Protect your family for the near and long term. Establish a fund to cover immediate and unexpected expenses for the next six months. Examine health- and life-insurance policies, and increase coverage as needed. Expedite supplemental cash flow, such as Social Security payments, by getting necessary paperwork in motion. |
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Once more-immediate matters are settled, invest for the future. But don't worry if investments sit in a money-market account for a while before you take action. Make sure that any decisions you make reflect your long-term needs and objectives, and avoid steps that might needlessly increase your tax bill. |
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