Wealth Management & Financial Planning for Women in New Jersey

Do women need a financial advisor?

Not every woman needs a financial advisor, but many benefit from having a qualified professional to help navigate life's biggest financial decisions. Whether you're approaching retirement, managing investments, going through a divorce, receiving an inheritance, or planning for your family's future, a financial advisor can help coordinate your investments, taxes, retirement income, estate planning, and overall financial strategy. The goal isn't just growing your wealth—it's making informed decisions with confidence.

What should I do after inheriting money?

One of the biggest mistakes people make is feeling pressured to make immediate financial decisions. Instead, take time to understand what you've inherited, gather important documents, and meet with your financial, tax, and legal professionals before moving the money. An inheritance may include investment accounts, retirement accounts, real estate, trusts, or life insurance proceeds, each with different tax rules and planning opportunities.

How should women prepare for retirement?

Retirement planning is about much more than reaching a certain account balance. Women should consider retirement income needs, Social Security timing, healthcare costs, investment strategies, taxes, long-term care planning, estate planning, and how inflation may affect future spending. Because women often live longer than men and may experience career interruptions due to caregiving, having a comprehensive retirement plan is especially important.

What financial documents should be updated after divorce?

After a divorce, it's important to review and update beneficiary designations, wills, trusts, powers of attorney, healthcare directives, retirement accounts, life insurance policies, bank accounts, investment accounts, and any transfer-on-death or payable-on-death designations. Many of these documents do not automatically update after a divorce, so reviewing them promptly can help ensure your wishes are carried out.

What should widows do first financially?

After losing a spouse, avoid making major financial decisions until you've had time to understand your options. Begin by obtaining multiple copies of the death certificate, notifying financial institutions, reviewing insurance policies, gathering account statements, and updating beneficiary and ownership information where appropriate. Once immediate needs have been addressed, develop a long-term financial plan that considers income, investments, taxes, and estate planning.

What is the difference between estate planning and legacy planning?

Estate planning focuses on the legal transfer of your assets through documents such as wills, trusts, powers of attorney, and healthcare directives. Legacy planning goes a step further by considering how you want your wealth, values, charitable giving, family traditions, and financial education to impact future generations. Together, they help ensure both your assets and your intentions are carried forward. 

How can I conserve an inheritance for my children?

Depending on your family's circumstances, trusts can help conserve an inheritance from creditors, divorce, lawsuits, or poor financial decisions while allowing you to control how and when assets are distributed. Proper beneficiary designations, estate planning, and tax strategies can also help preserve more of your wealth for the next generation. Every family is different, so the best approach depends on your goals and your children's individual needs.

Should I create a trust?

A trust isn't necessary for everyone, but it can be an effective estate planning tool for many families. Trusts may help avoid probate, provide greater privacy, manage assets for beneficiaries, protect individuals with special needs, support charitable giving, or create instructions for how wealth is distributed over time. Whether a trust makes sense depends on your financial situation, family dynamics, and long-term goals.

How do I choose a trustee?

Choosing a trustee is one of the most important estate planning decisions you'll make. A trustee should be trustworthy, financially responsible, organized, and able to act in the best interests of your beneficiaries. Some families choose a trusted relative or friend, while others prefer a professional or corporate trustee to provide experience, continuity, and impartial administration. The right choice depends on the complexity of your estate and your family's needs.

What happens if I inherit an IRA?

Inherited IRAs are subject to specific IRS rules that depend on your relationship to the original account owner and when the account was inherited. Some beneficiaries must withdraw the account within a certain period, while others may qualify for different distribution rules. Because inherited retirement accounts can have significant tax implications, it's important to understand your options before taking distributions or moving the assets.

Why Work With Us?

Financial planning is about much more than managing investments. It's about creating a strategy that helps preserve your wealth, reduce uncertainty, and give you confidence through every stage of life.

As a CERTIFIED FINANCIAL PLANNER® professional with more than 23 years of experience, I founded Canonico Wealth Management to provide personalized guidance for women facing life's biggest financial decisions. Today, as a partner firm of Perennis Financial Planning, I work alongside Mary C. Pascarella, CFP®, as part of an experienced, women-led advisory team dedicated to helping women navigate complex financial lives with confidence.

Together, our firms bring more than 50 years of combined experience serving women and families throughout New Jersey. Our collaborative approach allows clients to benefit from the insight, perspective, and resources of an all-female advisory team while still enjoying the personalized relationships and responsiveness of a boutique practice.

We believe wealth management is about more than investments. It's about coordinating retirement planning, tax strategies, estate planning, trust services, investment management, and legacy planning into one comprehensive financial strategy.

Whether you're preparing for retirement, rebuilding after divorce, managing an inheritance, serving as a trustee, selling a business, or planning the legacy you want to leave behind, we're here to help you make informed financial decisions with clarity and confidence.