Employees will need to know what makes up a good severance package, when to say no to an offer and counter, and how to adjust a financial plan in the meantime
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There are several scenarios in which a person might be offered a severance. First is expected severance, meaning the person knows it’s coming and can use their advisor to help plan for what to do with the money. “Some people will say, ‘I want to take this [money] in the way where there’s the least amount of taxes’, and some people will say, ‘I want to take this [money] immediately, all of it, right now, because I don’t trust the viability of this company,’” she explains.“A lot of people have life and disability insurance through work, so when they lose your job, they’re losing all of the compensation and protection that came with it,” Ms. Petrera says. “Clients need to know what to do next in this case.
He says clients tell him they didn’t want to come at first because they worried about the legal fees when they might be in a tighter financial situation.
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