Most of us have basic concerns when it comes to managing our finances. Preparing for financial security for today and later in life is one of the most common goals we all have. Typical considerations include marriage, children, and extenuating circumstances.

Have you addressed these three items within your financial plan?

1. Estate Planning: Basic estate planning documents often contain the following:

  • Wills: living will and last will and testament
  • Medical and financial powers of attorney
  • Advanced medical directives
  • Revocable and/or Irrevocable Trusts

If something were to happen to you, who would handle your affairs?  Who would care for your children and family?  How will your assets transfer to your beneficiaries upon your death?  These are some basic questions that come to mind when dealing with estate planning.  By having proper estate planning documents you can significantly reduce family stress during what may be one of the most difficult times in your lives.

Quick Fix: We can provide you with referrals to several trusted estate planning attorneys who can assist you in preparing your documents. Fees vary among attorneys, based on several factors, including how complex your family and/or financial position may be.

2. Disability Income Insurance Protection: Unfortunately, many of us are overly dependent on the disability insurance that our employers provide to us. This coverage is often insufficient to meet current financial obligations, and if you leave your employer, you would likely lose your coverage. If you have coverage, we strongly recommend that you understand the exact benefits provided for by your employer. Typically, employer coverage will be 60% of your income that includes a weekly/monthly cap. Unfortunately, these benefits will also be taxed because they are employer-paid. Disability Insurance protects your most important asset: your ability to generate an income.

Quick Fix: Request a summary of your disability income benefits from your employer. Is the benefit amount sufficient to meet your family’s future financial obligations? How much of that income will you need to supplement from other sources?  Call us if you’d like us to prepare an individual disability income proposal that will enable you to protect your lifestyle and provide for your family.

3. Long-term Care: this can impose a significant risk on your family and assets. Long-term care is defined as needing assistance with 2 out of the 6 daily activities of daily living (eating, bathing, dressing, going to the bathroom, physically independent movement, and continence) along with requiring substantial supervision due to severe cognitive impairment such as dementia or Alzheimer’s or specialized care related to Parkinson’s.

At least 70% of people over 65 will require some type of long-term care services and support at some point (Money magazine, August 2023).

Quick Fix: Call or email us to request a free outline of your long-term care planning alternatives.
Click here to estimate what long-term care could cost you.

When you are ready to further protect your financial security, please send us an email or call us.  We can help you achieve your goals in managing these risks in a simplified way.