Family Financial Fitness

Asset Vulnerability

As far as money and death events, there is often a theme of entitlement.  Keep in mind, there is a grieving process that includes anger and a mixed bag of emotions for each person grieving the loss of the deceased.

Some of my friends experienced extraordinary stress in addition to the death of their spouses.

  • Mavis’ adult stepchildren drove up to her house with a moving van and took everything including her bed while she was numb with the initial shock of grief.
  • My dear friend Naomi’s husband of 20+ years was the primary wage earner. He died of a long-term battle with cancer, and left her with 2 young children, a lot of medical debt and a $500,000.00 life insurance policy. Her financially well-to-do in-laws demanded the life insurance policy as they were “blood” relatives.
  • A widow shared, “I received a legal notification from my former spouse requesting that my significant inheritance be managed by him for our children. He was ousting me”

Can you imagine?

To avoid the added stress of dealing with those who feel entitled to inheritance, ensure that there are clear, legal directives for designation of all assets. PROTECT yourself (and your children).

Have a current will that protects your home and your assets.

Your physical, emotional, and financial health are at risk when there isn’t a plan or proper protection for surviving spouses/significant others.

When you love someone, you protect them financially, should there be a major life or death event.

Life insurance is one way to protect loved ones.

Understand how much money you will need to survive and maintain your current lifestyle.

Have a plan that provides you with income to offset the loss of a wage earner’s income for 20 years.

One school of thought is that 10 times an annual salary is enough protection.  Think about this – will ten years’ worth of income allow you to maintain your current lifestyle?

When should you be protected?

Make sure you are protected immediately.

Some advisors recommend that you are protected at the time you live with someone or when there is a ring.

Protect Your Home after Death of a Spouse

My neighbor, who is an attorney stopped over to talk.

“I am wondering if I have to let the adult children into my home if they should ask.”

“No.  You do not have to let them in.  I encourage you to protect yourself and your children at all costs right now.  You MUST make certain that you and your children are taken care of.”

I feel relief knowing what my property rights are in my state

Legal Choices

Choose the right legal expertise

Choose an attorney who has expertise in the exact legal issue You are dealing with.

My attorney mentions that he hasn’t requested a restraining order before but, he will take care of it – making it seem like there is a standard form and process.

His standard hourly feel is high. But he has been in the profession for decades.

Hiring this attorney did not work.
Have you heard of a ‘poison’ letter?

I had no idea that a poison letter was a “thing.” It turns out that this type of communication can be harassing or threatening, cause embarrassment, or it can be an intention to destroy a reputation.   These threats are often made anonymously.  When these letters are sent by mail, they become a federal crime with jailtime up to 20 years.

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