As baby boomers, we have worked hard our entire lives. We have raised our families. Given to our friends and community. Knowing we have worked so hard, we never considered that there might not be any money left behind. After paying for kids, schooling, and other ‘helping out’ situations, we now live comfortably and should! Our money is our own to do with as we please, right? But what if something were to happen that took most of our financial legacy away?
What could possibly take your financial legacy away?
- An accident that insists you can’t work as long as you had planned
- An illness that taps into your financial reserve
- An unexpected change to your living arrangements
- The death of your spouse
- The death of another family member
- Some outside influencers on your financial decisions
- An unknown debt or tax implication comes to light
- A behaviour change that drives poor financial decisions
Never say Never
Many of us would look at the list above and say that would never happen to me. Or she would never do that. Or he would never make me do that. Unfortunately, especially after a death, sometimes people make the wrong decisions. The decisions are often made too soon after their loved one has passed. Sometimes these decisions can lead to impacts on your financial legacy. They may hurt you. They may hurt your family.
And we just can’t predict accidents or illnesses can we? Sometimes things just happen.
What can you do to protect your family and yourself?
Financial planning and estate planning often go hand in hand. There are so many options that work to your advantage nowadays. Many of us have never even heard of some of them. The first step is recognizing that anything is possible. The second step is to reach out to your lawyer. Or find one that specializes in senior/elder law to truly understand how you can be protected. How your assets can be protected. How your loved ones can be protected. How your financial legacy can be protected. Worth a phone, I think! Or a google of senior law options.
See original article from The Coleman Firm with more examples and solutions!
Protect Your Heirs – Reconsider Outright Gifts and Inheritances