Protecting Your Own

Key Takeaways

  • Insurance, tax planning, legal structures, financial documents, and family matters all come into play when it comes to protecting your assets (and your family’s).
  • Estate planning is not a one-and-done exercise. You need to review your plan regularly and make adjustments as your life circumstances change.
  • Umbrella insurance is extra liability insurance that protects your personal assets from major claims and lawsuits above the limits of your homeowners, auto, and boat insurance.

Don’t risk burdening your loved ones with unexpected long term care costs

Couple a HECM with a Benefit Linked Long Term Care Policy

Most of us look to our parents to gauge if we’ll need protection against Long Term Care. The fact is that through food, travel, technology, and avocation most of us experience life in a much more active and fluid style than our ancestors did.

This lifestyle creates a greater risk of needing medical care along the way. I’m not talking solely about a permanent need either. A Long Term Care (LTC) need can arise in the form of an unexpected and protracted rehab from surgery. Or, perhaps your spouse undergoes medical treatment of his or her own, requiring temporary care during recovery. Sometimes a need for temporary medical care comes about from something associated with a chronic condition like diabetes.

A full 70% of people over age 65 will require some type of long term medical care at some point , and even though a lot of us think we could self-insure, that doesn’t mean we should. One financially creative approach involves coupling a HECM with a Benefit Linked LTC product.

Navigating the Business Highway

Key Takeaways

  • Companies need to keep shifting, morphing and changing to stay alive in the business world, and you need to do the same in your career.
  • A typical business cycle starts with emerging companies and markets, and then there is growth, then status quo, and then depletion or extinction.
  • Keep educating yourself and changing positions so you can stay in the fast-moving cash flow lane and out of the status quo/breakdown lane.

Change that “O” to an “E”

Got it?

Key Takeaways

  • As your wealth increases, life can become more complicated and frustrating.
  • Redirect your energies into things that really matter in life—don’t waste time complaining about the small stuff you can’t control.
  • Don’t think of your obligations as burdens—think of them as privileges or opportunities.