Other Financial Planning Solutions
There are several other piers that should be erected under your financial foundation. These financial piers are ones that I am not licensed to help you construct; but I and many other financial advisors believe that they are of the utmost importance to your financial foundation. There are many things in life that happen to us that we cannot prevent. We can, however, control the outcome by planning ahead with good insurance policies in every area. Remember, there is nothing more valuable than your "Human Life Value".
- Please be sure to seek the advice of a family practice attorney for standard wills and an estate planning attorney for special situations such as a "special" child with everlasting helath conditions. An estate planning attorney should also be sought out if your gross estate is 1.5 million dollars or more. In today's financial world a 1.5 million dollar estate is quite commonplace for many American families. Remember, blood is thicker than water, but $money$ is thicker than blood. Lawyers are like doctors--they are highly specialized in their practices. Seek out one who specializes in wills and trusts and who comes with high recommendations. I have personally seen situations where there was no will in place and at the death of the father, one of the adult children was at complete odds with his mother. Since there was no will in place, the laws of the State of Texas were imposed on the family. In Texas when no will is in place at time of death, the laws of dissent and distribution are applied and in this case everything was divided up evenly between mother and four children. Mother wound up with a relatively small amount of money and no homeplace. Money can often be thicker than blood.
- Please select the highest limits of liability on your car insurance. The highest limits nearly always force your auto insurance company to hire an attorney, saving you the expense. In today's world it is quite common for a new auto to cost $50,000 to $75,000, and young people about to graduate from medical or law school have huge potential losses of future earnings if you run over and kill one of them. You will most certainly be sued by their family. The highest limits of liability are usually affordable. This is certainly a place you do not want to look for a bargain, much like an inexpensive parachute!
- Always stay away from cheap parachutes when it comes to selecting homeowners insurance! You should always choose homeowners insurance rather than a dwelling policy. Be sure to choose replacement cost rather than a depreciated actual cash value policy. A good homeowners policy is much like a good reliable set of seat belts and a trusted pair of air bags. They are not needed often, but can very well save your life on the rare occasion that they are needed.
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