Charitable planning is a foundational part of our financial planning process. Here are 5 benefits to prioritizing charitable planning when crafting your financial plan.
While serious accidents are rare, they do happen. If they happen to you, and you're found responsible, the consequences can be catastrophic to your wealth and lifestyle if you don't have sufficient insurance coverage.
Achieving a high net worth is a great accomplishment. However, the skills required to produce wealth are very different from the skills required to keep and grow wealth. The world of the affluent is cluttered with business owners and celebrities who earned high incomes only to lose it all at some point. At Chessman Wealth Strategies, we believe that everyone can learn from the mistakes made by the “once wealthy.”
In this third article, the focus turns to an earlier time, a time when a certain amount of preventive forethought can make a tremendous difference when illness, physical or mental disability, or death eventually does strike. As a trusted financial advisor, I have learned the importance of having my clients spend a little time now to get their financial and legal houses in order, rather than trying to do so some day in the future when it will be much more difficult to locate crucial information and physical items. There will be plenty to have to deal with when an emergency, a disabling medical event, or death itself strikes, so why not take a few simple steps now to help substantially ease your burdens later on?
Several weeks later—after the most intense waves of grief have passed, after the memorial service is finished and your family, closest friends, and relatives have turned their focus back to their own lives—there comes a moment when you, as the surviving spouse, must make certain that your financial house is in order and will stay so. Even if you and your husband have fully prepared for his passing, there will still be many crucial financial decisions to be made and actions to be taken. Alternatively, if no plans were made, and if you were not thoroughly involved in your family’s finances before your husband died, you’ll be faced with a greater number of decisions and necessary actions.
Basically, there are three types of life insurance products that you need to know about:
Term, Permanent, and Universal Life Insurance.
“For a couple turning 65, there is a 70% chance that one of them will need long-term care.” – Wall Street Journal