Getting Your Finances in Order for a Better Future


At any age, it is difficult to imagine a time when we will be unable to care for our finances, let alone ourselves. Most of us want and enjoy being self-sufficient and in control of our lives. We certainly don't want anyone finding out about our financial dealings. But what if you became suddenly ill or incapacitated, either mentally or physically? Who would manage your money, pay your bills, and ensure that you had adequate healthcare? Are you and your family ready to deal with the fact that you can no longer manage your finances?


XEM THÊM :

Chỉ dẫn cách chơi catte nhanh thắng nhanh ăn


Start gathering your finances and other important documents when you can still think clearly and are in reasonably good health. 

Important Questions to Ask Your Designated Caregivers

What would your designated caregivers need to know to care for you and your financial affairs if you were hit by a bus and became both mentally and physically incapacitated?

1. Do you have a power of attorney in place?

A durable power of attorney specifies who will handle your affairs if you are unable to make decisions for yourself due to mental or physical incapacity. You can appoint one person to handle decisions about care (the health care proxy) and another to handle financial decisions (the financial proxy), or you can appoint the same person to handle both roles. Without a durable power of attorney, your key caregivers will have to seek guardianship in order to access your accounts. This will take time and could turn into a legal nightmare.

2. What are your monthly outgoings?

To avoid penalties or worse for failing to pay your monthly bills, provide your designated caregivers with a list of your monthly expenses, which should include your mortgage, car payment, credit card debt, electric and water bills, and other expenses.

3. What are your bank account numbers and financial institution names?

What do you do with your money? What are the specifics on each account number, including the bank's name? What is the name of your mortgage company? Do you own an investment company? Consider consolidating your accounts into one or two primary financial institutions as a best practice to keep things simple.

4. What is the location of your financial records?

Where do you keep your financial records? Do you store them in a bank, a safe, or a special location at home? Where can I find keys or codes for lock boxes or safes? What are the most important passwords for major online resources? Maintain a secure and central location for all key documents if at all possible.

5. How do you currently pay your bills?

Do you have automatic withdrawals from your checking account? Do you pay your bills online or with paper checks?

6. How much money do you make each year and where does it come from?

Do you get a monthly pension or Social Security? Do you receive dividends or annuities from your investments? Do you receive disability, government benefits, or other forms of assistance?

7. What type of medical insurance do you have?

Do you have employer-provided health insurance? Are health benefits included in a pension if you are retired? Do you have Medicare or Medicaid supplements?

8. Have you considered purchasing long-term care insurance?

A "standard" health insurance policy will not cover the cost of assisted living or nursing home care. Do you have long-term care insurance to cover the cost of those homes? If not, and you can no longer live on your own, how much housing can you afford?

9. Do you work with an accountant or a financial planner?

Who is it, and how do you get in touch with them? Have they made any plans for their estate? Do you have a Will and/or a Living Trust in place?

Plan ahead of time to avoid major issues later. Ensure that your legal and financial documents are organized in a safe and secure location, that their content and location are communicated to your designated caregivers, and that all communication is clear and direct. The more prepared you are, the easier it will be for others to focus on your well-being without having to endure the emotional and legal nightmare that will await them if you do not. Being prepared for the unavoidable is one of the greatest gifts you can give yourself and your loved ones.








READ ARTICLES:

Become Involved. Maintain Social Contact

5 Reasons Why You Need Fresh Air For Your Mental Health

3 Ways to Save Money for a Growing Family

7 Health Concerns You Should Not Ignore

Why is COVID-19 killing Filipino healthcare professionals?




Comments

Post a Comment

Popular posts from this blog

How to Embrace Life's Simpler Side

Image
If we allow it, daily life can become chaotic and stressful. All too often, we get caught up in the whirlwind of trying to do or be everything. Juggling a "too much" lifestyle can be harmful to our mental and physical health. It causes stress and strain, which can impair our productivity and prevent us from enjoying what is most important to us. XEM THÊM :  Hướng dẫn cách chơi bài cào online dành cho tân binh Learn to simplify your life with these helpful steps to stay grounded and centered. 1. Keep your focus on the present moment. Focus on the here and now to simplify your life. Be aware of what you are saying, feeling, and doing right now. Don't clog your mind by worrying or obsessing over something you can't change. 2. Control your time. Examine your time management methods. Plan your day so that it is not too hectic or activity-driven. Include the necessary tasks, but leave the rest for another day. 3. Learn to say "no" more frequently. There's not...
Read more

Food Substitutes to Maintain Your Health

Image
If you're trying to lose weight, control your blood pressure, or lower your cholesterol, your diet may have become boring and uninteresting. There is some good news that will make your diet more interesting without putting your weight, blood pressure, or cholesterol at risk. Here's a list of food swaps that will keep you healthy. XEM THÊM :  Hướng dẫn anh em cách soi cầu baccarat ⭐️ Bất bại Salt One of the top five things to avoid if you want to lower your blood pressure is table salt. Different types of salt have different health effects. Balanced salt is the best salt substitute for high blood pressure because it provides that delicious salty taste while having no effect on your blood pressure. Balanced salt is low in sodium and contains a combination of potassium, calcium, and magnesium, making it a nutritional asset and thus far healthier than other salts. Muffins with Whole Grains Bagels are high in calories and almost completely devoid of nutrition. One bagel contains ab...
Read more

Mirror by Vincent van Gogh

Image
On March 30, 1852, Anna Cornelia Carbentus and Rev. Theodorus Van Gogh gave birth to their first child, Vincent Willem Van Gogh, in the southern Netherlands. The baby was still delivered. One year later, on the same day, another baby with the same name was born to the couple. During Vincent Van Gogh's lifetime (1853-1890), he created approximately 2,100 works of art, but there were few indications that he would become one of, if not the, greatest artist of his generation, if not of all time. However, it was clear that Van Gogh was destined to live a complicated and troubled life, both physically and mentally, culminating in the loss of one ear and eventual suicide. XEM THÊM :  Hướng dẫn cách chơi catte online giúp nhanh ăn đạt hiệu quả cao He once wrote to his sister, "(I am) two different beings, one marvelously gifted, fine and delicate, the other selfish and heartless." Later, his paintings explored this paradox by using opposing colors that revealed his contradictory...
Read more