Keep Your Family Financially Secure

Have you protected your family's financial security? While a great deal of financial protections can be put into place in advance, too many people, especially the vulnerable and aged, think they're abuse-proof. The fact is, none of us are. Take a look at what the experts advise and see if you're properly protected.

Have you protected your family’s financial security? While a great deal of financial protections can be put into place in advance, too many people, especially the vulnerable and aged, think they’re abuse-proof. The fact is, none of us are. Take a look at what the experts advise and see if you’re properly protected.

Six Steps to Financial Security

There’s a lot of advice out there about what you should or shouldn’t do when it comes to the financial security of you and your family. But the best reason to consider the following options is that watching an aging or failing parent or spouse caught in a quagmire can be truly devastating.

• Make a wish list. Include everything from funeral choices to money management.
• Designate a responsible person to be given power of attorney, should you, your spouse, or your parents become incapacitated.
• Get some sound legal advice. There’s a lot of paperwork involved with wills, power-of-attorney, healthcare accounts, trusts, etc.
• Utilize adult protective services immediately if you suspect you (or your family) are being abused financially. Sometimes, professional help is the only way to stop the cycle.
• Know how to locate pertinent documents such as bank statements, deeds, insurance policies, outstanding loans, stock certificates, social security paperwork, etc. Knowing where these documents are can prevent a lot of headaches down the road.
• Do your research. There are many online business centers that offer loads of useful information on multitudes of financial security topics.

So don’t let your family fall victim to poor financial planning. It’s never too early to take control of your assets and protect your financial future. Because, as we all know, it is the unexpected that can cause the most serious damage to a lifetime of savings!

Posted on April 14, 2006 at 10:17 AM

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