Build your home team: Attorneys and insurance
Imagine you’re facing a difficult emergency in your life. Who do you want around the kitchen table helping you figure out solutions to this problem? Your family and friends, of course. But who can help you understand how to pay for it, or who should take care of you? As I discussed last time, you want your financial advisor and accountant there to help you invest and manage your own assets. But, what about making up the difference between your assets and the expense? What if you can’t make this decision on your own?
This is where your attorney and insurance agent come in. They can help you plan for situations that are unexpected.
Your insurance agent offers a wide variety of services and products expressly designed for the unexpected: life insurance, disability insurance, car insurance, home insurance, casualty insurance. Depending upon your stage in life, you may need some level of each of these insurances. Additionally, you should have medical insurance. Medicare is nice, but it is limited; a supplemental health insurance can help offset the rising cost of medication and health care. Because your needs for insurance change overtime, you should have a good working relationship with your agent and see them regularly. They need to know you and your needs to best serve you and ensure that you are properly covered.
Your attorney can assist in many ways. In an emergency, you should be certain to have powers of attorney designating who can make decisions for you if you cannot. But your attorney can also help you carry out plans through caregiver agreements, leases, or trusts, to ensure that you and your family are prepared for the challenges of aging.
These are long-term professional relationships. In selecting an insurance agent or attorney, you should feel free to interview them. Ask about their experience, education, and philosophies on serving their clients. Discuss the process in their offices, and get personal recommendations. As with the other professionals in your life, these relationships may serve you for many years and may translate into serving your spouse or children.
These professionals can help you live comfortably now, but also will focus on the legacy you want to pass to your family or friends. By establishing a relationship now, and working with them regularly, you can have the confidence that you and your family are well cared for by your team.
Cassandra Jones is an elder law and family law attorney in Gardnerville. She can be reached at 782-0040.