Tune in to this radio show and podcast! We chat about all things legal and financial!! Our guest Melissa D. Mohan, Esq, is a wealth of knowledge. Host Ryan Treasure and Co-Host Tracy Moley discuss the many things important to finance and your legal situation with our awesome guest!! See below for some talking points and tips for your financial and legal life.
Some of our topics!
Also, please follow the show at https://stereo.com/radioryan1
Here Are The Things you can control in your legal and financial life:
Legal:
• Will – A legal documents that layout your wishes after you die.
o If you have a minor child, a will is a must.
• Trusts
o fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries
o minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan
• Power of Attorney
o you give another person authority to handle your personal business and make decisions on your behalf, WHILE YOU ARE ALIVE.
• Health Care Proxy
o allows you to appoint someone else to act as your agent for medical decisions
• Living Will
o also called a directive to physicians or advance directive. It lets people state their wishes for end-of-life medical care if they become unable to communicate their decisions. It has no power after death.
Life Insurance
• Everyone needs it.
• TRADITIONALLY, it pays a death benefit (sum of money) to your family upon your death.
Also, a way to build wealth and tax-free investment.
• Term
o Lasts for a specific period of time.
o Premiums lower, no cash accumulation
• Permanent
o Lasts for your entire lifetime
o Premiums higher, cash accumulation
• Living Benefits
o Cancer, Stroke, Heart Attack no longer a death sentence.
? More people surviving. In fact, 90% of people will survive a heart attack.
o These are benefits that you do not have to die to use. It’s a no-brainer.
o Difference between surviving an illness and having a life afterward.
Living Situation
• Need more space, less space
• Want to change your location
• Refinancing - benefits
• How does the low-interest rate mean for me?
Things you may not be able to control:
Foreclosure
• Many facing financial difficulty. Some of us may get behind on our mortgages and may be facing foreclosure.
• Foreclosure brings about feelings of disappointment and shame. But it’s okay.
• Mortgage servicers are getting new guidelines on how to handle this crisis.
• Now is the time to be proactive with mortgage servicers.
• Not sure what to do or who to call, reach out to me, and I will do my best to assist you.
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