Sunday, January 12, 2014
One catastrophe could mean you lose everything that you’ve worked so hard to achieve. Here are four important things you should do to protect you and your loved ones:
- Get insurance! Life insurance, homeowners insurance, car insurance, liability insurance, disability insurance, medical insurance, and long-term care insurance should all be considered.
- Wait for Social Security benefits. Social Security is one of the few revenue streams able to withstand market downturns and inflation.
- Do your estate planning! Besides advance medical directives and planning for a long-term disability, consider whether you would rather make a will or avoid probate with a more expensive trust.
- Consider the corporate tax rate. If you own or plan on starting a business, consider creating a corporation or LLC to provide for personal liability protection.
See Barbara Hernandez, 4 Ways to Protect Your Money, The Motley Fool, Jan. 6, 2014.