Protect Your Assets! - All About Seniors

By Debra L.Nelson, MSFS, CASL, Certified Financial Planner, Special Needs PlannerA lack of understanding of how to protect our assets and to know what kind of asset protection we have leaves us open to the risk of losing the assets that we have worked so hard to accumulate and that we want to preserve for ourselves and our loved ones.Ensure your financial future is secure by identifying areas of exposed risk in your life.Complete this comprehensive questionnaire covering life insurance, health insurance, disability insurance, liability risks, and estate planning.Risk Quantification QuestionnaireLife InsuranceDo you have life insurance? Yes / NoIs it sufficient to replace your income for heirs? Yes / NoWhat percentage is tied to your employer? ____________Do you have life insurance outside your employer? Yes / NoBeneficiary: ___________________________Do your grown children with children have life insurance? Yes / NoIs it tied to their employer? Yes / NoDo they have coverage outside of work? Yes / NoHealth InsuranceDo you have health insurance? Yes / NoDo your children or grandchildren have health insurance? Yes / NoLong-Term Care InsuranceDo you have long-term care insurance? Yes / NoDo your parents have long-term care insurance? Yes / NoDo you have dependents who may need long-term care coverage? Yes / NoDisability InsuranceDoes your employer provide disability insurance? Yes / NoWho pays the premiums? I pay / They payIf self-employed, do you have disability insurance? Yes / NoDoes it cover business expenses? Yes / NoLiability RisksDo you have children or grandchildren driving vehicles registered in your name? Yes / NoAre they covered under your insurance policy? Yes / NoDo you have umbrella liability insurance? Yes / NoCoverage amount: $____________Property & VehiclesDo you own recreational vehicles (boats, ATVs, RVs, etc.)? Yes / NoDo you allow others to use them? Yes / NoDo you own rental properties? Yes / NoHow are the deeds titled? _______________________Are they owned personally or in a protective entity? _______________________Asset TitlingIf someone was injured in your car, do you know what assets could be used for a judgment?Business/Investment account? Yes / NoProperty? Yes / NoHave you reviewed asset titling for judgment protection? Yes / NoEstate & Retirement PlanningDo you have estate planning documents (Wills, Trusts, POA, Medical Directives)? Yes / NoWhen were they last reviewed by an attorney? ____________Do you have well-defined financial and retirement goals? Yes / NoDo recent events prompt updates to your estate plan? Yes / No