Best Valentine’s Day Gift: Asset Protection Planning

9:32 pm Asset Protection, Estate Planning

heart 150x150 Best Valentine’s Day Gift: Asset Protection PlanningWhile it may not sound too romantic, protecting assets for the one(s) you love is actually a far more eloquent and long-lasting gift than the traditional chocolates, flowers or even jewelry.  Here are 5 ways to express your love through thoughtful estate planning:

Make a plan together.  When it comes to couples, one is usually more involved in financial planning than the other.  To maintain long-term happiness, both of you should be involved in setting your financial goals and priorities.

Manage your money together.  While one of you may be responsible for handling bill payment, both of you should be involved in managing your daily expenses and setting a budget.  If one is scrimping to make the mortgage and the other is out spending, this can lead to conflict.

Learn together.  If you are managing the finances, be sure your significant other also understands what is going on – there may come a day when they won’t have your leadership in this area.

Care for each other.  One of the primary reasons for protecting your assets is to be sure both of you are taken care of.  Insurance plays a role in this as well.  Having the right life, long-term care and disability insurance in place for both of you eases the burden should one of you become a caretaker for the other.  In addition, ensuring that your estate plan and beneficiary designations are in place and up to date can help you avoid the time and expense of California probate.

Tell each other everything.  Each of you needs to know where the estate planning documents are kept, as well as all the information on your digital accounts, including usernames and passwords.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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