Understanding Your Personal Finances
Even though you have a Will and Power of Attorneys in place, if you don’t have any idea of what financial assets you and your spouse have, you may be missing out on tens or hundreds of thousands of dollars. Understanding your personal finances is key. Watch Rachel’s emotional story here:
As you saw, Rachel knew nothing about their personal finances, even though her husband had a Will and a Financial Advisor. Her husband had moved most of their portfolio from one Financial Advisor to another, when he suddenly died of a rare disease.
Rachel’s experience was devastating. One financial advisor would not return her calls and the other financial advisor was pressuring her to sign documents that she truly did not understand. She was overwhelmed and that’s when she was referred to Joanna of the Blackmore Levy Group.
Joanna sat down with Rachel and explained the whole process to her, so that she knew and understood exactly what the next steps were.
Rachel saw a lawyer, who confirmed that the Will was legal and binding and that she was the executor.
Although Rachel’s husband had a rare disease and did not qualify for personal Life Insurance, Joanna found that he did in fact have a Group Life Insurance Policy through his benefit plan. Luckily Rachel was the named beneficiary on this policy and all of his other financial accounts.
If you have a life partner, one of the first things that we recommend is to treat your personal finances as a partnership. In many relationships this is not always the case, as we usually find that one spouse takes care of the day-to-day finances and the other spouse takes care of the Insurance and Investments. If God forbid, something unexpected were to happen, and your partner was to pass away, not only would this be absolutely traumatic but you could also be completely unprepared.
Joanna guided Rachel through the paperwork and they made phone calls together so that Rachel could advise all the Financial Institutions and anyone else necessary, of her husband’s passing. Rachel was surprised to learn of the assets that she didn’t even know existed.
At the Blackmore Levy Group, we go the extra mile. We take the time to sit down with you and make sure that you understand exactly what you have, as we talk to you in layman’s terms. We guide you through the steps that you need to take to ensure that you receive everything you are entitled to.
Joanna and her team are all about education on personal finance. It’s about the planning process and building a strong Financial House from the foundation up. Once you have the blueprint in place and the foundation laid, with care and attention, the house will last a lifetime.
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Blackmore Levy is a full-service Financial Brokerage with over 60 years of combined industry knowledge. Expert Advice with state of the art, customized solutions! The customized “Blueprint of your Financial House” is a proprietary software program that was years in development with a significant investment of time and resources. It provides our clients with a simple easy to follow customized blueprint offered exclusively through our Financial Architects.
Contact us today to find out how we can help get your personal finances in order. We provide a free audit to assess where you need help and we also create a personal blueprint of your Financial House.