The year of 2020 will go down in history as the year Covid-19 Virus hit the world bringing serious illness and death, changing our normal way of life to mandatory quarantines of people at home or in place. Social and monetary upheavals have occurred since most of the population in the United States either now work from their home or have been furloughed from their jobs until the virus scare has subsided. This Virus has affected everyone in the United States and the World, and we are now being warned that our “Normal Way of Life” may not return until sometime in the future.
It is very important to set up a survival plan for any young family should either Mom or Dad die at an age where the children are still home and in need of support until they finish school or reach maturity.
You and your spouse/partner should discuss a financial plan that would protect your family in case of early death or total disability by either yourself or your spouse. Other times that are good to put a plan into place are during a pregnancy or when getting a divorce.
Here are some basic ideas to consider in a Family Financial Protection Plan:
- THE WILL: The will is the most important item in your Family Financial Protection Plan. By creating a WILL, you MAY ENSURE THAT YOUR ASSETS ARE INHERITED BY THE PEOPLE OF YOUR CHOOSING (YOUR FAMILY) RATHER THAN THE STATE’S IDEA OF WHAT IS PROPER. TO DIE WITHOUT A WILL IS TO DIE “INTESTATE”. This means that the State (Texas) will determine the percentage of property that each family member will inherit after the death. The process of administering an estate through probate court can take months or longer once a judge appoints an executor to take over the deceased’s financial affairs. During this time, the family may not have access to money left to them to pay the family bills from this estate. BIG PROBLEM!
After having a Will for both spouses/partners of the family executed make sure that an original copy is left with your attorney for safekeeping. Very Important! Have another original copy of your Will in a secure place where the executor or a family member will be able to retrieve it at the time of your death.
- POWER OF ATTORNEY AND PROXIES: At the time of making out your will, make sure both parents have a Health Care Advance Directive and a Living Will prepared and executed. You need to designate a first and second choice of a person over 18 years of age to be your proxy. Your Living Will is your intention for end of life care, such as when to have your doctors withhold treatment and let you pass or if you would like to be an organ donor. It is very important that these documents are with your Will and accessible to your proxies, since many times, if there is a serious accident or medical emergency, you or your spouse will not be able to make serious medical decisions regarding your life or death.
- BENEFICIARIES: When you meet someone, marry, or join in a domestic union, it is important that as to any financial accounts you have (bank account, retirement fund, 401K, trust fund, stocks bonds), you should change the beneficiary to your spouse/partner. It is also a good idea to have a second beneficiary, either a child or family trust, in case you and your spouse/partner were both in an accident and die. If your children are young do not make your beneficiary a guardian who promises to take care of your children. Set up a family trust which will support your children and a trusted trustee for the trust.
- GUARDIANSHIP: Another very important item in your will for parents of minor children under 18 years old is APPOINTING A GUARDIAN IN YOUR WILL FOR RAISING YOUR CHILDREN. There should be a mutual joint decision on who will take care of the children if both you and your spouse/partner are deceased. By setting up this preference in your will, the proceeding judge will usually honor your request when setting up a guardian for your children.
- INSURANCE: Life Insurance may be costly, but it ensures that if you or your spouse/partner dies young, the surviving spouse/partner will be able to have the physical means to allow a slowdown working a job to take care of your young family without financial worries. It is always suggested that you start an insurance policy on both parents when they are young and healthy to keep costs at a manageable amount. Many companies also offer disability insurance to replace a percentage of salary if an employee becomes incapacitated. Long-Term- Care Insurance is also an option.
Finally make sure that all important financial and personal documents are always kept up to date and located in a secure place where they can be found in case of emergency or death! Some of the most important documents: bank and financial institution accounts, insurance information, credit cards, retirement account with beneficiary information, bills and list of bills on autopay monthly, deed of house, title to cars, boats or etc., and safety deposit key.
*Always have an updated list of online accounts, passwords, and credentials to any cryptocurrency wallets.
Nacol Law Firm PC
8144 Walnut Hill Lane #1190
Dallas, Texas 75231
tel: 972 690-3333
These last three months have really taken its toll on Texas, the United States of America, and the World. Our main concern now is how it has affected our great State of Texas and our DFW Community where we live, work and where our families, friends and clients make their home. On March 7, we sent our employees home to work and our attorneys made the decision to stay working at our Dallas law office in case a current customer or emergency situation needed to be addressed when many other law firms, fully or partially, shut down for the Covid-19 Season. Even with our Employees working from home, our phones were always answered by a smiling voice and a listening ear for emergency and client legal situations. The last few months has been a serious legal complexity and changing environment for ourselves and many of our neighbors, friends, and clients.
The Courts then, in major part, closed and only people who could afford an attorney were able to address legal serious problems that were happening in their lives and businesses. We have worked on blogs which helped people on finding help for domestic violence and answered calls from people all over the US concerning where to get help on a situation in their state after reading our blogs. We listened to their painful cries for help and sent them to their State Bars of Law for referrals. Not one call was dismissed, and we always tried to help, no matter where they lived.
Now we are approaching Phase 2 of the ”Covid-19 Scare”? Many businesses will again be closing and this time, many will not be able to have the funds or support to open their doors again. What will our Law Firm do? Will we send our office family home to work again? Yes, we will! But will we stop answering our phones or turn away our clients and emergency clients who are desperate for help because we are afraid? NO, WE WILL NOT! We are lawyers and now the People of Texas need our services more than ever.
The Nacol Law Firm P. C. is open for business and will be available to take Calls and Zoom appointments for people / businesses / corporations / nonprofits, who we can help at this time. If there is a situation that we cannot help with, we will try to have information on other sources that may help the caller. We are proud citizens of the United States of America and the Great State of Texas. We are also proud Attorneys of The State Bar of Texas and we will not give up on people who need our help.
Our services may be a little different than before. In our office, everyone must wear a mask and social distance themselves. Most of our conferences and hearings are by Telephone or Zoom unless it is a very serious emergency. All Court hearings, mediations, depositions are now mainly by Telephone or Zoom, but we can get it done.
Covid- 19 virus may seriously hurt our people and economy in Texas, but if we all work together to beat this “Demon”, we will be the “Winning Team”.
Make Today Your Winning Day! Call Us! We can help!
Mark A. Nacol /Julian M. Nacol
Nacol Law Firm P. C.
Walnut Glen Tower
8144 Walnut Hill Lane #1190
Dallas, Texas 75231