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9 months ago

Wealth-Protection Insurance People Neglect - Wall Street Journal

By Ivory Johnson Jan. 31, 2016 10:01 p.m. ET

People are so focused on making money, they often forget to protect their wealth once they have it. It is common to see headlines about the market going up or down, but rarely do we hear about a middle-class person who got sued after a car accident and didnt have the proper insurance to protect his or her assets.

Two overlooked areas designed to protect assets are long-term-care insurance and umbrella liability insurance.

When youre in your 50s, its easy to put off buying long-term-care coverage because it isnt something youre likely to need right away. I help clients combat this impulse by showing them what their retirement will look like based on how weve planned it, and what would happen to that plan if they had to pay for long-term care out-of-pocket for just three years. You can do all of the saving in the world, but if you have to go into a nursing home, all of a sudden you may have $6,000 in monthly expenses you werent expecting.

Consider the toll that would take on you and your loved ones. If you cant afford a nursing home, who is going to take care of you? Are your children going to be able to take on that burden?

Another common oversight involves having adequate protection against a lawsuit. You could face legal liability if, say, someone falls down the steps at your house. We live in a litigious environment, so an umbrella liability-insurance policy for extra coverage is something to consider. You may think you have enough coverage already, but what if something happens and you have to take $200,000 out of your retirement plan? Ask yourself if you can withstand such a blow.

Mr. Johnson is the founder of Delancey Wealth Management LLC in Washington, D.C. He can be reached at

11 months ago

Stop Your Financial Fight With These Expert Tips!

One of the most difficult things for most adults is finding a way to effectively manage their finances and make sure that they can make all their ends meet. Unless you're earning a couple hundred thousand dollars a year, you've probably been in a situation where money is tight. The tips bellow will give you ways to manage your finances so that you're never again in a situation like that.

Shop around before committing to a specific lender for financing. Talk to several loan officers, and always get terms on paper. You can also let the loan officer know of other rates you have been quoted, giving them a chance to compete for your business. Additional fees and charges as well, though be

11 months ago

Avoid Money Trouble With These Personal Finance Tips

It can seem like you will never be able to dig yourself out if you find yourself in a mountain of debt. Start creating strict shopping and budgets lists that will help you stay on track with your income. Read this article for more tips on managing your personal finances.

It is best to do nothing at all if you are not sure if it is the right time to buy or to sell. When you are risking your money that you worked hard for, it is always better to be safe then to be sorry and lose your money.

If you decide to hire a credit repair firm to help with fixing your credit, make sure you understand what they charge. Many firms charge you by the number of disputes and deletions attempted