At NEW HORIZONS, our main focus is on you and your family, and your Family's Financial Security as well as your family's Future Financial Stability. 

To protect family wealth in case of emergency or death, several financial and legal plans can be put in place:

1. Life Insurance:

   • Term Life Insurance: Provides coverage for a specified term and pays out a death benefit to beneficiaries if the insured person dies during the term.

   • Whole Life Insurance: Offers lifelong coverage with a death benefit and a savings component that can accumulate cash value.

2. Estate Planning:​

   • Living Trust: A legal arrangement where a trustee holds and manages assets for the benefit of beneficiaries. Trusts can help avoid probate and provide tax benefits.

   • Power of Attorney: Authorizes someone to manage your financial and legal affairs if you become incapacitated.

   • Healthcare Directive/Living Will: Specifies your wishes regarding medical treatment if you become unable to communicate.

3. Emergency Fund:

   • Maintaining a liquid emergency fund that can cover 3-6 months' worth of living expenses can provide a financial cushion in case of unexpected events such as job loss or medical emergencies.

4. Retirement Accounts:

   • Ensure retirement accounts like 401(k)s and IRAs have named beneficiaries to avoid probate and ensure the funds go directly to the intended recipients.

5. Disability Insurance:

   • Provides income replacement if you become unable to work due to a disability.

6. Long-Term Care Insurance:

   • Covers the cost of long-term care services, such as nursing home care or in-home care, which can be financially draining.

7. Asset Protection Strategies:

   • Use legal tools and strategies to protect assets from creditors and lawsuits. This may include setting up certain types of trusts or transferring ownership of assets.

8. Business Succession Planning:

   • For business owners, a succession plan ensures the continuity of the business and specifies how ownership and management will be transferred in case of death or incapacitation.

9. Review and Update Plans Regularly:

   • Regularly review and update all financial and legal documents to ensure they reflect current wishes and circumstances.

10. Professional Advice:

    • Consult with financial advisors, and estate planners, to create a comprehensive and personalized plan.

Implementing these strategies can help secure and protect family wealth, ensuring that financial stability is maintained during emergencies and that assets are distributed according to your wishes after death.

These are just some ways to achieve economic security for you and for your family. We would love to help with that. Let us put our Years of Experience to work for you.