We spent a relaxing weekend, mostly catching up on sleep as we are still recovering from our trip. On Saturday night, we attended a fun event at Sierra Vista Winery, in the foothills near Somerset. We enjoyed a lovely evening of music, wine tasting and best of all, eating almost everything in sight at the lobster feed. The table was truly a sight to behold with the most colorful cuisine laid out before us. Words can’t do this justice, so I’ve attached a few photos.
Asset protection is a major focus here at Cava & Faulkner. As your family grows, so do your insurance needs. Insurance is just one of several forms of asset protection. We are fortunate to partner with many stellar insurance professionals within our community and are happy to connect you to ensure that you and your family are fully protected. Give us a call and we are happy to assist you!
Until next time,
Christine E. Faulkner
Time to Audit Your Insurance Policies
As your family size grows, there is lots to prepare for and consider. Welcoming a new family member can be a joyous occasion, and requires some planning. Adding a new family member can affect your finances and create a need for more protections. Reassessing your insurance coverage might not be at the top of your list, but policies should always be audited when changes in your family life occur to ensure your coverage will adequately protect your growing family. Remember this: insurance says I love you to the people you love.
It’s always a good idea to increase your life insurance coverage whenever you add a new member to your family. Life insurance can provide your loved ones with valuable financial support when you die. Determining the right type and amount of life insurance coverage takes assessing your current financial standing and the future financial needs of your family. As your family grows, future financial needs will as well. Think long-term, take into account inflation and any expected big-ticket investments, such as education over the years, plus the needs of a single parent or named legal guardians to care for your children, if you pass on while they are unable to care for themselves.
And always remember that you can name legal guardians to care for the education and health of your children, while directing your insurance to pay to a trust for the benefit of your children, with a separate trustee named to care for the finances. This Trustee would work together with your named guardians to make decisions in the best interest of your children, until they could receive and control the inheritance themselves.
For some, a bigger family means a bigger home. If you are purchasing a new home or building a new addition to your current home, it’s a good idea to reevaluate your homeowner’s policy. Key factors to look for include whether your existing policy has sufficient coverage to repair or replace your home and whether your policy would replace your belongings if necessary. Also, consider adding riders to your existing policy to cover things like damage from natural disasters, which standard policies typically don’t cover.
You might need a larger or safer car to meet the needs of your growing family. A new car can affect your auto insurance rates, so check with your provider before you make a new purchase to see how your rates may change. Also, some auto insurance providers offer policy discounts for married couples, so talk to your agent about the discounts you may qualify for.
Parents want to protect their family from the unexpected. Insurance can help provide this protection, but you need to tailor your policies to meet your family’s needs. Periodically review your insurance policies as your family grows to make sure you have optimal protection for what you value most. And, use us to support you.
If you’re growing your family and want to protect your loved ones, consider sitting down with us. As your Personal Family Lawyer®, we can walk you through creating a comprehensive Kids Protection Plan®.