What Barrett Didn’t Know Hurt Him…

Barrett bought auto insurance for the lowest coverage in order to save money. One day he was at fault on a multi-vehicle accident and his coverage wasn’t enough to cover his own injuries and to pay for others. Barrett owned other assets and was forced to liquidate fast to settle lawsuits and pay for medical expenses. Barrett couldn’t work for a while and his life went upside down quickly, but let’s not blame him for saving pennies to lose thousands over insurance.

Barrett could have kept the same insurance, (or got one with better coverage), place his assets in entities that can’t be easily pursued by creditors, and set up other accounts that provide him sources of income in times of need, given a power of attorney to a family member to handle his affairs when he couldn’t…

Isabella Did Her Best But She Was Not Prepared For Her Own Situation…

Isabella was a young single mom of 3 and she made about $30k a year at a job. She wanted all her kids to get good college education and get much higher earning jobs than her. After doing some research she decided to put all she could in college fund accounts.

Sadly, Isabella was diagnosed with cancer and soon passed away. Her kids 3, 5 and 7 then was placed with institutional foster care. Time passed and now kids are aged out of the system and old enough to go to college. However, their college fund wasn’t enough because she only contributed shortly before her death, and the kids were not so ready for the colleges that could prepare them for high earning potentials.

Isabella had a few good friends who love and would raise her kids as best as they can. However, she did not have a Will to name guardianship so the state handled it for her. While she was focused on saving for college, she neglected to get her own life insurance which could provide more financial support. Had she been consulted with a knowledgeable financial advisor, things may have turned out different for the kids.