What is a care network? For some, it is a connection between health and wellness. In this blog, we're talking about your legacy care team. Your family needs a network for legal guidance, making wiser decisions, and more.
The most critical question is, who's in your network? For my wife and myself, our network consists of a CPA, estate planning attorney, financial fiduciary, and more. These individuals provide the expertise and legal advice to keep a protective covering around us. It's essential to get the right team around you and the family.
Consider someone who can teach you undercover contract details. It is common for many families to overlook the fine print and find them and their assets to be taken. As an illustration, whenever my wife and I make a large purchase, for instance, a car, we take the time to read the entire contract, one line at a time.
We want to see how the salespeople become impatient and try to rush and close the deal. Regardless of what they say, we only sign after we feel comfortable when our questions are answered. After an hour of reading over a contract, we take another hour asking questions like "Explain this point" and "What does that word mean?" If you get a response such as, "Do not worry, that is just a standard item on the contract," ask them to explain the standards. The point is to ask open-ended questions to get real answers before making a mistake.
Here are a few more open-ended questions: "Tell me about the warranty" or "Could you explain what this word means." Remember, after you walk out the door, that salesperson is not obligated to pay the bill; you are. Therefore, ask every question you can think of to get them to talk.
Lastly, get everything in writing to protect yourself. It is common for someone to come back and say, "I did not agree to that." Remember, details are essential. Whether our attorney, financial advisor, or children's private school, we ask questions before committing. As a result, we have saved ourselves from a host of problems.
When you cannot get an answer to your liking, ask if you could take the contract to be viewed by your legal representative. If they refuse, you know trouble is lurking, so get up and walk away from the deal.
Lastly, successful families have a plan. For example, I recently heard that one family (who will remain nameless) started their strategy in the early nineteen hundreds. Today, they have billions of dollars to care for multiple generations. How did they achieve such success? They had a network to help them achieve their goal. So, from number 1 to ten (ten being the best), how do you feel about the results from your legacy care team?
Things would be more comfortable with the advice and instruction from a legal care team.
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