Hi ,
On April 4th, my father-in-law passed away. My brother-in-law Jason did an amazing job being his primary caregiver until his last breath.
To be frank, I don't know all of my father-in-law's money situation. This much I did know:
- He worked for 34 years at the Federal reserve bank in NYC as a federal police officer. He was working for the bank during 9/11. His federal health insurance helped to offset medical costs throughout his life.
- He paid off his house in Delaware.
- He had life insurance that paid for his funeral and burial at the military cemetary. (We do not talk enough of the importance of life insurance in our black and brown community.)
- He had an living trust.
- Prior to his passing, he had already set up his banking accounts and upon his passing, his social security income was able to be transferred to my mother-in-law and other benefits without issue.
Dealing with the social security administration while processing your grief is not fun. I had to do it twice, once when my mom passed and when my ex wife (mom of my kids passed).
That is as far as I know. A trust, a life insurance policy are things not normally discussed in our community. Do you want to have these tough conversations, but are afraid. Are you having imposter syndrome, afraid your family member might curse you out for having these important conversation? Book your free 45 minute consultation here. Let's ease your concerns and lets help try to protect any assests you may have.
Talk soon,
Bas Moreno
Bas Moreno Consulting
4 comments
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