Managing Assets After a Disability with Valerie Hogan

Preparing for disability also falls in the same category as basic estate planning. This includes considering a durable power of attorney for finance or health decisions, a will or revocable living trust, and a living will when you can't make medical decisions independently.

Organizing for Incapacity

To get organized, securely store important papers and legal documents and let someone you trust know their location. Talk to your spouse or family member about your advanced care wishes and permit your doctors and lawyers to speak with your caregiver, which may require a HIPAA release.

Here’s a comprehensive list:

• Birth, death, and marriage certificates
• Names and phone numbers of close friends, relatives, doctors, lawyers, and financial advisors
• Financial information such as social security card or number, sources of income, IRAs, 401(k)s
• Insurance information, including life, long-term care, home, and car policies, with policy numbers and agents’ contact details
• Bank account numbers, checking, savings, and credit union details
• Investment information (stocks, bonds, property) with broker’s contact details
• Most recent income tax returns
• Up-to-date will or trust with original signatures and witnesses (varies by state)
• List of liabilities and whom you owe
• Deeds or trust documents for your house and car
• Health information, including current prescriptions, a living will, a durable power of attorney for health care, health insurance policies with policy numbers and contacts, and HIPAA releases.

It’s worth it to ensure everything is done properly, so a licensed attorney specializing in estate planning in your state is an excellent resource for wisdom and advice. A godly estate planning attorney can help you consider whether the next steward is chosen and prepared.

On Today’s Program, Rob Answers Listener Questions:

• Should I consider paying off my mortgage since the mortgage rate is considerably less than I could get by investing money in CDs? I'm also curious if digital currency is coming to the United States and if we must worry about the government taking our home.
• As a new medical practice owner who is barely making it right now with overhead and mortgage expenses, do I tithe from the gross income that the practice brings in, or can I tithe from the net income after taking care of all the expenses? Also, I bought a house in Florida to pay off, and I just got engaged. I plan to add him to the deed. What will the tax consequences be for him?
• How can my husband and I save or invest $200,000 that I will soon receive as an inheritance, given that we plan to retire in five years?
• My husband and I had gotten behind in tithing and giving to the ministries we support. We were challenged to get caught up, so despite life circumstances, we dipped into our savings and sent the checks. The day we delivered our tithe check to the church, we received a cash offer and sold our house in just two weeks. I wanted to encourage others that God is faithful when we surrender our hearts to him.
• I'm a 73-year-old widow living on Medicare and Medicaid. Because of this, I've heard they could take my house, but I want to understand more about how true that is and what I need to do, like possibly setting up a trust to secure my home. Where should I start to get advice on this issue?

Resources Mentioned:

• Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JD
• Money and Marriage God’s Way by Howard Dayton
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App