Published : Tuesday, 12 Feb 2013, 1:42 PM EST
GRAND RAPIDS, Mich. (WOOD) - Many of us don't know exactly what we should be doing when it comes to planning for our money once we are gone.
Estate planner, David Carrier, believes that most folks believe in the "pillow case of cash" method of saving, which is just handing over their money to loved ones in one lump sum. It's the thought of, "when I die, I will get my money to the kids as soon as possible." The problem with this is that your money is subject to your loved ones' creditors and predators including divorce, bankruptcy, student loans, credit card debt and nursing home costs.
Two recent cases that David Carrier has seen are a brother dies and leaves the family farm to his sister, who is about to enter long term nursing care. Now, the estate goes to the nursing home to cover the costs. Another case is a grandfather who left money to his grandson, but this disqualified his grandson from receiving financial aid because the money must be declared on financial aid paperwork.
To avoid situations like this, it's important to keep your money safe with proper planning. David Carrier is holding a series of free life planning workshops on Saturday, March 16, Saturday, March 23 and Thursday, March 28. All workshops take place at David Carrier's office located at 5242 Plainfield NE, Ste. C in Grand Rapids.
Call 616-361-8400 to reserve your spot today!