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Are your assets secure?
Consider the risk of lawsuits, high cost of medical care, losing your home and even your pets being at risk: All too often, we set- tle for basic insurance and fail to consider the importance of comprehensive protec- tion. In other cases, all we need is the best legal document. Today, it is not worth rolling the dice and sacrificing your savings or your hard-earned assets. And it is next to impos-
sible to keep up with what you do need for protection, especially since it changes without any warning. Here are some thoughts on protecting those as-
sets:
save a pet’s life. Through the Benefits Plan there is an insurance company offering protection for less than $10 a month.
Your Estate
You need a Living Trust, not a will. If you own more than $100,000 in assets, your estate is heading toward probate, and it will be costly and take at least 12-18 months. Your Living Trust plan is covered under your Benefits Plan at 50-percent reduced fees.
Long Term Health Care
TOM TUOHY
Will you need it? If we make it to age 65, 70 percent of us will need some long-term health care. Although only 40 percent will require in- patient nursing care, long-term health care is expensive no matter where it is provided. There is a now a hybrid insurance policy that is being offered exclusively to Benefits Plan members which provides long-term care insurance and, if not accessed, can be converted to life insurance at your death. It is worth
checking out.
Automobile
I previously wrote about the importance of having enough coverage on all your vehicles. The most com- mon auto policy written today is the same as it was 25 years ago - 100/300. You are insured up to $100,000 in protection for damages you or a covered driver on your policy causes as a result of negligence. What if some- one you injure is hospitalized? What if the injured per- son had a heart attack or broke a bone or herniated a disc? Umbrella Insurance or adequate coverage to protect your net estate is essential. Members are sav- ing an average of $466 with A-rated companies in the Benefits Plan.
One of the great advantages of your membership in the FOP Benefits Plans is that not only do you and your family members save significantly, but you get free ed- ucation and updates several times a month. But you have to register. It is free and it takes two minutes. Go to www.FopBenefitsPlan.com. There is also a real per- son to help you if you have issues that you can call at 1-866-729-5454. Or email admin@cbaplan.com. If all else fails, call my office and we will get you where you need to be. d
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Benefits Plan. He has been a police lawyer for 34 years. His father was a CPD detective and his grandfather was CPD Chief of Major Crimes. Tom can be reached at 312-559-8400.
Homestead Real Estate
FOP
Benefits Plan
If you are married, your principal place of residenceshouldbetitledin“TenancybytheEn- tirety.” No exceptions. There is simply no valid rea- son why your title would not be in this form. Under “Tenancy by the Entirety,” title to the residence is pro- tected from the creditors of one spouse. This protects your home if you are sued on or off the job. It protects you in the event of an underinsured accident (which should never happen - see below for reminder). It pro- tects you from a collection lawsuit. A creditor cannot force the sale of the marital home. You can replace your current deed for $75 plus recording costs under the reduced fees of the FOP Benefits Plan. There is no reason to delay.
Investment Real Estate
Your renters can sue you for a variety of reasons, especially for injuries suffered as result of property defects inside and outside of the residence. First, be certain you have the right coverage and are not over- paying. Call the Benefits Plan for a free quote. Your group rate discounts will save you hundreds of dollars. Second, eliminate any concern by holding title to any investment property in either a corporation or a LLC. Organization and filing of those business structures are also covered in your Benefits Plan.
Firearms
You are always the police. And you are always vul- nerable to lawsuits for the use of your firearm. You can, and should, get firearm insurance for your protection. Check out the firearms insurance policy offer on the Benefits Plan website.
Pets
Anybody who has a pet knows they are not cheap. And they are worth every penny. Food and the basics are in the budget. However, what about that emer- gency? If you have not been there, you know someone who has faced thousands of dollars in medical care to
56 CHICAGO LODGE 7 ■ APRIL 2016