We Can Do This…….
Vincent Russo, JD, LLM, CELA | November 28th, 2008Life seems to just get more challenging for all of us. Who could have predicted the economic 
crisis that our country is facing today? I am sure that we will all pull together as Americans and get through this crisis but we are in for tough times.
With that in mind, it is important to take steps to ensure that each one of us
individually is protected. And here is where working with professionals can be a life saver.
Each one of us needs to review our financial situation with a trustworthy and experienced financial advisor. On an individual basis, we need to consider whether any changes should be made in our investments.
We are receiving calls from our clients as to whether they are protected with FDIC insurance for their monies held in the bank. New rules have just been implemented effective October 3, 2008 through December 31, 2009 increasing the insurance deposit coverage. If you have more than the FDIC insured amount, you may want to consider holding your monies in several banks in order to obtain full FDIC coverage. If you have questions about FDIC coverage limits and requirements, you can visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank. Our law firm can also help you with any questions you may have regarding protecting your assets.
We are also receiving a number of calls regarding whether one should hold on to their house if their current mortgage obligation exceeds the current value of their home. The decision to default on such a loan must be made very carefully. One’s entire financial situation should be reviewed with your financial planner or accountant. A comprehensive cash flow analysis of your income and expenses would be helpful in making your decision. It is also too early to tell whether the “Wall Street Bail Out” will help homeowners in
these situations. This needs to be monitored very closely as the Bail Out is
implemented. We are still awaiting the details.
It is also important that your estate plan is up to date. We can meet with you to ensure that your assets are held in a protective way for you and your family. Now is not the time to assume “all is well” with a laise-faire approach. Being pro-active can save you and your family from financial ruin.
We will get through this crisis!
Wishing you well,
Vincent J. Russo
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Tags: accountant, assets, cfp, economic crisis, fdic, financial planner, personal finance, vincent russo
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