Comments on: A Cautionary Tale About Legalities, Saving For The Future, and Insurance

By: Lauren Cohen

Lauren Cohen — Thu, 14 Jul 2011 19:48:40 +0000

It truly does seem they are rather unprepared. Aside from flood insurance they had other insurance options available to them that could have been of great benefit during these times. They had the option years ago of taking out a life insurance policy out on the grandfather. If they made themselves the owner and the grandfather the insured they would receive that money tax free in the event of his passing. And by the facts of this article that would most likely be sooner than later. The death benefit they would receive now on the grandfather would have provided them with the funds to continue to pay the taxes on the land and be able to live there. Also could have allowed them the necessary funds to rebuild on that land, now that their home was wrecked by a flood. Now that the grandfather is old and in poor health it is likely they will not be able to afford much more than a no medical burial policy if anything at all. Planning for future not only affects you but affects all your loved ones around you. What I took from this article is be proactive with your own future. If you depend on other’s for survival….you simply won’t survive.

By: larabelle

larabelle — Sun, 19 Jun 2011 15:28:00 +0000

I have to agree with Snowy Heron. Why did these people live their lives in such a unprepared manner? What a poor example to their children and grandchildren. I think it is just another sad example of “you reap what you sow”.

By: Snowy Heron

Snowy Heron — Tue, 14 Jun 2011 18:46:56 +0000

Wow, talk about being unprepared! I would have to guess that the parents lived either a very lavish lifestyle, without paying rent or putting money aside for retirement, or they were underemployed for their adult years, living a very low stress (but also low productivity) life style. Either way, they have the lifestyle now that they prepared for! Makes me feel better about having to deal with workaday stress and careful financial habits.