Category Archives: Umbrella Insurance

Be Prepared to Tackle Your Taxes This Season

It’s that dreaded time, Tax Season! You have those that prepare all year long, are organized and ready to pass everything on to their CPA or Tax professional and BAM taxes are ready to be submitted February 1st!  Then there is the rest of us who will wait to the last minute, scramble to find all the documents and still feel unprepared to file.

However, being prepared and confident is not a far reach. Whether you recently got married, had a baby, bought a home, changed jobs, or started a small business, there is no reason to delay filing. Waiting until the last minute and scrambling adds more stress to the already stressing task.

Here are a few tips and tricks to prepare yourself to rock your taxes!

  1. Don’t Delay! Remember the saying, “The early bird gets the worm?” well unfortunately when you delay it takes a lot longer to see your tax return. Filing early prevents you from scrambling to meet the deadline -eliminating errors and a quicker turn around on your refund.
  2. Gather Necessary Documents Having all your documents ready when you visit your tax professional or sit down to file saves time and eliminates the  Get a complete tax checklist here.
  3. Know Your Deadlines Deadlines are very important when it comes to your taxes. If you need to file an extension make sure you do so before the cut off. This will prevent you from acquiring more fees and penalties. Here are your deadlines.
  4. Get Help! Reach out to your local tax professional. Most will let you call or stop by and offer you some guidance. Seeking assistance is one way to guarantee that you are getting the most out of your refund and not making any mistakes. No one wants to get audited…

Tax season can be daunting, but it doesn’t have to be! Utilize your resources, do a little research if there was a major milestone in 2017 and don’t wait until the last minute! You got this! J

 

Benefits of Having an Umbrella Policy

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While it can be odd to talk about umbrellas as we approach summer in Texas, when it comes to protecting your family and your assets, an umbrella insurance policy might be just what you need.

Umbrella insurance, which is also known as liability insurance, goes above and beyond other insurance policies you may have. Umbrella insurance policies typically come into play when the maximum amount has been paid out by primary insurance policies, ensuring that your personal assets have added protection when such circumstances arise. Personal umbrella insurance policies are most commonly supplement homeowner or automobile insurance. Some umbrella policies also cover claims that are not included in other liability policies, like slander, false arrest, defamation of character, and libel.

Imagine that you get in a car accident and you are deemed responsible. The other driver in the accident is injured, requires extensive medical care, and suffers loss of income from not being able to perform his job for a year. You are sued for $2 million, but your car insurance policy may have maximum payout of only $300,000. With umbrella coverage, rather than have to pay the remaining amount ($1.7 million) from your personal assets, you would then be covered for anywhere from $1 million up to $5 million (typically in million dollar increments), depending on your policy. Often, personal umbrella insurance policies may also cover your legal fees.

Umbrella policies can also provide extra protection when you are traveling abroad or someone gets hurt in your home. Once your primary insurance policy pays the maximum amount, you will be personally liable for the difference between the insurance payout and the amount you are being sued for. With an umbrella insurance policy, your home, bank accounts, retirement accounts, and other valuable personal assets can be protected.

Personal umbrella insurance policies with $1 million coverage can typically be purchased for anywhere from $100 to $300 a year depending on your state and your personal qualifications.

Contact us today to learn more about umbrella insurance policies and whether personal liability might be right for you.