Student Loan Planner Disability Insurance Planning with Dan Rooker, CFP®, CSLP®, and Lauryn Williams, CFP®, CSLP®
You’re more likely to experience a disability than death, yet student loan borrowers and their families often overlook disability insurance. Two of our student loan planner consultants are exploring the crucial topic of disability and death planning. Join Dan Rooker, CFP®, CSLP®, and Lauryn Williams, CFP®, CSLP®, to learn the qualifications for Total and Permanent Disability (TPD) discharge and why estate planning is necessary even if you don’t have dependents.
The discussion covers estate planning documents and considerations for digital assets and guardianship for children. Additionally, you’ll gain insight into private student loans and how they differ from federal ones in terms of death or disability discharge. Tune in for valuable tips about the legal documents, benefits, and planning strategies that can help protect you and your loved ones in unforeseen circumstances.
In today’s episode, you'll find out:
- How disability insurance protects your income and why it's crucial for financial security
- Situations where you'd need disability insurance and examples that highlight its importance
- What documents you need to obtain Total and Permanent Disability discharge for federal loans and navigate the process successfully
- Key considerations to keep in mind before refinancing private loans
- What happens to private student loans after the borrower dies, including implications for both the borrower's estate and co-signers
- Why financial planning is more than just budgeting and student loan repayment
- The reasons why you need an estate plan, even if you don't have dependents, and how it can protect your assets and ensure your wishes are honored
- How rental property owners can effectively plan for emergencies and mitigate potential risks
- Common legal terms and important documents used in estate planning that you need to know
- What elements should be included in comprehensive estate planning, such as addressing digital assets, establishing guardianship, and more
- The importance of funding trusts and debunking misconceptions in the context of estate planning
- Why it's crucial to name beneficiaries on accounts and how it affects the distribution of assets
- The biggest mistakes to avoid when it comes to estate planning and how to navigate the process smoothly
- Why you should start early and not wait to begin estate planning
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