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Michael A. Milazzo, CLU, ChFC

Registered Principal

 

The Meridian Financial Company

556 W Jericho Tpke, Suite 2, Smithtown, NY 11787

 

Phone:  631-979-4223

Fax:      631-656-8199 

 

Email: meridian@ae.cadaretgrant.com

Website: www.merfinco.com

September/October 2017

Financial protection for the self-employed

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If you are self-employed, you are fully aware of the joys — and the pressures — that being your own boss bring. You can work as much or as little as you choose. And as long as you are healthy, your ability to generate income is secure and your family can enjoy the life you’ve created for them. However, have you given any thought to what might happen to that lifestyle if you were to die?


The stakes are high . . .


If you were no longer around to provide for your family, could they afford to continue living in the family home? Could they pay everyday living expenses such as food, utility costs, and medical expenses without your income coming in? If your death would place a serious strain on your family’s finances, you should consider taking steps to protect their future financial security. Life insurance is one of the most effective ways to ensure your family won’t suffer financially should the unexpected happen to you.


. . . especially for sole proprietors


Sole proprietors are personally liable for all of the debts of their business. Death does not make that liability disappear. All financial obligations or any losses at your death become the responsibility of your estate. Business debts include:

  • Mortgage or lease payments on your business facility

  • Outstanding payments owed to vendors, suppliers, employees and other parties

  • Loans your business obtained from banks or governmental lenders

  • Sales taxes and local, state, and federal income taxes


Depending on the extent of your business debts, your estate may have to sell off or transfer personal assets to satisfy these debts. Adequate life insurance coverage can prevent this scenario from coming to pass. Your estate can use the proceeds from your life insurance policy to settle any of your business’s outstanding obligations.


FINRA Reference FR2017-0427-0092/E 08/02/17


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Michael A. Milazzo is a Registered Representative of and offers securities through Cadaret, Grant & Co, Inc, a member of FINRA and SIPC. The Meridian Financial Company and Cadaret, Grant are separate entities. I am registered to sell Securities in the following States: NY, PA, NC, FL, CO, ID.
The Meridian Financial Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.