In the most recent release of unemployment numbers, released in May 2011, the nation is facing unemployment rates over 9%. While Utah’s unemployment rate is less, 7.3%, there are still over 17,000 people in Utah searching or work, unable to find it. Meanwhile, reports from the Fed indicate that this number is likely to improve soon. (Read what we said about it here.)
While most people who are employed are forced to fight to hang on to their job, they are soon to find themselves fighting to hang onto their healthcare as well. According to the Wall Street Journal, 30% of companies are expected to drop health insurance as a benefit once the provisions of the Affordable Care Act kick in during 2014. This number translates to three of every ten employers; three people at a table seating 10 will not have healthcare options in 2014. Even if your employer chooses to maintain healthcare benefits, 60% of all employers anticipate making changes to their current healthcare options. Meaning, even for the 90% of the workforce that is actually employed, more trouble lies ahead.
Of course, this is not set in stone. Things can and are likely to change to some extent, especially with an upcoming election in 2012. Unfortunately, things are not likely to change so much that decreases in healthcare benefits are no longer on the chopping block. But even if we are so fortunate to get to that point, within the current state of the economy there is an opportunity to motivate each of us to prepare for the uncertain future.
All unexpected blows to financial stability can be reduced by having your financial affairs in order. Creating a budget that works to facilitate savings, and then sticking to it allows you to have something to fall back and depend on when unexpected trials arise. Work with a Utah lawyer to carefully plan out your estate and, when appropriate, place assets in trust to protect them in the case of future financial distress. We can help you prepare for your future by placing your assets in places where they are protected from future litigation and/or creditors.
When times are hard, people (all people) cling to what they have left. Unfortunately, often this involves people seeking compensation through litigation that they may have otherwise let go during better times. To protect all that you’ve worked for, seek the advice of a Utah lawyer and put your assets in a safe place for your posterity so that they can benefit from your hard work.
If you are considering your financial future, or would like to protect your assets during litigation, consult with a Utah lawyer to learn more about your options. The attorney’s at Shumway Van & Hansen, are available for free consultations and can be contacted at www.shumwayvan.com, or phone us at 801-216-8885 to talk to someone over the phone. You are also welcome to visit any one of our locations and see if an attorney is in to meet with you. We are opening an office in Salt Lake City in 2011 for the convenience of our current and future clients there (560 East 500 South, Suite 100, Salt Lake City Utah 84102).