Are your protection plans in place?

Have you ever thought about how much you have to protect? Between your family, your finances, your independence and your legacy, it can be quite a lot — and that's why it's important to have the right protection plan in place.

Let's look at these areas of need and some possible protection solutions:

• Protecting your income – An injury or severe illness could prevent you from working for some time. And if that happened, your family's finances could become strained. To help guard against this possibility, you may want to consider disability insurance. Your employer may offer some type of coverage, but it's likely to be short term and may not be enough to help close the income gap you might face, so you may want to consider purchasing your own policy.
• Protecting your family – If you were no longer around, how would your family's lifestyle be affected? Could they stay in the same house? Could your children afford college or another type of post-secondary education? If you have adequate life insurance, the answer to these questions can be "yes." Again, you might get some coverage from your employer, but it may be insufficient, so you may want to explore additional protection through a personal policy. In determining how much coverage you'll need, you'll want to weigh several factors: size of mortgage and other debts, number of children, spouse's income and needs, and the legacy you'd like to leave.
• Protecting your goals – You may have some important financial goals, such as sending your children to college and achieving a comfortable retirement. To protect these goals, you'll need strategies to help prepare for them, which could include investing in an education savings plan and contributing regularly to your IRA and 401(k) or other retirement plans.
• Protecting your financial independence – Hopefully, you will be able to remain financially independent your entire life. But this independence could be threatened by the need for some type of long-term care. Consider this: A private room in a nursing home costs, on average, more than $116,000 a year, while the services of a home health aide are more than $75,000 a year, according to Genworth, an insurance company. Medicare generally does not cover these costs or types of needs and would typically only pay for a short period. You might be left with significant bills or creditors and possibly dependent on family or loved ones. To help protect yourself from these threats, you may want to consult with a financial professional, who can offer long-term care solutions.
• Protecting your legacy – When you work hard your whole life, you may want to leave something behind to your loved ones. A comprehensive estate plan can help ensure your family — and the charitable groups you support — will receive the resources you'd like them to have. An estate plan can be somewhat complex, involving various documents and arrangements, including a will, living trust and various powers of attorney, so you'll need to work with a qualified legal advisor, and possibly your financial professional.

As we've seen, "protection" can take many forms. So, try to follow all the protection strategies you need to enjoy the life you've envisioned for yourself and your family.

North Adams, Partners Celebrate $17.3M in Federal Money Toward Bike Path

By Tammy DanielsiBerkshires Staff
01:11PM / Friday, January 10, 2025

U.S. Rep. Richard Neal, wearing an MCLA scarf, announces the funding for the project design and planning at City Hall on Friday morning. 

NORTH ADAMS, Mass. — It's been 26 years since the concept of a Connecticut to Vermont bike trail was first proposed — and 130 since a proposal was put forward for a path between North Adams and Williamstown. 

 

Those dreams took another step forward on Friday with the announcement of $17.3 million in federal funding for the "Adventure to Ashuwillticook Trail," a 9.3-section from the Mohican Path at Williamstown's Spruces to Massachusetts Museum of Contemporary Art. 

 

"This is a major success because it connects Williamstown and Adams and North Adams," said U.S. Rep. Richard Neal, who was instrumental in obtaining the funding as chairman of Ways and Means Committee. "It's a big deal, and we're going to hear from experts, but I want to thank the Berkshire Regional Planning Commission. Great work on this. I can be helpful to you, for sure, as Eddie and Elizabeth were [U.S. Sens. Markey and Warren], but I can't be helpful to you unless you have a good product, and you had a good product."

 

The grant award is the result of a collaborative effort involving Berkshire Funding Focus, a government funding initiative of the BRPC, along with Adams, North Adams and Williamstown, Mass MoCA and the Tourists resort through which the bike path will run. BRPC is the lead agent and will coordinate the partnership and manage the grant award over the course of the four-year process.

 

Neal was joined at City Hall by Mayor Jennifer Macksey, state Sen. Paul Mark, state Rep. John Barrett III, BRPC Executive Director Tom Matuszko, Mass MoCA Director Kristy Edmunds and Benjamin Svenson and Eric Kerns, of the Tourists resort. 

 

Macksey explained why spending $17 million on bike path planning was important, in the same way she had to her 93-year-old mother. 

 

"She said, 'we need water improvements. We need bridges fixed. Why are you building this bike path? And we had a conversation about economic development. We had a conversation about recreation. We had a conversation about wellness in the community," the mayor said. "But most importantly, we had a conversation that our communities cannot be siloed anymore, that we have to connect them, and this is the way of the future."