Hurricane Florence made landfall this past Thursday evening with the coastline of North Carolina taken the brunt of the impact. Hopefully, the threat to human life will be minimal with evacuations occurring prior to landfall but what will likely be inevitable is the destruction to residences, businesses, infrastructure, etc. that residents will encounter when they return. Many people will discover that their insurance company will not cover their loss due to a technicality in their policy, while others will find that even with insurance coverage they still have to come out of pocket a substantial amount of money to get back on their financial feet. Barring an extraordinary situation, for multiple reasons, these people should not tap into tax-deferred savings plans to make up the difference (for more information about why, please email Kaz Espy)
Financial ruin can come in many forms, sometimes it is self-induced but other times it is merely a product of random selection, as with those in the path of Hurricane Florence. When financial devastation hits, you should consult with an experienced professional to help guide you down the right path to recovery. Such a professional, like the attorneys with Espy, Metcalf & Espy, P.C., can minimize the continued loss of property and/or money while preserving what assets remain.