Protecting Your Assets: A Financial Wellness Guide for Immigrants in the U.S.
Be Prepared and Stay Protected — February 12, 2025
Many immigrant families work tirelessly to build their life and assets from the ground up. The Trump administration’s threats to separate families and upend lives have created fear and confusion, particularly about how to safeguard hard-earned assets, such as homes and life savings. That’s why the focus of last Friday’s Weekly Immigration Update was on financial wellness and asset protection for immigrants in the U.S., offering crucial advice and debunking common misconceptions.
Laura Mendoza, TRP Lead Trainer, and Lizette Carretero, TRP Director of Financial Wellness, dove into the essential topic of safeguarding your hard-earned assets like homes, cars, and bank accounts.
Let's break down the key takeaways:
Your Assets Are Protected, Regardless of Immigration Status
One of the most important things to remember: immigrants in the U.S. remain the owners of their properties, irrespective of their immigration status or location. It's crucial to dismiss rumors that suggest otherwise. Your home is your home, your car is your car, and your bank account is yours, regardless of your immigration situation.
However, this ownership comes with responsibilities. Maintaining payments, property taxes, and staying in good standing with your financial obligations is paramount. Protecting your assets means being proactive and responsible with your finances.
Financial Power of Attorney: A Tool for Protection and Planning
The financial power of attorney as a vital tool for asset protection and emergency preparedness. It's about creating a plan for your assets and designating a trustworthy person to manage your finances should unforeseen circumstances arise.
Key steps to consider:
Create a Plan: Don't wait for an emergency. Think proactively about your financial future and how you want your assets managed if you become unable to do so yourself.
Consider Your Assets: Take stock of what you own – your home, car, bank accounts, and other valuable possessions.
Designate a Responsible Person: Choose someone you trust implicitly to act as your financial power of attorney. This person will be responsible for managing your finances according to your wishes.
Caution Against Fraud: Don't rely on rumors. Turn to reliable resources and legal professionals for guidance. Don't rush into signing legal documents without proper planning and trustworthy advice.
Get Prepared and Stay Protected With Trustworthy advice:
Reliable Resources: For trustworthy legal assistance and more information on how to be prepared and stay informed, you are in the right place!
Explore our website to find Know Your Rights resources and trainings, legal assistance for immigrants facing detention or deportation, and other resources to help keep you safe. Don’t forget to always seek information from verified and reputable sources.
Right now, there are plenty of rumors prevalent in the immigrant community that must be addressed and debunked. Here’s what we know to be true:
Beneficiaries for financial power of attorney must be adults over 18.
Bank accounts held by ITIN account holders are NOT at risk of being frozen based on mere rumors.
It is crucial to file taxes, even with an ITIN.
Remember: You have rights and TRP Immigrant Justice is here to help you protect them!
Join us for our Weekly Immigration Update every Friday at 4 pm CST on Facebook and Instagram live. This Friday, February 14, we’ll be discussing guardianship and emergency planning. Follow us to stay up-to-date on the latest immigration news and resources for our communities.
