By Melanie Slone
Read the first part of this article: https://northcountyinformador.com/louis-barajas-leads-latinos-on-the-path-to-financial-greatness/
Changes to immigration and other policies are leaving a mark on many families’ financial situation, says Louis Barajas, one of the first Latino certified financial planners and a financial life coach on the PBS program Opportunity Knocks.
Barajas asks what you would do if you were suddenly unable to manage your money because you got sick, were deported, or had to leave the country. Could you still pay the mortgage or run your business?
He believes financial empowerment today means preparing for whatever may come our way. “A lot of people that are here that are maybe green card holders, they’re afraid,” he says. “I’m walking around with my passport, and I was born and raised here.”
Individuals who have been deported say, ‘I’ve left all my money in the United States. What do I do?’” Barajas tells us.
Steps to Protect Your Finances
Everyone can take steps to protect their assets, even individuals who face deportation or choose to leave the country voluntarily. “If you’re here and you’ve got a green card, I’m giving you 30 things that that you can do to build wealth. If you’re here and you’re undocumented, until we have some kind of immigration reform, there are things that you can do right now,” he shares.
Furthermore, “If you’ve built a life and bought homes and have the fear of being deported, or maybe have been deported, there’s a way to continue to protect your assets here and still continue to grow them here,” Barajas says.
Barajas explains that a bank cannot freeze an account without a court order from the government. Immigrants can access their accounts, make a transfer abroad, or move money around through a durable power of attorney or a financial power of attorney. Paperwork can be filled out even if you are in another country.
If you are deported, says Barajas, you “won’t have the opportunity to pull money out of retirement accounts, sell properties.” That’s why the power of attorney is essential. Creating a financial power of attorney is free, he says, so don’t fall for scams. You can download the paperwork online.
Families should also make sure to have a guardianship plan in place in case minor children are left behind in the United States when parents are forced to leave. The guardianship, power of attorney, and financial power of attorney are no cost, and families only need to pay notary fees, says Barajas. It is important to note that notaries have no legal power in the United States and can only verify documents, signatures, and identities.
Furthermore, “You can be out of the country, and you can still invest in the United States,” Barajas says. “You do not have to have a green card to invest in the United States.”
For information and help in English and Spanish, visit:
- Take an inventory of your assets: list bank, credit union, retirement accounts, etc.; document ownership of real estate, vehicles, valuables; note who has access and who would be in control if you’re suddenly gone.
- Write down all logins and passwords in a secure location or use an online tool like LastPass.
- Create a contact list of professionals: financial advisor, attorney, tax preparer.
- Identify your emergency financial contact.
- Get a Durable Power of Attorney (DPOA), a document that gives someone you trust the authority to handle your finances when you can’t—usually a spouse or family member. This person can access your accounts, pay your bills, handle your business operations, and sign important documents in your name. Protect yourself from late fees, frozen bank accounts, and legal delays.
- You can download the free template for a DPOA from Rocket Lawyer or pay a small fee for a custom-made one from LegalZoom. You must get this document notarized to make is legally binding. Give a copy to your bank, your financial advisor, your attorney, and the person you choose to be your agent or representative.
Key documents you should prepare
- A Will: Who gets what and who will care for your children.
- A Trust: Avoid probate and have control over how your assets are used.
- A Healthcare Directive: Decide you speaks for you if you are incapacitated.
- Guardianship Nomination: Names people to raise your children if you can’t.
- Check out LegalZoom, Estate Plans, or Nolo Wills & Trusts.
Cross-border Wealth
Louis Barajas knows people who run successful U.S.-based businesses from Mexico, El Salvador, and other countries. How?
Here are some tips to protect your business if you must leave the country.
- Offer remote (online) services.
- Sell through eCommerce sites such as Etsy, Shopify, or Amazon.
- License your intellectual property such as designs, music, or content.
- Offer digital products or consulting.
- Set up automated systems.
- Train someone you trust to handle daily operations.
- Use online tools to manage sales, inventory, and communication.
- Consider forming an LLC to protect assets and operate legally.
- Make sure your Durable Power of Attorney covers business authority.
