5 Ways Every Immigrant Needs to Protect Their Finances Now

A comprehensive guide for protecting your money and other assets in case of detention or deportation.

Pexels photo taken by Lukas. Brown leather wallet sits on a wood surface.

As someone who’s fortunate enough to know and love many immigrants, I’m deeply concerned about what’s happening with immigration enforcement in 2025.

And as a financial expert and educator, I believe it’s my responsibility to help people prepare for any financial crisis they may face, including the crisis of being detained or deported.

In my first Substack post, which I shared just two weeks ago, I outlined how detention alone can cost you anywhere from $3,000 to $27,000 or more.

This week, I'm breaking down the key financial steps every immigrant needs to take in order to prepare for a worst-case scenario.

If there's a chance you could be targeted by immigration enforcement, here's what you need to do to protect your money and your family, ASAP.

1. Share your location with a loved one

If you're detained, the sad reality is that your loved ones might not know where you are right away.

One step you can take to reduce this possibility, and to ensure your family can quickly mobilize to address your legal and financial needs, is to enable location sharing on your phone.

Location sharing is easy to set up in just a few clicks, and according to the ACLU, police cannot access your tracking information without a warrant.

If your car has location-sharing technology, enable that as well, and give someone your spare car key. That way, if you're detained while away from home, someone can pick up your car and help you avoid hundreds of dollars in tickets and towing.

Pexels photo taken by Athena Sandrini. Vehicle’s dashboard is shown from back seat view. A cellphone is mounted to the windshield and GPS is displayed on the phone’s screen.

2. Find legal aid now

Finding legal support is a challenge right now.

Federal contracts that provided funding for legal aid nonprofits have been slashed by $28 million, and there are reports of pro bono attorneys and other immigrant advocacy services being overloaded with cases.

To reduce your legal costs, and improve your chances of finding good support, start looking for help before you're in the middle of a crisis.

"The best way to save money with [attorneys] and any other legal strategy requires being proactive. Make sure you prepare for the legal problem as opposed to fighting it when it arises," says Renata Castro, founding immigration attorney at USA 4 ALL.

A few tips for finding and leveraging legal aid:

• Call around: Call local legal aid services, nonprofits, and colleges to see what support is available. If you’re turned away, ask for a referral.

• Get recommendations: Ask friends and family if they know of any reputable legal services.

• Prepare your case: If you talk to an immigration attorney, ask what you can do right away to prepare for a potential immigration case.

• Save contacts: Save and memorize contact phone numbers for your legal advisors.

• Ask about payments: For fee-based services that don’t fit in your budget, ask about payment plan options.

3. Make a plan for your assets

When it comes to your money, property and possessions (collectively known as “assets”) you have the right to keep them if you're deported.

However, you need to have a plan in place to protect each asset, ensure you have access from abroad, and/or make sure the right person can manage the asset for you.

One way to do this is by working with a lawyer or legal aid service to create a Power of Attorney (POA). A POA is a legal document that lets you appoint someone as an “Agent” to handle your financial matters in your absence.

Some of the ways your Agent can help you out, for example, are by accessing your bank account to pay your mortgage, by selling your property or by running your business on your behalf.

Here are additional steps I recommend taking to protect each of your assets:

Special note for retirement accounts

According to CFP and Founder of Elgon Financial Advisors, Jane Mepham, retirement accounts require special consideration in these situations.

"You have the option of leaving [the money] in place until actual retirement, but you can also choose to take the money out ahead of time, and pay the penalty."

The IRS's penalty for an early retirement withdrawal is steep — it’s 10% of your withdrawal amount, plus potential income taxes, unless you have a qualifying hardship.

So an early withdrawal should only be a last resort if you're facing an immediate financial emergency and you can't find a more affordable way to get the money you need.

4. Create a shared file with key information

Make sure that both you, and someone you trust, can access your financial information and documents, regardless of your location.

"You may not have access to your physical documentation or to your phone, so having access to the scanned versions is necessary," says Gilles Hudelot, director of education for financial services platform Fruition. “You can use secure cloud document storage, like Dropbox or Google Drive."

Your digital file should include the following:

• Copies of your identity documents.

• A list of your financial accounts and account information.

• Login details for financial accounts. (Memorize these, if possible.)

• Employer contact information and pay schedule. (In case your employer needs to be informed of your situation or your paycheck needs to be collected.)

5. Save money

Between legal fees, bail and other expenses, being detained by ICE can cost you up to five figures. Plus, you can also experience a loss of income if you’re away from work.

To prepare for this unfortunate possibility, try to set aside as much money as possible. Of course, that's much easier said than done, especially if your work has been impacted by immigration policies.

But for those who can, creating an emergency fund will help soften the blow. When you save money before crisis, you're less likely to turn to predatory loans or face penalties for missed bill payments.

Pexels photo by Anna Tarazevich. Stereo and cassette tape collection are shown sitting on a wooden table.

A few ideas to help you jump-start your savings:

• Review your bank statements and look for subscriptions and other recurring charges you can cut ASAP.

• If you have a spare room or garage, rent out the space.

• Sell items you don't need, like sports equipment, a second vehicle, instruments, electronics, jewelry or tech items.

• Avoid dining out. Batch cook your meals at home instead.

• Make a free appointment with an NFCC-certified credit counselor to review your budget and see what else you can adjust.

Extra considerations for people with children

For people who have minor children, it's crucial to take extra steps to protect them right away.

"If you have kids, get your will completed as soon as possible (like yesterday) naming their guardians," says Mepham.

"Some states allow international guardians, while others don't. Long-term international guardianship works (if allowed by your state), but in the short term, you want somebody who can take care of your kids right away, especially if they are U.S. citizens,” she explains.

To create a will, Mepham suggests using a site like TrustAndWill.com or working with a financial planner.

P.S. Would you like an expanded version of this story for your audience? Are you looking for a financial expert to provide an interview or quotes on this topic? Send me a DM!