The Last Few Weeks
The last couple of weeks has been a blur at Know My Plan… It’s made us question if life is passing us by.
- A client passed away after a long illness.
- A middle-aged client is currently in hospice care.
- A client had a stroke.
- A client had hip replacement surgery.
I took away several lessons from these four families.
Three Lessons
First, real financial planning provides confidence and clarity. The bedrock of financial planning is risk management.
One of our clients was an elderly gentleman who was a pillar in his community. His beloved daughters have been by his side over the past decade. The financial cost to them to be with him was substantial, however, the life insurance they will receive will more than reimburse them for their time.
He was able to spend time with his daughters (and visa versa) and financially the girls will be in a terrific financial condition for their future. It was a beautiful thing to see transpire.
Life insurance is an incredible way to reimburse families for care.
Next, one of the families had never completed their estate planning documents (will, power of attorney, etc.…). The documents sat quietly at a desk day after day but were never signed and notarized.
No decision is a decision. Because of this, this family did not have confidence. They had chaos and questions.
In addition, I had a conversation with an ailing mother in hospice and her daughter. It was great to provide clarity that Mom had financially dotted her I’s and crossed and her T’s as we reviewed her plan and made a few last-minute suggestions and encouragements.
Once again, this is a family that will benefit from the incredible leverage of life insurance. This mother will ultimately leave a legacy that is more than 10x her final working salary when she retired just a few years ago.
Finally, there is our jovial client who had hip replacement surgery. He is always smiling and laughing. He lives near the beach with his wonderful wife. His daughter is nearby. He is a picture of what many people want retirement to look like.
Closing Thoughts
Do not wait another day without getting your estate planning documents in place (will, medical power of attorney, financial power of attorney, etc.). If you don’t know where to start, let me know; I would be glad to facilitate an introduction.
It is never fun to pay insurance premiums, but I believe the benefits far outweigh the pain of not having proper insurance in place.
Life, disability, & long-term care are critical elements of financial planning. Do not neglect them.
Enjoy your family. Spend time with those you love. Go places you enjoy.
‘Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.’ –Ferris Bueller
If you or someone you’re close to could use help aligning their finances and establishing a financial plan, please reach out to us, We’re accepting new clients and eager to help. Schedule your complimentary intro call today here!
–Nic
