 I just thought that now would be a good time to chat about what keeps us at night. I am confident that many of us have had these worries. If you haven’t, it’s time to start thinking about the future. There are many possibilities of potential circumstances that come with loss and legacy planning. Some include: Loss of Income...As we get older, the size of the "pile of our money" is less important when compared to the income it will produce and the length of time it will continue. Sometimes with age we regress. Early on, we wanted to know what the monthly payment for that car, house, etc. was. Now we want to know the monthly income we can derive from our nest egg. Loss Of Life...Yep, really important. In the case of a married couple, the smaller social security check will go away at the death of a spouse. That will probably cause a problem. Maybe a life insurance policy will help ease the pain. Or what about additional life coverage to pay for the final expenses? We can ease the financial burden if we play the cards right. Loss In The Portfolio...Sure, when we were all young, a market downturn could be viewed as an opportunity. But what about if you are nearing or in retirement? I don't think so. The stakes are much higher, and a significant loss could severely impact your standard of living. Loss Of IndependenceThe inability to do the activities of daily living is a big one. An assisted living community is expensive. Could it be time to present a long-term care solution? Maybe a life policy or annuity that has accelerated or enhanced benefits if you are not able to perform 2 of the 6 activities of daily living? That may help... Legacy PlanningSure, we want to pass on what we have learned, and maybe a little bit of what we have earned. Remember, life insurance goes directly to the named beneficiary, bypasses probate and is free of federal income tax. Maybe it’s time to rollover unneeded assets for income and enhanced benefits.
Are you all aware of the big "L" issues? It’s time to start thinking ahead about the potential circumstances that come with loss and legacy planning. We are here to help! |
