For the month of March, our posting will center on a key theme, what to do when the outcome is not what you expected. Now, we know as well as any that outcomes can be both unexpectedly bad or unexpectedly good. However, for our first post, we wanted to get the bad news of Unexpected Death or Disability out of the way before next week’s post, Unexpected Success.
Unexpected death or disability is certainly bad news. I know, because I’ve been there. (Read more about my story in Bad Things Do Happen). Enough about me, though, I’ve also been there when it wasn’t about me, when it was about my clients and my friends. I’ve seen the results of unexpected death and disabilities firsthand and understand the havoc it wreaks, not just on surviving family members, but on a business too, if the person affected was involved in running the business.
The most important step (and forgive my redundancy, but it’s true) is the planning element. The more prepared you are in the event something should happen, the better off you are when something does happen.
Without the proper foundation, it is impossible to move up the pyramid of building wealth. Certain foundation elements that come in to play when unexpected death or disabilities strike are:
- Disability insurance,
- Life insurance,
- Long-term care insurance,
- Medical insurance,
- An estate plan, and also
- A large short-term savings account and protecting your assets.
Should you have any questions on the above or are concerned as to whether or not you’ve laid a solid foundation in case the unexpected should arise, please do not hesitate to contact me today. I may be reached at brett@stcroixadvisors.com or 651-337-1919.
Remember, the key to any wealth strategy is laying the proper foundation. Thoughts?