| |
“If you’d hit her in the passenger
door, you probably would have killed her,” the officer told me as I
looked over the crumpled front of my mini-van. I was a bit shaken,
but relieved. It could have been so much worse, especially for
‘Marge’.
That February day began like any other day for ‘Marge’, an elderly
lady who was just driving a few blocks from her home to the local
mall. She probably had her mind on the things she wanted to purchase
and didn’t realize she had turned across traffic in front of me
without looking. I had just enough time to swerve slightly.
Thankfully, I crashed into her front quarter-panel, instead of
T-boning into passenger side door.
Fortunately ‘Marge’ only received only a fractured sternum from the
collision, but in her fragile state it would take weeks for her to
heal. Even though the accident was her fault, and I had only
suffered a few sore muscles and inconvenience as a result, it still
left me shaken.
The whole incident had taken only seconds to occur. One moment I was
running a lunch-time errand, the next moment my air bag was
exploding and tires were screeching. What if ‘Marge’ had been
traveling faster or I hadn’t swerved? What if she had hit me
head-on? The results could have been devastating for both us and for
our families.
I’m the husband of a wonderful woman and proud father of four young
children. My mind flashed to what life would be like for them should
something happen to me. I was comforted knowing that even though
such an event would be very difficult for them, it wouldn’t have to
be financially devastating. We’d already put an estate plan in
place, including life insurance to adequately provide for my family
in my absence. That February day was a personal and stark reminder
of the extreme importance of such planning.
As a Certified Financial Planner, I’ve seen the effects that failing
to plan has had on those left behind. I’ve seen a wife and her
children, after 30 years of marriage, be forced to move in with her
parents and rely on them financially because her husband died
unexpectedly in his sleep. They always thought they had plenty of
time to plan.
I’ve talked with children who have had their careers and family life
put on hold while they had to settle the estate of a parent who put
off taking care of business. I’ve seen families torn apart, fighting
over the inheritance, because their parents never made sure their
wishes were known and would be carried out.
There have been family farms and businesses unnecessarily lost
because of onerous estate taxes. Thousands and thousands of dollars
that Dad thought would go to the kids went to Uncle Sam instead. And
why? Because Dad didn’t want to spend the one or two thousand
dollars it would take to put the right estate plan in place. He was
penny-wise and pound-foolish.
Did you know that 70% of Americans fail to do any estate planning?
Are you one of them? If so, why? Unless you have discovered the
Fountain of Youth, there is simply no excuse for not planning for
the settlement of your estate. Do you want to leave your loved ones
in a mess? Do you want your wife to struggle through a complicated
and emotional probate process? Do you want your kids fighting tooth
and nail over what you leave behind?
Getting your affairs in order doesn’t have to be difficult. And you
don’t have to ‘get everything together’ in order to do it. Certified
Financial Planners like myself can walk you through the process and
come up with a plan that will be simple, cost-effective and ensure
that your wishes are carried out. An attorney can then draft the
necessary documents.
The point is, there is simply no excuse for not putting your affairs
in order. Even if you have documents in place, make sure they are
current. Don’t put if off any longer. Like ‘Marge’ found out, you
never know when your future will take an unexpected turn.
If you have questions about this or any other financial topic, I
want to hear from you. You can reach me online at
www.guardingyourwealth.com or toll-free at 1-877-827-1463.
Mr. Voudrie is a Certified Financial Planner and President of Legacy
Planning Group, Inc., a Private Wealth Management Firm in Johnson
City, TN.
|
|
