Among the most critical lessons learned from the COVID pandemic is that no one is immune from a job loss, a business closing, or a life-threatening illness. When these challenges occur, it is often too late to develop plans that you can put into motion instantly to protect yourself and your loved ones from financial hardships.
Generally, planning for life’s “what ifs” is far easier when you are employed, healthy and have the time and ability to control the outcome. It allows you to prioritize your needs from your wishes and develop the right strategies for accomplishing your goals, both financially and otherwise.
For example, many individuals were unprepared for government-mandated business closures, job furloughs and longer-term unemployment resulting from the pandemic. The lost income and delay in receiving unemployment benefits in each scenario caused people to make drastic spending cuts and put many into dire financial conditions for which they could not pay their basic living expenses. For others whose lives were taken by the virus, the absence of basic estate planning documents and other plans to care for surviving family members has been devastating.
Accepting one’s mortality can be overwhelming no matter your age, whether you are in your 20s or your 70s. However, by addressing these eventual realities today, while you are healthy, you can enjoy the time you have and plan for your survivors to be protected and cared for in the manner they deserve after you are game. Following are some critical tools you should create and review with your trusted financial advisors annually to avoid the stress of last-minute planning during a difficult time.
About the Author: Kathleen Marteney, CRPC®, is a financial planner with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs, and a registered representative with PWA Securities, LLC (PWAS). She can be reached at (800) 737-8804 or via email at info@provwealth.com.
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Kathleen Marteney is a registered representative of and offers securities through PWA Securities, LLC, Member FINRA/SIPC..
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Any opinions are those of the advisors of PWA and not necessarily those of PWA Securities, LLC. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of PWAS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Prior to making any investment decision, please consult with your financial advisor about your individual situation.
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Updated April 26, 2024