F I N A N C I A L S E R V I C E S , L L C
Fall, Family, and Fun Preparing for the Next Season of Life
Are you ready? It’s time to make sure you are prepared for fall, family, and fun. You may be asking yourself, what exactly does “fall, family, and fun”mean? Well, over the years we have run into situations when a client didn’t have a plan in place — a legal plan — so we could effectively do our job as a financial advisor. Fall is the perfect time to ensure your legal plan is in place. You do it for your family. You do it so you can focus on more important things, like enjoying the time you have with family and friends during the upcoming holiday season. As a fiduciary and financial advisor, it’s our job to give you the best information and walk you through the best scenarios to help get you where you want to go as you approach retirement — or even if you are already into retirement. We are here for you. When it comes to your financial dreams, goals, and desires, we have the expertise and tools to help you grow your income and put it to work for you. These are only part of the overall picture. What happens to your financial dreams, goals, and desires when you are not well? All too often, people get sick or develop dementia without warning. Dementia has become a huge issue for retirees. Illness can sneak up on us and leave our loved ones trying to figure out what to do next. Unfortunately, we’ve seen it happen. We had a client who recently retired, and at that point, he began to draft a plan for the future. He was creating a plan for him and his family that would ensure income for years to come. However, as he was doing this, he became seriously ill and ended up in a coma.
Because he was going through the planning process and had not completed the necessary paperwork, everything came to a standstill. A major source of income was left untapped, and there was nothing the family could do. Assets were put on hold, and the family couldn’t pay bills. Short-term, all of his work was null and void until he could finish the paperwork. Now, I know what you’re going to say:“This isn’t going to happen to me.”As much as we want this to be true, we cannot predict the future. This scenario plays out every day around the country. Families are left without a source of income because there wasn’t a plan in place for the future. Dementia, for instance, can come on quickly or slowly, and it has the power to thwart all available planning tools we have. It’s an unfortunate reality. Let’s say a client does develop dementia. One day, the client calls us up because he heard craft beers were doing exceptionally well in Grand Rapids. He says sell everything and reinvest in nothing but craft beer. As a fiduciary, it’s up to us
to recommend a different course of action, but by law, we must fulfill the client’s request.
This is when a legal plan is necessary. When you have a legal plan in place, there is documentation stating how we are to handle this or any similar scenario. We can put your legal plan into action and give your family peace of mind knowing everything is taken care of. If you do have a legal plan in place, don’t let yourself be fooled into thinking you don’t have to revisit it. Be sure to review your plan and update as needed—particularly during times when you do have your health. This fall, while you’re enjoying your time with family and as you celebrate together and have fun, make sure your legal plan is complete. Make sure the paperwork is done and your financial advisor knows exactly what to do should the unforeseen occur. –Gary Mattson
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