All Things Financial Planning Blog

I went to Kroger for a weekly trip to the grocery store.  Batteries, spaghetti and other items were adorned in pink.  I watched baseball games and saw pink bats and gloves.  Even as I sat and watched my beloved Pittsburgh Steelers there it was again.  Big rough and tumble football players wearing pink cleats, wristbands, gloves.  Even the coaches on the sideline wore the traditional black and gold caps, except now the bills were bright pink. 

As you are probably aware October was Breast Cancer Awareness Month.  Based on all of the pink ribbons and symbols around it, seems as though the level of awareness is definitely being increased. When I see all of these things I am quite often haunted by one thought.  I never knew my mother-in-law. She died at the age of 33 when my wife was just a little girl in our neighborhood in Florida.

Perhaps you’re starting to wonder, what does any of this have to do with a financial planning blog?  Well, the financial havoc that can be wreaked on a family’s finances can be tremendous.  In the case of my wife’s family, her father suddenly found himself the single parent of four children ages four, six, eight, and 13. 

None of us really like to think about the death of a loved one but we have to.  We never know when an insidious disease like breast cancer is lurking around the corner.  Take the time to properly assess you personal family situation and make smart decisions about protecting your family in the event of early death.  Do you have the right amount of life insurance?  Have you accounted for the myriad of expenses that result at death? My wife’s dad needed help with kids, so in addition to the normal expenses related to burial and medical bills, there was the added expense of finding someone to help with the children.  Even in the 70’s housekeepers and nannies weren’t cheap. My wife’s mother worked as a bookkeeper (funny that my wife turned out to be an accountant), so her income needed to be replaced. 

Have you thought about who the guardian of your children would be in the event of an untimely demise?  (Not that death ever happens at a particularly good time.)  Have you had properly executed healthcare directives or a living will done?  Many of you probably remember the case of another woman from Florida, Terry Schiavo, which became a long drawn out battle between her husband and parents that eventually led to the involvement of then President Bush. 

No matter how much money you have, there are some basic steps we should all take to ensure that our loved ones avoid unnecessary conflict and hardship when we are gone.  Maybe someday there will be a month dedicated to raising the awareness of planning that is just as successful as Breast Cancer Awareness Month.

Lee Baker, CFP®
President
Apex Financial Services
Tucker, GA